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0 [{"id":371620,"quiz_id":"18711","answer_id":null,"answerType_id":"0","created_at":"2018-02-05 03:14:12","updated_at":"2018-02-05 10:50:42","questionName":"What is a risk of concentration accounts? a) the underlying customer identification can be lost; b) co-mingling of clean and dirty funds can occur; c) customers may be unaware they are using them; d) confidentiality and secrecy between client and banker ","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":5,"explanation":"The internal accounts used by the bank may be set up so that the audit trail is lost when they are used. The other answers are not relevant risks to the use of concentration accounts","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":371361,"quiz_id":"18711","answer_id":null,"answerType_id":"0","created_at":"2018-02-04 13:02:58","updated_at":"2018-02-05 03:10:45","questionName":"What are key effects of money laundering on countries? Choose three. i) Reputation risk; ii) Losing control of regulatory policy; iii) Being forced into adverse fiscal policies; iv) Losing control of monetary policy.","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":1,"explanation":"Counties can suffer reputational risk if they are known as a haven for money laundering, they may be forced to make adverse fiscal (tax and budget) policy to compensate for the tax revenue lost to criminal laundering, and they may lose control of monetary","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":371613,"quiz_id":"18711","answer_id":null,"answerType_id":"0","created_at":"2018-02-05 02:52:03","updated_at":"2018-02-05 03:10:45","questionName":"Which of the following are most vulnerable to the placement stage of money laundering? Choose two. i) Purchasing diamonds; ii) Overpaying a credit card balance; iii) Obtaining cashiers cheques; iv) Internet casinos","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":3,"explanation":"Gem stones and cashiers cheques can be purchased using cash, making them vulnerable to placement. Credit cards and internet casinos do not usually allow cash payments, and so are less likely to be used as part of the placement phase.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":371359,"quiz_id":"18711","answer_id":null,"answerType_id":"0","created_at":"2018-02-04 12:54:46","updated_at":"2018-02-05 03:10:45","questionName":"Which of the following is not an example of layering ","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":0,"explanation":"This answer uses physical cash to purchase an asset, and is a feature of placement. All other answers use money that is already in the financial system and are thus examples of layering","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":371362,"quiz_id":"18711","answer_id":null,"answerType_id":"0","created_at":"2018-02-04 13:16:48","updated_at":"2018-02-05 03:10:45","questionName":"Risks of correspondent banking include the following. Choose three; i) The effectiveness of the regulatory regime may be unknown; ii) The ultimate customers are at arms length; iii) The USA Patriot Act did not address correspondent banking risks; iv) The volumes of transactions are high","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":2,"explanation":"While the regulatory regime may be known, the effectiveness of that regime on any one institution may be difficult to assess beyond standard checklists. The arms-length nature of correspondent banking means that customer due diligence of the ultimate cust","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":371629,"quiz_id":"18711","answer_id":null,"answerType_id":"0","created_at":"2018-02-05 04:18:01","updated_at":"2018-02-05 11:38:21","questionName":"Which of the following are money laundering risks at insurance companies? Choose two: i) Early cancellation capabilities of car insurance; ii) Salesmen are incentivised; iii) Underpaying insurance and requesting refunds; iv) Cancelling life policies during the 'free look' period","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":13,"explanation":"Salesmen that are incentivised may overlook their suspicions, and cancelling life insurance during the free look period enables the launderer to obtain a refund of clean money. Underpaying insurance does not lead to an excess cash balance and cancelling c","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":371622,"quiz_id":"18711","answer_id":null,"answerType_id":"0","created_at":"2018-02-05 03:54:04","updated_at":"2018-02-05 10:50:42","questionName":"What are two risks associated with private banking? i) The area was not covered by the Wolfsburg group; ii) politically exposed persons; iii) Private investment companies iv) Lack of competition","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":6,"explanation":"Politically exposed persons (PEPs) use private banking, and may have access to funds derived from embezzlement or bribes. Wealthy users of private banking often use private investment companies (PICs) to manage their wealth which may hide the beneficial o","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":371625,"quiz_id":"18711","answer_id":null,"answerType_id":"0","created_at":"2018-02-05 04:08:00","updated_at":"2018-02-05 11:38:21","questionName":"Cuckoo smurfing features which three of the following? i. An unwitting bank account owner; ii. An insider in a financial institution; iii. An accomplice in a foreign country who deposits cash; iv. Concentration of funds","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":9,"explanation":"Although the remitter is expecting funds to be sent via an international wire transfer, in a cuckoo smurfing situation, an accompanied in a financial institution diverts it elsewhere. The funds are instead deposited as dirty cash by an accomplice in a for","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":371623,"quiz_id":"18711","answer_id":null,"answerType_id":"0","created_at":"2018-02-05 04:01:47","updated_at":"2018-02-05 11:03:22","questionName":"Which of the following is a correct statement?","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":7,"explanation":"Smurfing is used to deposit cash at a financial institution below the reporting threshold. A is incorrect because smurfs deposit cash, rather than withdrawing it. C is incorrect, smurfs often use accounts set up using dead peoples identities, but the term","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":371616,"quiz_id":"18711","answer_id":null,"answerType_id":"0","created_at":"2018-02-05 03:00:03","updated_at":"2018-02-05 03:10:45","questionName":"Which of the following describes a payable through account.","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":4,"explanation":"","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":371626,"quiz_id":"18711","answer_id":null,"answerType_id":"0","created_at":"2018-02-05 04:12:55","updated_at":"2018-02-05 11:38:21","questionName":" What is the best way to guard against the risk of money laundering by bank staff?","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":10,"explanation":"All of these are methods to guard against money laundering risks, however not all of them are effective. Registering staff with the regulator is not possible in all jurisdictions, and may only cover senior roles not all roles that might be at risk of mone","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":371627,"quiz_id":"18711","answer_id":null,"answerType_id":"0","created_at":"2018-02-05 04:14:14","updated_at":"2018-02-05 11:38:21","questionName":"Why are credit unions (building societies) vulnerable to money laundering?","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":11,"explanation":"These financial institutions are low risk because they are small, but they are vulnerable because of the level of cash transactions. They do not usually offer complex products, and they are regulated.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":371630,"quiz_id":"18711","answer_id":null,"answerType_id":"0","created_at":"2018-02-05 04:19:20","updated_at":"2018-02-05 11:38:21","questionName":"What is wash trading?","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":14,"explanation":"The use of two offsetting trades means that the market can move in either direction and the principle is safe. The loss of dirty money in one account is compensated by the creation of legitimate gains in another trading account. None of the other descript","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":371624,"quiz_id":"18711","answer_id":null,"answerType_id":"0","created_at":"2018-02-05 04:06:06","updated_at":"2018-02-05 11:03:22","questionName":"Which one of the following might indicate microstructuring?","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":8,"explanation":"Microstructuers often use counter deposit slips as they make many small cash deposits and will have insufficient pre-printed paying in slips. A is incorrect as there is no cash involved, C&D both mention either large cash amounts, or expensive items which","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":371628,"quiz_id":"18711","answer_id":null,"answerType_id":"0","created_at":"2018-02-05 04:16:03","updated_at":"2018-02-05 11:38:21","questionName":"At which stages of money laundering are credit cards used? Choose two. i) Layering; ii) Structuring; iii) Integration; iv) Placement","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":12,"explanation":"Structuring and placement are methods of disposing of cash, which many credit cards do not permit. They are used for structuring and integration.","question_score_id":null,"lang":null,"questionAudioPath":null}]
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What is a risk of concentration accounts? a) the underlying customer identification can be lost; b) co-mingling of clean and dirty funds can occur; c) customers may be unaware they are using them; d) confidentiality and secrecy between client and banker

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