Compliance in Action: Everyday Compliance in the Workplace
Do you remember (B)?
1. Money to be laundered comes from:
*
(a) illegitimate sources
(b) legitimate sources
(c) a & b
(d) None of the above
2. Integration is the process by which:
*
(a) the money launderer tries to disguise the source of his funds by moving it from one place to another or converting it
(b) the money launderer introduces money into the financial system
(c) laundered money is successfully reintroduced into the legitimate economy
(d) money launderers make their various operations work together
3. The law which requires financial institutions to appoint a Money Laundering Reporting Officer is:
*
(a) the Financial Transactions Reporting Act, 2000
(b) the Financial Intelligence (Transactions Reporting) Regulations, 2001
(c) the Anti-Terrorism Act
(d) the Proceeds of Crime Act
4. Carla is an agent at a local insurance company. She suspects that the money being used to purchase one of the Company’s products is the proceeds of a drug trafficking operation. If she fails to report her suspicion she may be charged with an offence under:
*
(a) The Anti-Terrorism Act
(b) The Financial Intelligence Unit Act, 2000
(c) The Proceeds of Crime Act
(d) None of the above
5. When completing the home address for the client you should:
*
(a) Make sure that you don’t frighten the client by trying to find out exactly where they live
(b) get enough information to establish the general area in which they live
(c) Skip it. The collection address is the most important address
(d) Obtain a full address including a house number (if available), a street name, a subdivision name and the name of the island on which they live
6. Mark, an insurance agent, is helping a client with the paper work for his new policy when the client gets an emergency telephone call and has to leave. The client asks if he can sign the paperwork at home and have his cousin drop it off later: Mark should:
*
(a) make arrangements to meet with client in order for him to sign the application and complete the process
(b) get the client’s cousin’s name so he knows exactly who is bringing the documents back
(c) ask the client to send a copy of his passport so that he can verify the signature before he signs as witness
(d) make sure the customer gives him the money for the first premium before he leaves
7. Jane is processing an annuity deposit and has been asked by her compliance department to supply them with a bank account statement from her customer. Most likely the Compliance Department is attempting to:
*
(a) Confirm that the client can afford to deposit so much money
(b) Confirm the client is who he says he is
(c) Verify the source of the client's funds
(d) a & b
8. The source of funds listed on the New Business Compliance form:
(a) should never be too detailed in order to protect the client's privacy
(b) does not matter so long as proof of source of funds is not required
(c) should be consistent with the client's overall profile and other information that the client has given
(d) should be the same for each client
9. When verifying a customer's identity, you may accept:
*
(a) an expired passport
(b) an unexpired check card
(c) an expired driver's license
(d) a recent voter's card
10. You should never accept:
*
(a) $4,000 or more in cash from any customer
(b) $2,000 or more in cash from any customer
(c) $5,000 or more in cash from any customer
(d) less than the monthly premium from any customer
11. A previously honest client:
*
(a) can always be trusted
(b) is not guaranteed to remain that way
(c) would never attempt to launder money
(d) all of the above
12. A financial institution must report any transaction, or any proposed transaction, the financial institution knows, suspects or has reasonable grounds to suspect involves the proceeds of criminal conduct as defined in the Proceeds of Crime Act, 2000 to:
*
(a) the Financial Intelligence Unit
(b) the Prime Minister
(c) the Minister responsible for National Security
(d) the Money Laundering Reporting Officer
13. The offence of Tipping Off is committed when:
*
(a) a person knowingly assists a money launderer in laundering funds
(b) a person fails to report a suspicious transaction
(c) a person informs the police of information in relation to a suspected money laundering operation
(d) a person provides information to another person that either prejudices, or is likely to prejudice an investigation or proposed investigation into money laundering
14. Which stage of money laundering took place when the account holders deposited funds into the insurance policy:
(a) Placement
(b) Integration
(c) Layering
(d) All of the above
15. What may Insurance firm Z have failed to do to protect themselves from money launderers:
*
(a) carefully monitor their client's transactions
(b) verify the source of their client's funds
(c) verify their client's address
(d) all of the above
Full Name
*
First Name
Last Name
E-mail
*
Submit
Should be Empty: