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AML 2017 Flashcards | StudBud
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AML 2017
AML 2017
18 terms
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AML Training Session
Flashcards
18 cards
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Practice quiz
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Questions
18
Answers
1
What are the sources of Money Laundering?
Drug, Corruption, Robbery, Fraud & Bribery
Loans, Credit Card and Investments
Lands, Houses & Buildings
2
Who makes the Internal Reporting of STR?
MLRO
Internal Auditor
Staff who handle customer business
External Auditor
3
What is the Module of the Central Bank of Bahrain related to AML?
Capital Adequacy Module
Credit Risk Module
Financials Crime Module
High-Level Controls Module
4
What does the acronym STR stand for?
Secret Transaction Report
Suspicious Transaction Report
Suspicious Translation Record
Suspicious Transportation Report
5
The Company should maintain Record Keeping related to AML for:
Seven years
Five years
Three years
Ten years
6
What type of customers required Enhanced Customer Due Diligence?
PEPS, Charities and Non face-to-face business
Any new customers
Disabled customers
Any existing customers
7
Face-to-face Business required:
A clear photograph of the customer
Confirmation of the date of birth and legal name
All of the above
Confirmation of the permanent residential address
8
Who are the Company’s MLRO and Deputy MLRO?
Ali Aburwais and Ahmed A. Hameed
Ali Marzooq and Ahmed Faisal
Ali Bahboodi and Waleed
9
PEPs customers require the following:
All of the above
On-going monitoring
Required specific analysis and written record
Approval by Senior Management
10
What is Money Laundering?
Act to hide source of money/asset from criminal activity
Act to hide source of money/asset from legal activity
Act to hide source of money/asset from business activity
11
Examples of Red Flag of AML include the followings:
Paid large amount for default without reasonable explanation
Nature of transaction do not fit the profile of the customer
Frequent use of cash for early settlement
ALL of the above
12
What are the risks of not adopting AML guidelines?
Reputational, Compliance, Legal & Operational risks
Pollution and Environment Risks
Fire, Disasters & System Risks
13
What is the maximum Punishment by Bahrain AML Law?
2 Years Imprisonment and/or BD 50,000
20 Years Imprisonment and/or BD 10MM
7 Years Imprisonment and/or BD 1MM
3 Months and/or a fine BD 20,000
14
What is Integration?
Dividing large transactions into several smaller transaction
Separating the source of cash from its criminal origins
Placing bulk cash derived from criminal activities into Bank
Combining illegal funds with legally obtained funds
15
International AML/CFT Guidance is/are by:
IMF and Word Bank
FATF and Basel Committee
United Nation
UNESCO
16
What is/are the MLRO Responsibility?
Establishing and maintaining AML policies and procedures
All of the above
Oversees and coordinates the operations of Credit
Directs the financial planning and accounting practices
17
What are the Money Laundering Stages?
Placement, Layering & Integration
Layering, Integration & Placement
Integration, Placement & Layering
18
CDD and KYC must be followed at the time of:
Existing Customers
In all transactions
New customer
Not applicable
