MODULE 3 TEST ASSESSMENT

Place the stages of Money Laundering in the correct order:

• Stage 1
  Placement
• Stage 2
  Layering
• Stage 3
  Integration

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?

• Smurfing
• Kiting
• Layering
• Shifting

If you fail to report a suspicious activity, Massy United can be fined or penalized.

• True
• False

Match the type of Customer Due diligence with the level of risk:

• High Risk
  Enhanced Due Diligence
• Medium Risk
  Standard Due Diligence
• Low Risk
  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.

• True
• False

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.

• True
• False

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.