Podcast
Questions and Answers
What is the estimated amount of money laundered globally in one year?
What is the estimated amount of money laundered globally in one year?
- 1% of global GDP
- 10% of global GDP
- 2 to 5% of global GDP (correct)
- 20% of global GDP
Which of the following best describes the reason why money laundering activities are increasingly difficult to tackle by regulators?
Which of the following best describes the reason why money laundering activities are increasingly difficult to tackle by regulators?
- Unwillingness of private sector to cooperate
- Increasingly interconnected global payment and banking systems (correct)
- Lack of funding for regulators
- Lack of international cooperation
Which international agency was established at the G7 Summit in Paris in 1989 to develop global standards for anti-money laundering?
Which international agency was established at the G7 Summit in Paris in 1989 to develop global standards for anti-money laundering?
- International Monetary Fund (IMF)
- Financial Action Task Force (FATF) (correct)
- United Nations Office on Drugs and Crime (UNODC)
- Asia/Pacific Group on Money Laundering
What is the purpose of the FATF Recommendations?
What is the purpose of the FATF Recommendations?
How many countries and territories are currently members of the FATF?
How many countries and territories are currently members of the FATF?
What is the role of Hong Kong in the global anti-money laundering efforts?
What is the role of Hong Kong in the global anti-money laundering efforts?
What is the primary reason for the establishment of international agencies dedicated to anti-money laundering?
What is the primary reason for the establishment of international agencies dedicated to anti-money laundering?
Which of the following is NOT a key characteristic of the FATF Recommendations?
Which of the following is NOT a key characteristic of the FATF Recommendations?
What is the primary purpose of establishing regional bodies like the Asia/Pacific Group on Money Laundering?
What is the primary purpose of establishing regional bodies like the Asia/Pacific Group on Money Laundering?
What is the primary reason a bank should conduct CDD on major corporate shareholders that appear in different layers of a corporate customer's shareholding structure?
What is the primary reason a bank should conduct CDD on major corporate shareholders that appear in different layers of a corporate customer's shareholding structure?
What is the primary reason a politically exposed person (PEP) is classified as a higher-risk customer?
What is the primary reason a politically exposed person (PEP) is classified as a higher-risk customer?
What is the primary reason a bank must conduct continuous monitoring of a customer's background and transactions after opening an account?
What is the primary reason a bank must conduct continuous monitoring of a customer's background and transactions after opening an account?
What is the primary reason a bank must obtain senior management approval before opening an account for a PEP?
What is the primary reason a bank must obtain senior management approval before opening an account for a PEP?
What is the primary relationship between a PEP and an entity that has a close relationship with the PEP?
What is the primary relationship between a PEP and an entity that has a close relationship with the PEP?
What was the most critical requirement under the Anti-Money Laundering Ordinance (AMLO) for banks?
What was the most critical requirement under the Anti-Money Laundering Ordinance (AMLO) for banks?
What was a bank required to do if a beneficial owner was classified as higher risk?
What was a bank required to do if a beneficial owner was classified as higher risk?
Under what circumstances could a bank open an account for a higher-risk customer?
Under what circumstances could a bank open an account for a higher-risk customer?
What was required for a bank to open an account for a customer with high money laundering risk?
What was required for a bank to open an account for a customer with high money laundering risk?
What was a bank required to do as part of the Customer Due Diligence (CDD) process?
What was a bank required to do as part of the Customer Due Diligence (CDD) process?
