AML KYC Assessment Form

Post-assessment QUIZ:

  1. Which Money Laundering stage involves introducing ill-gotten money into the financial system
  • Integration
  • Inflow
  • Placement
  • Layering
  • Introduction

For incorrect answer –

Oops! You got that wrong.

Placement stage of Money Laundering involves introducing or placing the dirty money or proceeds of crime into the legitimate financial system.

 

For correct answer –

Congratulations! You got that right.

Placement stage of Money Laundering involves introducing or placing the dirty money or proceeds of crime into the legitimate financial system.

 

 

  1. How much was the Swiss-based financial services company, Credit Suisse Group AG, fined after it failed to prevent a drug trafficker from laundering millions in 2022?
  • 4 Million Swiss Francs
  • 2 million Swiss Francs
  • 5 Million Swiss Francs
  • 3 Million Swiss Francs

For incorrect answer –

Oops! You got that wrong.

Earlier this year, Credit Suisse Group AG, a Swiss-based financial services company faced charges that it had failed to prevent a drug trafficker from laundering millions. The verdict was – guilty. Credit Suisse was fined 2 million Swiss francs ($2.1 million) and was also hit with a claim of 19 million francs – the amount the bank allowed to be laundered.

 

For correct answer –

Congratulations! You got that right.

Earlier this year, Credit Suisse Group AG, a Swiss-based financial services company faced charges that it had failed to prevent a drug trafficker from laundering millions. The verdict was – guilty. Credit Suisse was fined 2 million Swiss francs ($2.1 million) and was also hit with a claim of 19 million francs – the amount the bank allowed to be laundered

 

 

  1. According to the European Commission, what percentage of their combined GDP did the member States lose due to tax evasion?
  • 2-2.5%
  • 3-5%
  • 1-2%
  • 5-1%

For incorrect answer –

Oops! You got that wrong

According to the European Commission, Member States lose between 2% and 2.5% of their combined GDP annually to tax evasion.

 

For correct answer –

Congratulations! You got that right

According to the European Commission, Member States lose between 2% and 2.5% of their combined GDP annually to tax evasion.

 

 

  1. Which of the statements best defines Money Laundering?
  • The act of selling tangible assets like jewellery or furniture in order to raise cash used in illicit transactions
  • Using loans as collateral for other loans in a Ponzi scheme
  • The process of taking money that was obtained from an illicit source and engaging in legitimate businesses designed to conceal its origin
  • Ensuring that all transactions are above the Rs 10,000 threshold so that they attract extra scrutiny

Oops! You got that wrong

Money Laundering is the process of taking money that was obtained from an illicit source and engaging in legitimate businesses designed to conceal its origin.

 

Congratulations! You got it right

Money Laundering is the process of taking money that was obtained from an illicit source and engaging in legitimate businesses designed to conceal its origin.

 

 

  1. Which of the following is NOT one of the three stages of money laundering?
  • Layering
  • Placement
  • Integration
  • Liquidation

Oops! You got that wrong

The three stages of Money Laundering are – Placement, Layering, and Integration. Liquidation, on the other hand, means converting assets or property into cash or cash equivalents by selling them on the open market, which is totally legal unlike Money Laundering and its 3 stages.

 

Congratulations! You got that right

The three stages of Money Laundering are – Placement, Layering, and Integration. Liquidation, on the other hand, means converting assets or property into cash or cash equivalents by selling them on the open market, which is totally legal unlike Money Laundering and its 3 stages.

 

 

  1. When should you carry out Customer Due Diligence?
  • At the beginning of a new business relationship
  • At regular intervals as the relationship progresses to stay updated about the customer
  • Under special circumstances, such as when the customer is seen executing large-value transactions
  • All of the above

Oops! You got that wrong

  1. Firstly, Customer Due Diligence must be done right at the beginning of a new business relationship. For instance, when any customer, say an individual or business entity, is opening a bank account, the bank must implement the CDD process for this customer.
  1. Customer Due Diligence must also be done at regular intervals as the relationship progresses to stay updated about the customer. 
  1. Customer Due Diligence must be carried out under special circumstances, such as when the customer is seen executing numerous cash or large-value transactions.

 

Congratulations! You got that right

  1. Firstly, Customer Due Diligence must be done right at the beginning of a new business relationship. For instance, when any customer, say an individual or business entity, is opening a bank account, the bank must implement the CDD process for this customer.
  1. Customer Due Diligence must also be done at regular intervals as the relationship progresses to stay updated about the customer.
  1. Customer Due Diligence must be carried out under special circumstances, such as when the customer is seen executing numerous cash or large-value transactions.

 

 

  1. According to the Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No. 3) Regulations 2022, which of these countries does NOT belong to the High-Risk list?
  • Iran
  • UAE
  • Philippines
  • Jordan
  • India

Oops! You got that wrong

According to the Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No. 3) Regulations 2022, the high-risk countries are: Albania, Barbados, Burkina Faso, Cambodia, Cayman Islands, Democratic People’s Republic of Korea (DPRK), Haiti, Iran, Jamaica, Jordan, Mali, Malta, Morocco, Myanmar, Nicaragua, Pakistan, Panama, Philippines, Senegal, South Sudan, Syria, Turkey, Uganda, United Arab Emirates, and Yemen

 

Congratulations! You got that right

According to the Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No. 3) Regulations 2022, the high-risk countries are: Albania, Barbados, Burkina Faso, Cambodia, Cayman Islands, Democratic People’s Republic of Korea (DPRK), Haiti, Iran, Jamaica, Jordan, Mali, Malta, Morocco, Myanmar, Nicaragua, Pakistan, Panama, Philippines, Senegal, South Sudan, Syria, Turkey, Uganda, United Arab Emirates, and Yemen

 

 

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