Quiz on AML/CFT Total points
Training on “Effective Compliance of ML & TF Risk”
1. Why is Money Laundered?
a. To hide the source of funds/proceeds derived from illegal/illicit activities
b. To protect from seizure
c. Both 1 & 2
d. None of the above
2. Which is not a Trade-Based Money Laundering Alert (TBML)?
a. Transaction involving obvious dual use of goods
b. Transaction involving high-risk jurisdictions or countries
c. Sudden adjustment of a lease finance
d. Payment of the LC liability by an unrelated third party
3. If any officer of a branch tells the client that the bank has filed a suspicious report on them, who will be prosecuted for tipping off?
a. The officer only
b. The bank only
c. The officer and the client
d. The officer and the bank
4. Obtaining all information and documents of the beneficial owner is _______________
a. Optional
b. Non-mandatory
c. Obligatory
d. None of the above
5. Typically, when should a financial institution file an STR?
a. Whenever they are preparing to close an account
b. Whenever they detect unusual or suspicious transactions
c. Only when they are able to identify the existence of a criminal offense
d. Only when the Board of Directors approves the filing of the STR
6. Which documents and information should we collect in case of a cash transaction by a walk-in customer above Tk. 5.00 Lac?
a. Full KYC of the walk-in customer shall be taken on the authorized KYC form maintained by branches for walk-in customers
b. Name & address and applicant/sender contact number are needed to be collected along with the photo ID of the walk-in customer.
c. Only following positive pay instructions is enough.
d. Full KYC of the walk-in customer shall be taken on the authorized KYC form maintained by branches for walk-in customers. Along with a photo ID of the walk-in customer
7. Sanction can be imposed on which of the following?
a. Person
b. Only on countries
c. Organization
d. All
8. Which of the following is one of the elements of risk grading?
a. Relational Risk
b. Business & Profession Related Risk
c. Geographical Risk
d. All
9. What are the basic techniques of trade-based money laundering?
a. Front & Shell Companies
b. Multiple Invoicing
c. Misleading description of goods
d. All
10. Which BFIU circular is in force regarding AML/CTF?
a. BFIU Circular No. 26 dated June 16, 2020
b. BFIU Circular No. 27 dated April 18, 2022
c. BFIU Circular No. 10 dated Dec 28, 2014
d. BFIU Circular No. 19 dated Dec 17, 2017
11. What can the bank do to raise awareness among customers regarding AML-CFT issues?
a. Distribute leaflets and flyers among customers.
b. Can display AML posters in prominent, eye-catching locations.
c. Let the customers know about the STR/SAR.
d. Both 1 & 2
12. What is the common mechanism of STR/SAR?
a. Monitor customer transactions.
b. Monitor customer activity.
c. Follow adverse media news.
d. All
13. Which of the following is not true?
a. Every bank branch shall carry out self-assessment on a quarterly basis.
b. Before finalizing the self-assessment report, the concerned officers of the branch should be discussed under the chairmanship of the branch manager.
c.Meetings should be held on a quarterly basis in each bank branch.
d. After finalizing the self-assessment report by the bank branch, it should be sent to the Internal Audit Department and AML/CFT Department.
14. After how many days in the bank branch to carry out self-assessment activities?
a. After 2 months
b. After 4 months
c. After 3 months
d. After 6 months
15. Spouse of PEPs/IPs is
a. Not a PEPs/IPs
b. Also a PEPs/IPs
c. May be a PEPs/IPs
d. None of the Above
16. What are the consequences for a conviction in a bank for money laundering?
a. Fines and penalties
b. Reputational damage
c. Cancellation of license to operate
d. All of the Above
17. For how many years is the customer transaction record to be preserved in the branch as per MLPA-2012?
a. 05 years after the first transaction of A/C
b. 05 years after reporting of STR
c. 05 years after the closing of the A/C
d. 05 years after any investigation is made against the A/C
18. Which is not acceptable to a bank as the legal identity of a person for the opening of an account:
a. Valid passport
b. Birth Certificate
c. Utility Bills
d. National ID card
19. Which of the following is a high-risk activity?
a. Money transfer to unknown third party.
b. A loan for home improvement.
c. Printing a statement for a customer.
d. None of the above
20. What measures must be taken by the branch to prevent money laundering and terrorist financing?
a. Collection of detailed information regarding the source of the customer’s funds.
b. Performing KYC by identifying the actual beneficiary of the account.
c. Maintaining a list of low-risk customers of the branch.
d. Both 1 & 2
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