AMLCA Quiz 43

Which statement holds for performing audits?
I. Audits should be properly scoped to evaluate all the defects of the program including government politicians.
II. Audits should be properly scoped to evaluate the effectiveness of the program, including foreign taxpayers.
III. Audits should not be properly scoped to evaluate the effectiveness of the program, including where external auditors are used.
IV. Audits should be properly scoped to evaluate the effectiveness of the program, including where external auditors are used.
V. Audits should be performed with the consent of Bank Officials.

Identify an association of 13 global banks that aims to develop standards on money laundering controls for banks:
I. Egmont Group
II. European Union
III.GAFILAT
IV. Wolfsberg Group
V. International Monetary Fund

When & where was The Financial Action Task Force of Latin America (GAFILAT)was created?
I. In December 2000 in Cartagena de Indias, Colombia.
II. In November 2005 in Hauge, Paris.
III.In December 2000 in Sydney, Australia.
IV. In October 2001 in London, UK.
V. In July 2000 in London, UK.

When did MONEYVAL become an Associate Member of FATF?
I. In 2001
II. In 2002
III.In 2004
IV. In 2005
V. In 2006

Select more than one answer:
Select all the members of MONEYVAL that are also Non-Members of the Council of Europe:
I.Georgia
II.Jersey
III.Isle of Man
IV.Malta
V. Israel

Which statement holds for MENAFATF?
I. It is a secret agency that works for the Middle East & North African countries
II. It is a newly developed international monetary body that organizes annual sessions for framing its rules & procedures
III. It is independent of any other international organization and sets its work, rules, and procedures, which are determined by a consensus of its members
IV. It is dependent on other international organization and sets its work, rules, and procedures, which are determined by the consensus of its members
V. It is dependent on the European Union and sets its work, rules, and procedures, which are determined by the consensus of its members

OFAC has the power to impose significant penalties on those who are:
I. Members of the European Union & found to be violating the US Patriot Act.
II. Found to be in non-violation of any criminal act.
III. Found to violate the blocking orders within each of the sanction programs.
IV. Found to violate blocking immigrants within European boundaries.
V. Found to violate the national constitution.

Select more than one answer:
Founded in 1741, Wegelin was Switzerland’s oldest bank that specialized in:
I. Government Banking
II. Private banking
III.Asset management
IV. Money Laundering
V. Terrorist financing

Identify the most accurate fact about Wegelin Bank, Switzerland:
I. By 2012, Wegelin held approximately $ 2.5 billion in declared US taxpayer funds.
II. By 2010, Wegelin held approximately $ 1.5 billion in undeclared US taxpayer funds.
III. By 2009, Wegelin held approximately $60 billion in declared US taxpayer funds.
IV. By 2012, Wegelin held approximately $16 billion in undeclared US taxpayer funds.
V. By 2000, Wegelin held approximately $22 billion in undeclared US taxpayer funds.

What does SUA stand for in US Criminal Money Laundering and Civil Forfeiture Laws:
I. Side effects of an unlawful association.
II. Six unauthorized associations.
III. Six unlawful activities.
IV. Specified unlawful activity.
V. Straight unlawful association.

Select all the considerations that are needed to become a member of FATF:
I. Active participation in local politics.
II. Level of adherence to financial sector standards.
III. Level of adherence to private sector standards.
IV. Participation in other relevant international organizations.
V. Active participation in a FATF-Style Regional Body.

Select TWO features of European Union Second Directive:
I. It explicitly brought bureaux de change and money remittance offices under AML coverage.
II. It did not extend the scope of the First Directive beyond drug-related crimes.
III. It extended the scope of the First Directive beyond drug-related crimes.
IV. It clarified the knowledge of employees relations in regional bodies.
V. It helped in bringing political stability in developing countries.

The majority of governments around the world believe that the risk-based approach is preferable to a more prescriptive approach in the area of AML/CFT because it is more:
I. Risky but effective.
II. Not Flexible.
III. Reliable & trustworthy.
IV. Unreliable.
V. Flexible, effective & proportionate.

The Caribbean Financial Action Task Force is a group of 27 states included in:
I. Caribbean Basin & South Asia.
II. Caribbean Basin, North and South America.
III. Caribbean Basin, Central, and South America.
IV. Caribbean Basin & Middle East.
V. Caribbean Basin, Central, and South Asia.

In May 1990, representatives of Western Hemisphere countries, in particular from the Caribbean and Central America, convened in Aruba to develop:
I. A common approach to the phenomenon of the laundering of the proceeds of crime
II. A common approach to the phenomenon of drug trafficking
III. A common approach to deal with illegal immigrants
IV. A common strategy to fight life-threatening diseases
V. A common approach to developing a regional organization

Select more than one answer

Kingston Ministerial Declaration endorsed and affirmed their respective governments to show commitment for implementation of:
I. European Union 40 Recommendations.
II. FATF and Aruba Recommendations.
III.Organization of American States (OAS) Model Regulations.
IV. 1992 United Nation Model Regulations.
V. 1988 UN Convention Against Illicit Traffic in Narcotic Drug.

Select more than one answer:

Identify CFATF (Caribbean Financial Action Task Force) members among them:
I.Trinidad & Tobago
II.The British Virgin Islands
III. The Greek Islands
IV. Hong Kong & Paris
V. Dominican Republic

In January 2006, GIABA revised its mandate to fully incorporate and properly reflect its fight against:
I. The poverty
II. The life-threatening disease
III. The financing of terrorism
IV. The financing of illegal immigrants
V. The economic instability

According to USA Patriot Act, If the funds the United States pursues are deposited in a foreign bank that keeps an “interbank account” at a US bank, the United States may bring a case to:
I. International Court of Justice
II. Forfeit the crime-tainted funds in the US account
III.United Nations General Assembly
IV. Forfeit the drug-trafficking financing in the US account
V. Regional Bodies

In April 2012, the US Attorney’s Office for the Southern District of New York seized;
I. $6.3 million held in US respondent account with American Express in New York
II. $5.3 million held in Wegelin & Co.’s US correspondent account with American Express in New York
III.$16.3 million held in Wegelin & Co.’s US correspondent account with American Express in New York
IV. $16.3 million held in Wegelin & Co.’s US correspondent account with UBS AG in Stamford
V. $14 billion held in Wegelin & Co.’s US correspondent account with UBS AG in Stamford

ROSCs is an abbreviation for:
I. Report on Observance of Signals and Codes
II. Report on Observance of Standard and Codes
III. Risk on Ordinance of Standard and Class
IV. Regional Organisation of Subclass & codes
V. Reputational Ordinance of Standard & class

Select more than one answer:
Identify the important documents of the European Union:
I. 1st EU Directive on the prevention of the use of Financial System for Money Laundering (1991).
II. 1st EU Directive on the prevention of the use of the Financial System for terrorist financing (1990).
III.2nd Directive (2001).
IV. 2nd Directive (2002).
V. 3rd Directive (2005).

Select more than one answer:
IMF and the World Bank have become more active in combating money laundering by:
I. Concentrating on drug trafficking over other forms of financial abuse.
II. Concentrating on money laundering over other forms of financial abuse.
III. Helping to strengthen financial supervision and regulation in countries.
IV. Helping to weaken financial supervision & regulation in countries.
V. Insisting on the application of international AML standards in countries that ask for financial assistance.

Select TWO things that are covered by the US Patriot Act:
I. Nationalism that outbreaks in southern American.
II. Anti-money laundering provisions affecting foreign businesses.
III. Child abuse affecting children.
IV. Terrorism financing provisions affecting foreign businesses.
V. Political instability caused due to the terrorist attacks.

What was the policy paper called that two organizations detailed the steps to strengthen the global assault on money laundering?
I. Joining Hands to overcome Money Frauds globally.
II. Enhancing Cooperation in combating Black Money.
III. Enhancing Contributions To Combating Money Laundering.
IV. Reducing Contributions To Combating Money Laundering.
V. Join Us to combat money laundering.

According to the Fourth EU Directive, Pecuniary sanctions for natural persons are set to at least:
I. EUR one million or 6% of the total annual turnover for entities.
II. EUR three million or 5% of the total annual turnover for entities.
III. EUR five million or 10% of the total annual turnover for entities.
IV. EUR six million or 11% of the total annual turnover for entities.
V. EUR two million or 15% of the total annual turnover for entities.

Select more than one answer:
An entire section of the fourth EU directive is dedicated to the rules for:
I. Cooperation between member state FIUs & the EU commission
II. Cooperation between the United Nations & government
III. Cooperation between the European Supervisory Authorities (ESAs) and the EU Commission
IV. Illegal cooperation between EU & OIC
V. Proposed ideas & policies to combat criminal activities

What does the term comitology refer to in Third EU Directive?
I. It means the EU system that oversees the implementation of acts proposed by the European Commission.
II. It means the EU system that oversees the implementation of acts proposed by the Democratic Governments.
III. It means the EU system that oversees the implementation of criminal laws proposed by ICJ (International Court of Justice).
IV. It means the EU system that oversees the implementation of policy to prevent drug trafficking.
V. It means the EU system that oversees the implementation of policy to prevent child abuse.

According to the third EU Directive, money laundering & terrorist financing are:
I. Extreme crimes
II. Same crimes
III. Separate crimes
IV. No crimes
V. Little offensive crimes

Select more than one answer
What are the different levels of AML/CFT risk categories?
I. Prohibited & High risk
II. No risk & Red zone
III. Medium & Low risk
IV. Partial Risk
V. First & last risk