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Question 1 of 30
1. Question
Which of the following is the current Financial Action Task Force (FATF) mandate that was adopted in May 2004 at the FATF ministerial meeting?
Correct
The following are the current Financial Action Task Force (FATF) mandate that was adopted in May 2004 at the FATF ministerial meeting:-
(a) Establish international standards for combating money laundering and terrorist financing.
(b) Ensure global action to combat money laundering and terrorist financing.
(c) Ensure that FATF members have implemented the revised Forty and the [Nine] Recommendations in their entirety and in an effective manner (through a peer or mutual evaluation process).
(d) Ensure the enlargement of the international network against money laundering and financing terrorism and promoting the worldwide application of the FATF standards.
(e) Enhance the relationship between FATF and International organizations, regional bodies and non-member countries.
(f) Further develop the typologies exercises (examining money laundering and terrorist financing techniques and trends).
(g) Reach out to all the parties affected by the FATF’s standards (e.g. private financial institutions and certain non-financial businesses and professions).Incorrect
The following are the current Financial Action Task Force (FATF) mandate that was adopted in May 2004 at the FATF ministerial meeting:-
(a) Establish international standards for combating money laundering and terrorist financing.
(b) Ensure global action to combat money laundering and terrorist financing.
(c) Ensure that FATF members have implemented the revised Forty and the [Nine] Recommendations in their entirety and in an effective manner (through a peer or mutual evaluation process).
(d) Ensure the enlargement of the international network against money laundering and financing terrorism and promoting the worldwide application of the FATF standards.
(e) Enhance the relationship between FATF and International organizations, regional bodies and non-member countries.
(f) Further develop the typologies exercises (examining money laundering and terrorist financing techniques and trends).
(g) Reach out to all the parties affected by the FATF’s standards (e.g. private financial institutions and certain non-financial businesses and professions). -
Question 2 of 30
2. Question
The Financial Action Task Force reviews its mission within how many years?
Correct
The Financial Action Task Force does not have a tightly defined constitution or an unlimited life span. The FATF reviews its mission every four or five years.
Incorrect
The Financial Action Task Force does not have a tightly defined constitution or an unlimited life span. The FATF reviews its mission every four or five years.
-
Question 3 of 30
3. Question
The Financial Action Task Force (FATF) is composed of how many components?
Correct
The Financial Action Task Force (FATF) is composed of the following four main components:-
(a) The Plenary: gathers the 33 members and takes all decisions of the FATF by consensus of the members. Experts in the framework of dedicated working groups prepare the matters for decision by the plenary.
(b) The Presidency: the FATF members select one of their member jurisdictions to hold the presidency for 12 months every year. The position of president is usually held by high-level government officials from member jurisdictions.
(c) The Secretariat: that prepares and implements the work/decisions of the plenary and supports the president. It has to be noted that although the FATF Secretariat is housed at the OECD Headquarters in Paris, France, the FATF is fully independent from the OECD.Incorrect
The Financial Action Task Force (FATF) is composed of the following four main components:-
(a) The Plenary: gathers the 33 members and takes all decisions of the FATF by consensus of the members. Experts in the framework of dedicated working groups prepare the matters for decision by the plenary.
(b) The Presidency: the FATF members select one of their member jurisdictions to hold the presidency for 12 months every year. The position of president is usually held by high-level government officials from member jurisdictions.
(c) The Secretariat: that prepares and implements the work/decisions of the plenary and supports the president. It has to be noted that although the FATF Secretariat is housed at the OECD Headquarters in Paris, France, the FATF is fully independent from the OECD. -
Question 4 of 30
4. Question
Which of the following are the three main components of the Financial Action Task Force (FATF)?
Correct
The Financial Action Task Force (FATF) is composed of the following four main components:-
(a) The Plenary: gathers the 33 members and takes all decisions of the FATF by consensus of the members. Experts in the framework of dedicated working groups prepare the matters for decision by the plenary.
(b) The Presidency: the FATF members select one of their member jurisdictions to hold the presidency for 12 months every year. The position of president is usually held by high-level government officials from member jurisdictions.
(c) The Secretariat: that prepares and implements the work/decisions of the plenary and supports the president. It has to be noted that although the FATF Secretariat is housed at the OECD Headquarters in Paris, France, the FATF is fully independent from the OECD.Incorrect
The Financial Action Task Force (FATF) is composed of the following four main components:-
(a) The Plenary: gathers the 33 members and takes all decisions of the FATF by consensus of the members. Experts in the framework of dedicated working groups prepare the matters for decision by the plenary.
(b) The Presidency: the FATF members select one of their member jurisdictions to hold the presidency for 12 months every year. The position of president is usually held by high-level government officials from member jurisdictions.
(c) The Secretariat: that prepares and implements the work/decisions of the plenary and supports the president. It has to be noted that although the FATF Secretariat is housed at the OECD Headquarters in Paris, France, the FATF is fully independent from the OECD. -
Question 5 of 30
5. Question
How many members are gathered by the Plenary for taking all decisions of the Financial Action Task Force (FATF) by consensus?
Correct
The Financial Action Task Force (FATF) is composed of the following four main components:-
(a) The Plenary: gathers the 33 members and takes all decisions of the FATF by consensus of the members. Experts in the framework of dedicated working groups prepare the matters for decision by the plenary.
(b) The Presidency: the FATF members select one of their member jurisdictions to hold the presidency for 12 months every year. The position of president is usually held by high-level government officials from member jurisdictions.
(c) The Secretariat: that prepares and implements the work/decisions of the plenary and supports the president. It has to be noted that although the FATF Secretariat is housed at the OECD Headquarters in Paris, France, the FATF is fully independent from the OECD.Incorrect
The Financial Action Task Force (FATF) is composed of the following four main components:-
(a) The Plenary: gathers the 33 members and takes all decisions of the FATF by consensus of the members. Experts in the framework of dedicated working groups prepare the matters for decision by the plenary.
(b) The Presidency: the FATF members select one of their member jurisdictions to hold the presidency for 12 months every year. The position of president is usually held by high-level government officials from member jurisdictions.
(c) The Secretariat: that prepares and implements the work/decisions of the plenary and supports the president. It has to be noted that although the FATF Secretariat is housed at the OECD Headquarters in Paris, France, the FATF is fully independent from the OECD. -
Question 6 of 30
6. Question
The Financial Action Task Force (FATF) members selected for the presidency for how much time?
Correct
The Financial Action Task Force (FATF) is composed of the following four main components:-
(a) The Plenary: gathers the 33 members and takes all decisions of the FATF by consensus of the members. Experts in the framework of dedicated working groups prepare the matters for decision by the plenary.
(b) The Presidency: the FATF members select one of their member jurisdictions to hold the presidency for 12 months every year. The position of president is usually held by high-level government officials from member jurisdictions.
(c) The Secretariat: that prepares and implements the work/decisions of the plenary and supports the president. It has to be noted that although the FATF Secretariat is housed at the OECD Headquarters in Paris, France, the FATF is fully independent from the OECD.Incorrect
The Financial Action Task Force (FATF) is composed of the following four main components:-
(a) The Plenary: gathers the 33 members and takes all decisions of the FATF by consensus of the members. Experts in the framework of dedicated working groups prepare the matters for decision by the plenary.
(b) The Presidency: the FATF members select one of their member jurisdictions to hold the presidency for 12 months every year. The position of president is usually held by high-level government officials from member jurisdictions.
(c) The Secretariat: that prepares and implements the work/decisions of the plenary and supports the president. It has to be noted that although the FATF Secretariat is housed at the OECD Headquarters in Paris, France, the FATF is fully independent from the OECD. -
Question 7 of 30
7. Question
Within how many phases the Financial Action Task Force has expanded its membership?
Correct
The Financial Action Task Force (FATF) has expanded its membership on the following three phases:-
(a) First Phase (1991 and 1992): the FATF expanded its membership from the original 16 Members to 28, comprising all jurisdictions that were members of the OECD at that time.
(b) Second Phase (June 2000): three other Member countries from South America (Argentina, Brazil and Mexico) joined the FATF.
(c) Third Phase (June 2003): the Republic of South Africa and the Russian Federation also became full Members of the FATF.The FATF is currently composed of 33 members from six continents.
Incorrect
The Financial Action Task Force (FATF) has expanded its membership on the following three phases:-
(a) First Phase (1991 and 1992): the FATF expanded its membership from the original 16 Members to 28, comprising all jurisdictions that were members of the OECD at that time.
(b) Second Phase (June 2000): three other Member countries from South America (Argentina, Brazil and Mexico) joined the FATF.
(c) Third Phase (June 2003): the Republic of South Africa and the Russian Federation also became full Members of the FATF.The FATF is currently composed of 33 members from six continents.
-
Question 8 of 30
8. Question
During the first phase of expansion of the Financial Action Task Force (FATF), how many members are expanded in the FATF?
Correct
The Financial Action Task Force (FATF) has expanded its membership on the following three phases:-
(a) First Phase (1991 and 1992): the FATF expanded its membership from the original 16 Members to 28, comprising all jurisdictions that were members of the OECD at that time.
(b) Second Phase (June 2000): three other Member countries from South America (Argentina, Brazil and Mexico) joined the FATF.
(c) Third Phase (June 2003): the Republic of South Africa and the Russian Federation also became full Members of the FATF.The FATF is currently composed of 33 members from six continents.
Incorrect
The Financial Action Task Force (FATF) has expanded its membership on the following three phases:-
(a) First Phase (1991 and 1992): the FATF expanded its membership from the original 16 Members to 28, comprising all jurisdictions that were members of the OECD at that time.
(b) Second Phase (June 2000): three other Member countries from South America (Argentina, Brazil and Mexico) joined the FATF.
(c) Third Phase (June 2003): the Republic of South Africa and the Russian Federation also became full Members of the FATF.The FATF is currently composed of 33 members from six continents.
-
Question 9 of 30
9. Question
During the second phase of expansion of the Financial Action Task Force (FATF), how many members are expanded in the FATF?
Correct
The Financial Action Task Force (FATF) has expanded its membership on the following three phases:-
(a) First Phase (1991 and 1992): the FATF expanded its membership from the original 16 Members to 28, comprising all jurisdictions that were members of the OECD at that time.
(b) Second Phase (June 2000): three other Member countries from South America (Argentina, Brazil and Mexico) joined the FATF.
(c) Third Phase (June 2003): the Republic of South Africa and the Russian Federation also became full Members of the FATF.The FATF is currently composed of 33 members from six continents.
Incorrect
The Financial Action Task Force (FATF) has expanded its membership on the following three phases:-
(a) First Phase (1991 and 1992): the FATF expanded its membership from the original 16 Members to 28, comprising all jurisdictions that were members of the OECD at that time.
(b) Second Phase (June 2000): three other Member countries from South America (Argentina, Brazil and Mexico) joined the FATF.
(c) Third Phase (June 2003): the Republic of South Africa and the Russian Federation also became full Members of the FATF.The FATF is currently composed of 33 members from six continents.
-
Question 10 of 30
10. Question
During the third phase of expansion of the Financial Action Task Force (FATF), how many members are expanded in the FATF?
Correct
The Financial Action Task Force (FATF) has expanded its membership on the following three phases:-
(a) First Phase (1991 and 1992): the FATF expanded its membership from the original 16 Members to 28, comprising all jurisdictions that were members of the OECD at that time.
(b) Second Phase (June 2000): three other Member countries from South America (Argentina, Brazil and Mexico) joined the FATF.
(c) Third Phase (June 2003): the Republic of South Africa and the Russian Federation also became full Members of the FATF.The FATF is currently composed of 33 members from six continents.
Incorrect
The Financial Action Task Force (FATF) has expanded its membership on the following three phases:-
(a) First Phase (1991 and 1992): the FATF expanded its membership from the original 16 Members to 28, comprising all jurisdictions that were members of the OECD at that time.
(b) Second Phase (June 2000): three other Member countries from South America (Argentina, Brazil and Mexico) joined the FATF.
(c) Third Phase (June 2003): the Republic of South Africa and the Russian Federation also became full Members of the FATF.The FATF is currently composed of 33 members from six continents.
-
Question 11 of 30
11. Question
The Egmont Group has developed how man working groups, in order to accomplish its mission of development, cooperation and sharing of expertise?
Correct
In order to accomplish its mission of development, cooperation and sharing of expertise the Egmont Group has developed following five working groups and an Egmont Committee:-
(a) The Legal Working Group (LWG).
(b) The Outreach Working Group (OWG).
(c) The Training Working Group (TWG).
(d) The Operational Working Group (OpWG).
(e) The IT Working Group (ITWG).Incorrect
In order to accomplish its mission of development, cooperation and sharing of expertise the Egmont Group has developed following five working groups and an Egmont Committee:-
(a) The Legal Working Group (LWG).
(b) The Outreach Working Group (OWG).
(c) The Training Working Group (TWG).
(d) The Operational Working Group (OpWG).
(e) The IT Working Group (ITWG). -
Question 12 of 30
12. Question
Which of the following are the working groups of Egmont Group?
Correct
In order to accomplish its mission of development, cooperation and sharing of expertise the Egmont Group has developed following five working groups and an Egmont Committee:-
(a) The Legal Working Group (LWG).
(b) The Outreach Working Group (OWG).
(c) The Training Working Group (TWG).
(d) The Operational Working Group (OpWG).
(e) The IT Working Group (ITWG).Incorrect
In order to accomplish its mission of development, cooperation and sharing of expertise the Egmont Group has developed following five working groups and an Egmont Committee:-
(a) The Legal Working Group (LWG).
(b) The Outreach Working Group (OWG).
(c) The Training Working Group (TWG).
(d) The Operational Working Group (OpWG).
(e) The IT Working Group (ITWG). -
Question 13 of 30
13. Question
How many documents are used in the Egmont Group for the exchange of information and to provide guidelines in terms of best practices between FIUs?
Correct
The exchange of information is central to the Egmont Group. The following two documents have been adopted in order to enhance information exchange and to provide guidelines in terms of best practices for the exchange of information between FIUs.
(a) Principles for Information Exchange.
(b) Best Practices for the Exchange of Information.Incorrect
The exchange of information is central to the Egmont Group. The following two documents have been adopted in order to enhance information exchange and to provide guidelines in terms of best practices for the exchange of information between FIUs.
(a) Principles for Information Exchange.
(b) Best Practices for the Exchange of Information. -
Question 14 of 30
14. Question
Which of the following two documents are used in the Egmont Group for the exchange of information and to provide guidelines in terms of best practices between FIUs?
Correct
The exchange of information is central to the Egmont Group. The following two documents have been adopted in order to enhance information exchange and to provide guidelines in terms of best practices for the exchange of information between FIUs.
(a) Principles for Information Exchange.
(b) Best Practices for the Exchange of Information.Incorrect
The exchange of information is central to the Egmont Group. The following two documents have been adopted in order to enhance information exchange and to provide guidelines in terms of best practices for the exchange of information between FIUs.
(a) Principles for Information Exchange.
(b) Best Practices for the Exchange of Information. -
Question 15 of 30
15. Question
During the year of 1980s, which of the following was the major problem in the United States?
Correct
Narcotics were a major problem in the United States in the year of 1980s. The United States’ legal and regulatory response was focused in large part on keeping currency, accumulated in the street sales of narcotics, from being deposited into the banking system without records being accurately created and maintained showing the identity of all persons making cash deposits or withdrawals of $10 000 or more.
Incorrect
Narcotics were a major problem in the United States in the year of 1980s. The United States’ legal and regulatory response was focused in large part on keeping currency, accumulated in the street sales of narcotics, from being deposited into the banking system without records being accurately created and maintained showing the identity of all persons making cash deposits or withdrawals of $10 000 or more.
-
Question 16 of 30
16. Question
Which of the following are the requirements for the establishment of the anti-money laundering programs that are required to be established by the financial institutions?
Correct
The following are the requirements for the establishment of the anti-money laundering programs that are required to be established by the financial institutions:-
(a) The development of internal policies, procedures, and controls.
(b) The formal designation of a compliance officer.
(c) Creation and implementation of an on-going employee training program.
(d) The establishment of an independent audit program to test the programs established.Incorrect
The following are the requirements for the establishment of the anti-money laundering programs that are required to be established by the financial institutions:-
(a) The development of internal policies, procedures, and controls.
(b) The formal designation of a compliance officer.
(c) Creation and implementation of an on-going employee training program.
(d) The establishment of an independent audit program to test the programs established. -
Question 17 of 30
17. Question
When a person withdraws or deposits $10,000 or more, which of the following report should be raised?
Correct
When a person withdraws or deposits $10,000 or more the Currency Transaction Reports (CTRs) must be filed in one or a series of structured transactions. In certain geographically targeted areas (GTOs) the amount can be lowered to $3,500.
Incorrect
When a person withdraws or deposits $10,000 or more the Currency Transaction Reports (CTRs) must be filed in one or a series of structured transactions. In certain geographically targeted areas (GTOs) the amount can be lowered to $3,500.
-
Question 18 of 30
18. Question
What is the limit of the amount when a person is withdrawn or deposits than Currency Transaction Reports (CTRs) must be filed?
Correct
When a person withdraws or deposits $10,000 or more the Currency Transaction Reports (CTRs) must be filed in one or a series of structured transactions. In certain geographically targeted areas (GTOs) the amount can be lowered to $3,500.
Incorrect
When a person withdraws or deposits $10,000 or more the Currency Transaction Reports (CTRs) must be filed in one or a series of structured transactions. In certain geographically targeted areas (GTOs) the amount can be lowered to $3,500.
-
Question 19 of 30
19. Question
In certain geographically targeted areas (GTOs), what is the limit of the amount when a person is withdrawn or deposits than Currency Transaction Reports (CTRs) must be filed?
Correct
When a person withdraws or deposits $10,000 or more the Currency Transaction Reports (CTRs) must be filed in one or a series of structured transactions. In certain geographically targeted areas (GTOs) the amount can be lowered to $3,500.
Incorrect
When a person withdraws or deposits $10,000 or more the Currency Transaction Reports (CTRs) must be filed in one or a series of structured transactions. In certain geographically targeted areas (GTOs) the amount can be lowered to $3,500.
-
Question 20 of 30
20. Question
Which of the following report is a secret report and must be filed when there is something suspicious about a transaction?
Correct
The Suspicious Activity Reports (SARs) must be filed when there is any suspicious activity about a transaction. The SARs are secret in nature and banks cannot be required to disclose whether they have filed them and no one is permitted to subpoena them.
Incorrect
The Suspicious Activity Reports (SARs) must be filed when there is any suspicious activity about a transaction. The SARs are secret in nature and banks cannot be required to disclose whether they have filed them and no one is permitted to subpoena them.
-
Question 21 of 30
21. Question
What is the security nature of Suspicious Activity Reports (SARs)?
Correct
The Suspicious Activity Reports (SARs) must be filed when there is any suspicious activity about a transaction. The SARs are secret in nature and banks cannot be required to disclose whether they have filed them and no one is permitted to subpoena them.
Incorrect
The Suspicious Activity Reports (SARs) must be filed when there is any suspicious activity about a transaction. The SARs are secret in nature and banks cannot be required to disclose whether they have filed them and no one is permitted to subpoena them.
-
Question 22 of 30
22. Question
Within how many days the Suspicious Activity Reports (SARs) have to be filed for an institution being suspicious?
Correct
The Suspicious Activity Reports (SARs) have to be filed within 30 days for an institution being suspicious.
Incorrect
The Suspicious Activity Reports (SARs) have to be filed within 30 days for an institution being suspicious.
-
Question 23 of 30
23. Question
Which of the following type of records should be maintained after the decision is made that a transaction is not suspicious?
Correct
A paper record should be maintained when the decision is made that a transaction if not suspicious and an audit trail of who made that decision has to be maintained as well.
Incorrect
A paper record should be maintained when the decision is made that a transaction if not suspicious and an audit trail of who made that decision has to be maintained as well.
-
Question 24 of 30
24. Question
Which of the following action should be taken when an institution discovers that it has (Office of Foreign Assets Control) OFAC-list related accounts?
Correct
When an institution discovers that it has (Foreign Assets Control) OFAC-list related accounts, it must freeze the funds and notify OFAC.
Incorrect
When an institution discovers that it has (Foreign Assets Control) OFAC-list related accounts, it must freeze the funds and notify OFAC.
-
Question 25 of 30
25. Question
Under which of the following circumstances, the money laundering is an offense in Canada?
Correct
Money laundering is an offense under the Criminal Code in Canada. The Criminal Code authorizes law enforcement agencies to search, seize and restrain property that is believed to be the proceeds of crime.
Incorrect
Money laundering is an offense under the Criminal Code in Canada. The Criminal Code authorizes law enforcement agencies to search, seize and restrain property that is believed to be the proceeds of crime.
-
Question 26 of 30
26. Question
What is the limit of international electronic funds transfers amount that if exceeds the transactions are required to be reported by the reporting entities under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, in Canada?
Correct
The following transactions are required to be reported by the reporting entities under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, in Canada:-
(a) Suspicious transactions where there are reasonable grounds to suspect that the transactions are related to the commission of a money laundering or terrorist financing offense.
(b) Possession or control of terrorist-owned or controlled property.
(c) International electronic funds transfer of CDN$10,000 or more.
(d) Large cash transactions of CDN$10,000 or more.
(e) Cross-border currency transfers of CDN$10,000 or more.
(f) Customs seizure reports.Incorrect
The following transactions are required to be reported by the reporting entities under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, in Canada:-
(a) Suspicious transactions where there are reasonable grounds to suspect that the transactions are related to the commission of a money laundering or terrorist financing offense.
(b) Possession or control of terrorist-owned or controlled property.
(c) International electronic funds transfer of CDN$10,000 or more.
(d) Large cash transactions of CDN$10,000 or more.
(e) Cross-border currency transfers of CDN$10,000 or more.
(f) Customs seizure reports. -
Question 27 of 30
27. Question
What is the limit of cross-border currency transfers amount that if exceeds the transactions are required to be reported by the reporting entities under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, in Canada?
Correct
The following transactions are required to be reported by the reporting entities under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, in Canada:-
(a) Suspicious transactions where there are reasonable grounds to suspect that the transactions are related to the commission of a money laundering or terrorist financing offense.
(b) Possession or control of terrorist-owned or controlled property.
(c) International electronic funds transfer of CDN$10,000 or more.
(d) Large cash transactions of CDN$10,000 or more.
(e) Cross-border currency transfers of CDN$10,000 or more.
(f) Customs seizure reports.Incorrect
The following transactions are required to be reported by the reporting entities under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, in Canada:-
(a) Suspicious transactions where there are reasonable grounds to suspect that the transactions are related to the commission of a money laundering or terrorist financing offense.
(b) Possession or control of terrorist-owned or controlled property.
(c) International electronic funds transfer of CDN$10,000 or more.
(d) Large cash transactions of CDN$10,000 or more.
(e) Cross-border currency transfers of CDN$10,000 or more.
(f) Customs seizure reports. -
Question 28 of 30
28. Question
What is the limit of large cash transactions amount that if exceeds the transactions are required to be reported by the reporting entities under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, in Canada?
Correct
The following transactions are required to be reported by the reporting entities under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, in Canada:-
(a) Suspicious transactions where there are reasonable grounds to suspect that the transactions are related to the commission of a money laundering or terrorist financing offense.
(b) Possession or control of terrorist-owned or controlled property.
(c) International electronic funds transfer of CDN$10,000 or more.
(d) Large cash transactions of CDN$10,000 or more.
(e) Cross-border currency transfers of CDN$10,000 or more.
(f) Customs seizure reports.Incorrect
The following transactions are required to be reported by the reporting entities under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, in Canada:-
(a) Suspicious transactions where there are reasonable grounds to suspect that the transactions are related to the commission of a money laundering or terrorist financing offense.
(b) Possession or control of terrorist-owned or controlled property.
(c) International electronic funds transfer of CDN$10,000 or more.
(d) Large cash transactions of CDN$10,000 or more.
(e) Cross-border currency transfers of CDN$10,000 or more.
(f) Customs seizure reports. -
Question 29 of 30
29. Question
In the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, what is the limit of the maximum fine for a person who is a failure to report a suspicious transaction?
Correct
In the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, the maximum fine of CDN$2 million and a maximum jail term of 5 years should be imposed to a person who is a failure to report a suspicious transaction and a maximum fine of CDN$1 million should be imposed for failure to report a prescribed transaction.
Incorrect
In the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, the maximum fine of CDN$2 million and a maximum jail term of 5 years should be imposed to a person who is a failure to report a suspicious transaction and a maximum fine of CDN$1 million should be imposed for failure to report a prescribed transaction.
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Question 30 of 30
30. Question
In the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, what is the maximum punishment of imprisonment in jail should be imposed for a person who is a failure to report a suspicious transaction?
Correct
In the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, the maximum fine of CDN$2 million and a maximum jail term of 5 years should be imposed to a person who is a failure to report a suspicious transaction and a maximum fine of CDN$1 million should be imposed for failure to report a prescribed transaction.
Incorrect
In the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, the maximum fine of CDN$2 million and a maximum jail term of 5 years should be imposed to a person who is a failure to report a suspicious transaction and a maximum fine of CDN$1 million should be imposed for failure to report a prescribed transaction.