AML&TF Training Assessment

1) What is a) money laundering and b) terrorist financing?

2) How many stages of money laundering are there?

3) Name and briefly describe the stages of money laundering.

4) At what stage is it easiest to identify money laundering?

5) What are the 4 main money laundering & terrorist financing offences defined within the Proceeds of Criminal Conduct Act, 1997?

6) When you identify a suspicious activity or transaction you should:

a) ask a colleague their opinion about whether the matter is suspicious to them

b) complete an internal suspcious activity report and submit it to the MLRO

c) follow up with the MLRO regarding whether he submitted a report to the FIA

d) all of the above

7) List 2 documents you may request from an individual to confirm their identity.

8) List 2 documents you may request from an entity to confirm its existence.

9) Should you identify a suspicious activity or transaction, (i) what should you complete? and (ii) to whom should it be provided?

10) How regularly should AML/CFT training be conducted?

a) at least once per annum

b) every 6 months

c) new employees should be trained on joining the Company

d) all of the above

e) as soon as reasonably practicable after there is a change in the legislation

f) a, c & e only

11) Name 3 registers that should be maintained by the Company.

12) Name 3 of your responsibilities under the AML&TF legislation?

13) Which of the following activities, transactions or customers would give rise to a suspicion (Select all that apply)?

Customer A pays $200,000 via wire transfer instead of $20,000 and requests a refund a few days later

When asked for evidence of proof of address, Customer B refuses and says that is not your business

Customer C pays for his motor vehicle premiums using a cheque issued to the Company by his employer

Customer D would like to purchase a policy but is only interested in the policy that would result in him having to pay the highest premium

Customer E will only conduct business with a specific employee