Anti-Money Laundering Questions and Answers | Latest Version | 2024/2025 | Already Passed
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Module
Anti-Money Laundering
Institution
Anti-Money Laundering
Anti-Money Laundering Questions and
Answers | Latest Version | 2024/2025 |
Already Passed
What is the role of the Financial Action Task Force (FATF) in combating money laundering?
The Financial Action Task Force (FATF) sets international standards and promotes effective
implementation o...
Anti-Money Laundering Questions and
Answers | Latest Version | 2024/2025 |
Already Passed
What is the role of the Financial Action Task Force (FATF) in combating money laundering?
✔✔ The Financial Action Task Force (FATF) sets international standards and promotes effective
implementation of anti-money laundering measures globally.
How does AML legislation impact financial institutions' operations?
✔✔ AML legislation impacts financial institutions by requiring them to implement compliance
programs, conduct due diligence, and report suspicious activities.
What is the significance of AML compliance audits?
✔✔ AML compliance audits are significant because they assess the effectiveness of an
institution's AML controls and procedures, ensuring adherence to regulations.
How can institutions detect layering in money laundering schemes?
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, ✔✔ Institutions detect layering by identifying complex and multiple transactions designed to
obscure the origins of illicit funds.
What is the purpose of enhanced due diligence (EDD) in AML?
✔✔ Enhanced due diligence (EDD) is used to perform deeper scrutiny on high-risk clients or
transactions to prevent money laundering and terrorist financing.
How do AML regulations affect cross-border transactions?
✔✔ AML regulations affect cross-border transactions by requiring financial institutions to
monitor and report international transfers that may involve illicit funds.
What steps should be taken if a suspicious transaction is detected?
✔✔ If a suspicious transaction is detected, it should be reported to the relevant authorities, and
further investigation should be conducted to determine the legitimacy of the transaction.
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