MODULE 3 TEST ASSESSMENT
An Assessment Test of 20 multiple choice questions that are based on the learning objectives of the Anti-Money Laundering & the Countering of Terrorist Financing (AML/CFT) course Module 2. The passing grade is 60%. The Test can be taken up to three times. Failure results in an additional AML/CFT Training session with the Compliance Unit.
Assessment Questions (copy)
Place the stages of Money Laundering in the correct order:
Which of the following is the purpose of the FATF?
- To monitor trade on a Global scale.
- To monitor the creation of new currency in Europe.
- To develop policies that combat money laundering & terrorist financing on a Global scale.
- To monitor financial crimes in Asia.
Which statements about Terrorist Financing are True?
- Funding can only come from an illegitimate source.
- It is used to finance illicit activities.
- Funding can come from both legitimate & illegitimate sources
- It has an ideological purpose.
Which of the following is not Tipping Off?
- Communicating to the Compliance Officer a suspicious activity you observe.
- Discussing with your colleague that you have observed suspicious activity on a customer's account.
- Telling a customer that a report was made to the FIU about their transaction.
- Telling a customer that the FIU has requested information on their account.
How long are customer records to be retained by Massy United?
- 6 years.
- 6 years after the relationship has ended.
- 7 years.
- 5 years after the relationship has ended.
The 40 Recommendations recognized as the international standards for AML/CFT was developed by:
- Financial Action Task Force
- Financial Acting Test Force
- Final Aging Task Force
- Financial Laundering Task Force
An Internal Suspicious Reporting Form must be submitted to the CO/ACO within:
- 3 days from the date of the suspicious transaction.
- 5 days from the date of the suspicious transaction.
- 10 days from the date of the suspicious transaction.
- 14 days from the date of the suspicious transaction.
If you see a suspicious Activity in Massy United, you should:
- Say nothing and hope that it will go away.
- Contact the FIU.
- Inform the Compliance Officer/ Alternate Compliance Officer immediately.
- Contact the Central Bank.
Which of the following statement(s) is NOT a Red Flag
- Customers who purchase insurance using a credit card.
- Customers who are reluctant to provide identification information when purchasing Massy United insurance.
- Customers who failed to give their correct name when purchasing a policy.
- Customers who use their passport as their identification verification.
A Suspicious Activity Report is completed and submitted to the FIU by:
- The Compliance Officer.
- The General Manager.
- The Customer.
- The Underwriting Supervisor
Which entity is an AML/CFT regulator for Massy United?
- Central Bank of Trinidad & Tobago
- Financial Obligations Regulations
- Ministry of Finance
- Securities & Exchange Commission
Which of the following statements are TRUE?
- The identity of the Compliance Officer & Alternate Compliance Officer must never be shared with individuals outside of Massy United.
- The Compliance Policies and Procedures are found in Massy United's Compliance Programme.
- Massy United staff should always tip off customers when a suspicious transaction occurs.
- Only the Compliance Officer & the Alternate Compliance Officer are required to adhere to the AML/CFT Laws.
What is the term used for breaking up large sums of money into smaller quantities to make deposits undetected?
If you fail to report a suspicious activity, Massy United can be fined or penalized.
Match the type of Customer Due diligence with the level of risk:
Enhanced Due Diligence
Standard Due Diligence
Simplified Due Diligence
When should a background check be completed?
- Within two weeks of hiring the employee.
- On the first day of employment.
- The day the offer letter of employment is sent to the candidate.
- Prior to the employment of the individual.
Employee Identification cards and other documents on file can be destroyed once the term of employment has ended.
Which one of the following is NOT a reason for suspicion?
- An employee that starts wearing expensive jewellery & buys a new luxury vehicle.
- An employee that is reluctant to take vacation.
- An employee that seems disgruntled.
- An employee that requests a raise after being assigned more duties.
Once all documents are collected and there is a complete file on a new employee, there is no need to revisit the KYE information on file.
Which of the following is NOT a red flag when recruiting for employees?
- Candidate arriving 10 minutes earlier.
- A spelling error on a diploma.
- Identifications provided are expired.
- Candidate unwilling to supply a residential address.