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AML/CFT Test

Quiz by Jack Gallagher

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13 questions
Show answers
  • Q1

    What is money laundering? 

    The solicitation, collection and provision of funs with the intention that they may be used to support terrorist acts or organisations 

    The processing of criminal proceeds to disguise their illegal origin, to allow the criminal to enjoy the profits of their wrongdoings. 

    Buying flash cars and houses with cash

    Signing up to a Booster Investment product

    20s
  • Q2

    What are the three stages of money laundering?

    Placement, smurfing, spending 

    Placement, layering, integration 

    Lying, cheating, stealing

    Gambling, blending, integration

    20s
  • Q3

    At which of the three stages of money laundering is it generally easiest to detect money laundering activity?

    Layering 

    Placement

    Integration

    20s
  • Q4

    Who is the Regulator who supervises Booster in respect of AML/CFT?

    Department of Internal Affairs (DIA)

    Reserve Bank of New Zealand (RBNZ)

    Ministry of Social Development (MSD)

    Financial Markets Authority (FMA)

    20s
  • Q5

    What is terrorist financing?

    The solicitation, collection or provision of funds with the intention that they may be used to support terrorist acts or organisations.

    The process of breaking up large transactions into smaller ones to avoid detection

    Transferring large amounts of money overseas

    The processing of criminal proceeds to disguise their illegal origin, to allow the criminal to enjoy the profits of their wrongdoings. “Making money clean”

    20s
  • Q6

    To commit terrorist financing, the funds need to come from an illegitimate source

    false
    true
    True or False
    20s
  • Q7

    Politically Exposed Person checks include persons who have held a prominent position in New Zealand in the last 12 months

    false
    true
    True or False
    20s
  • Q8

    Name a customer type where Enhanced CDD must be conducted

    Users enter free text
    Type an Answer
    30s
  • Q9

    At what stage of the money laundering process is it time to spend your washed money?

    Placement

    Integration

    Layering 

    20s
  • Q10

    Which of the following are enforcement tools the regulators are able to use?

    Formal warnings

    Enforceable undertakings

    High-court penalties 

    All the above

    30s
  • Q11

    You should ask for permission from the customer to file a SAR on them

    false
    true
    True or False
    30s
  • Q12

    A Suspicious Activity Report (SAR) must be completed no later than three working days after the transaction takes place

    false
    true
    True or False
    30s
  • Q13

    Name one method used in the 'placement' stage of money laundering

    Users enter free text
    Type an Answer
    20s

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