Money laundering pre-assessment questions.
Understand the Problem
The image shows a pre-assessment test related to money laundering. The questions cover: the definition of money laundering, the stages of money laundering, actions to take when discovering suspicious transactions, the links between money laundering and terrorist financing, actions to take when suspecting money is being diverted to finance terrorism, and the impact of failing to detect potential money laundering activity. All of the questions are multiple choice.
Answer
* Concealing the origin of illegal funds. * Layering. * Report to the FCC Department. * All of the above. * Report to FCC Department. * Reputational, compliance, and legal risk.
Here are the answers to the AML/CTF pre-assessment questions:
- The process of concealing the origin of the proceeds of crime so that they appear to be legitimate funds.
- Layering
- Report your suspicions to the FCC Department in your bank.
- All of the above.
- Immediately report it to FCC Department.
- Reputational risk, Compliance risk and Legal risk
Answer for screen readers
Here are the answers to the AML/CTF pre-assessment questions:
- The process of concealing the origin of the proceeds of crime so that they appear to be legitimate funds.
- Layering
- Report your suspicions to the FCC Department in your bank.
- All of the above.
- Immediately report it to FCC Department.
- Reputational risk, Compliance risk and Legal risk
More Information
Money laundering is a serious crime, and financial institutions have a responsibility to detect and prevent it. Terrorist financing is a related crime that involves providing financial support to terrorists or terrorist groups.
Tips
A common mistake is to only consider the legal risks of failing to detect money laundering activity, and not the reputational and compliance risks
Sources
- Anti-Money Laundering Assessment - ProProfs - proprofs.com
- Quiz & Worksheet - Money Laundering Methods - Study.com - study.com
- Your anti-money laundering questions answered - YouTube - youtube.com
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