30 Questions
What do criminals often do with criminally derived funds in electronic form?
Withdraw them in cash and transport to another country
What is the final stage of the money laundering process?
Integration
What is the purpose of sham transactions in money laundering?
To make illegal transactions appear legitimate
What is an example of a reintegration method in money laundering?
Making a loan agreement
What is the purpose of layering in money laundering?
To break the audit trail
What is the primary focus of the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury?
Enforcing economic and trade sanctions
Which of the following groups is NOT directly targeted by US economic and trade sanctions?
Non-US firms operating only within their own countries
What is the ultimate goal of money laundering?
To reintegrate criminally derived property into the legitimate economy
Why do US prosecutors claim jurisdiction over offences related to financial transactions?
Because the transactions cleared in the US
Who is required to observe US sanctions?
Anyone located in the US, as well as all US persons
What is the significance of the US dollar currency in relation to OFAC regulations?
It automatically engages OFAC regulations
What is the purpose of the Kingpin Sanctions Regulations?
To target international narcotics traffickers
What is the primary purpose of employing a rule matching capability in screening systems?
To discount false hits where possible
What is essential for investigating potential matches to sanctions lists?
Documented escalation processes
Why are service-level agreements necessary for investigating potential matches?
To ensure that all procedures are conducted by one area or function on behalf of another
What should be prioritized for investigation?
Higher-risk potential matches
What should be in place to manage delays in investigating potential matches?
Processes and procedures to manage delays
Why may some instances require additional time for investigation?
When communication takes longer than usual with a customer
What is the main purpose of the list published by OFAC?
To identify individuals and entities whose assets are subject to being blocked
What is the abbreviation for specially designated nationals?
SDN
What is the name of the federal law enacted in 2017 that imposed sanctions on several countries?
Countering America's Adversaries Through Sanctions Act
What is the consequence of not abiding by the sanctions restrictions?
Monetary fines and potential imprisonment
Which company was fined $963 million for apparent violations of U.S. sanctions?
BNP Paribas SA
What is the purpose of OFAC's sanctions regime?
To advance US foreign policy interests
What was the reason for the United Nations Security Council to impose new sanctions on North Korea in September 2017?
For carrying out its sixth and largest nuclear test
What is one of the six major goals of the United Nations Security Council's resolution on North Korea?
To cap North Korea's oil imports
What was the outcome of the North Korea–United States Singapore Summit in June 2018?
A joint statement on the de-nuclearisation of the Korean Peninsula
Who were the leaders that participated in the North Korea–United States Singapore Summit in June 2018?
Kim Jong-un and Donald Trump
What is NOT a goal of the United Nations Security Council's resolution on North Korea?
To increase overseas labourer contracts
What was the significance of the North Korea–United States Singapore Summit in June 2018?
It was the first-ever meeting between leaders of North Korea and the US
This quiz covers the ways criminals use to conceal and disguise the source of illegally obtained funds, including the use of virtual currencies and cash transactions to break the audit trail.
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