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KYC Transaction Monitoring Course

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Questions and Answers

When did the term 'money laundering' originate in the United States?

1980s

1970s

1990s

1920s (correct)

What was Al Capone known for during the time of the term's origin?

International bank accounts

Liquor smuggling (correct)

Real estate investments

Drug trafficking

Which international organizations played a role in developing guidelines to deter and combat money laundering?

United Nations and World Bank

United Nations and FATF (correct)

Interpol and FATF

European Union and FATF

What method did criminals use in the 1970s and 1980s to hide illegally obtained money?

Setting up shell companies (A) Signup and view all the answers

What is the purpose of translating international guidelines into national regulations in Europe?

To ensure compliance with established directives (A) Signup and view all the answers

What term is used for European directives created based on FATF guidelines?

A.M.L.D. (D) Signup and view all the answers

What is the main purpose of Transaction Monitoring?

To detect suspicious activity like money laundering or fraud (B) Signup and view all the answers

Which two main work streams constitute the KYC field?

Transaction Monitoring and Customer Due Diligence (A) Signup and view all the answers

Why do financial institutions closely monitor and analyze customer financial transactions?

To comply with the Money Laundering and Terrorist Financing Prevention Act (A) Signup and view all the answers

What is the goal of Transaction Monitoring in preventing illegal activities?

To protect the financial system from money laundering and criminal money (A) Signup and view all the answers

What aspect of customer transactions does Transaction Monitoring primarily focus on?

Tracking the source and destination of customer money (B) Signup and view all the answers

How does Transaction Monitoring help financial institutions meet regulatory requirements?

By detecting and reporting suspicious activities like money laundering (C) Signup and view all the answers