AML -Graphic Flashcards
What is the focus with respect to terrorist financing?
Preventing the criminal activity from occurring.
What is the story concerning unsuspecting lawyers and money laundering?
What was New Zealand removed from by the European Union in May 2012?
The banking and corporate “White List”.
Why did the European Union remove New Zealand from the prestigious banking and corporate “White List” in May 2012?
Because of weak money laundering and terrorism financing controls.
What was the case which led to New Zealand being removed from the prestigious banking and corporate “White List” in May 2012?
New Zealand was implicated in a firearms smuggling ring operated from Latvia. The Latvians manufactured then stored millions of dollars’ worth of firearms in Thailand, all through two registered New Zealand companies.
New Zealand was implicated in a _____________ ring operated from Latvia. The Latvians manufactured then stored millions of dollars’ worth of firearms in Thailand, all through two registered New Zealand companies.
firearms smuggling ring
New Zealand was implicated in a firearms smuggling ring operated from _______. The _______ manufactured then stored millions of dollars’ worth of firearms in Thailand, all through two registered New Zealand companies
Latvia Latvians
New Zealand was implicated in a firearms smuggling ring operated from Latvia. The Latvians manufactured then stored millions of dollars’ worth of firearms in _______, all through two registered New Zealand companies.
Thailand
New Zealand was implicated in a firearms smuggling ring operated from Latvia. The Latvians manufactured then stored millions of dollars’ worth of firearms in Thailand, all through two ____________.
registered New Zealand companies
What is the quote from a British MP concerning money-laundering and accountants and lawyers?
What is the quote about money laundering not being conceived by wicked individuals in some Dickensian ‘den of crimes’?
If you’re doing everything you can in your business to prevent money laundering and financing of terrorism, what should you do?
What are the negative consequences of funds being used to commit crime?
What is the first phase of money laundering?
Placement
In what phase is it easiest to detect money laundering?
The placement phase
Why is it easiest to detect money laundering during the placement phase?
The funds are closest to the source.
What is the final phase of money laundering?
Integration
What does integration involved when talking about money laundering?
Introducing the money into the economy so that it appears as a “clean” or legitimate source of funds.
What is the first phase of an AML /CFT risk assessment?
Identify the risks faced by the entity.
What is the second phase of an AML /CFT risk assessment?
Describe how the entity will ensure the Assessment remains current.
What is the third phase of an AML /CFT risk assessment?
Enable the entity to determine the level of risk involved in relation to obligations under the Act.
What is the disadvantage of a country not having a reputable and trustworthy financial system?
What are the four obligations of the internal Compliance Officer?
When is the AML /CFT annual Report required to be filed by?
31 August each year ->
Who is responsible for filing the AML /CFT annual Report?
Internal Compliance Officer
Must the AML /CFT Risk Assessment be written?
Yes
Who must the AML /CFT Risk Assessment be maintained by?
A Compliance officer
An AML / CFT compliance Programme must include:-
- Customer due diligence (CDD);
- Staff Training;
- Staff Vetting;
- A__________ m__________
Account Monitoring
Must the AML /CFT Compliance Programme be written?
Yes
Are client credit checks required as part of the AML /CFT Compliance Programme?
No
An AML / CFT Programme is only effective when its u____ t__d______, relevant and followed
up-to-date
An AML / CFT Programme is only effective when its up-to-date, r_______ and followed
Relevant
An AML / CFT Programme is only effective when its up-to-date, relevant and f_______
Followed
