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Amwal AML & Compliance Training

Question 1 of 3

Q1 . What is Money Laundering?

A The process where gambling winnings is invested into financial markets.

B The process where money exchange programs are setup.

C The process where illegal gains are to 'cleaned' in order to hide the orgin of the cash.

D The monthly pay process at Amwal.

Q2 . What are the key stages in the Money Laundering process?

A Integration, Leaving & Depositing

B Depositing, Integration & Exchange

C Placement, Harrassment & Substitution

D Placement, Layering & Integration

Q3 . What is CFT?

A Crimes Financial Testing

B Combating the Financing of Terrorism

Q4 . After starting a business relationship with a client which of the following would cause concern and be a 'Red Flag'?

A Unrealistic wealth compared to profile.

B Trades with no/little benefits and losses without concern.

C Large/rapid movement of funds.

D All the above.

Q5 . The QFCRA 'Competency and Training' regime came into affect in January 2014. What does this mean for Amwal?

A That all staff need driving licenses.

B That all staff must have nice CVs.

C That the firm monitors the ongoing training and competency of staff.

D The firm monitors the diets of all staff.

Q6 . What is a 'STR' and what is the process of 'flagging' a STR?

A 'Sound Transaction Record' and inform Sateesh in IT.

B 'Secret Terms Record' and inform MLRO who investigates and informs QCB.

C 'Strange Transaction Record' & inform the MLRO who investigates and reports to the FIU.

D All the above.

Q7 . After a risk assessment it is decided to carry out 'Enhanced Due Diligence' as the company was found to have foreign 'PEPs' on the board. What scope of work would suffice in reviewing the client?

A Google/Internet/News searches. To verify source of funds. Regular reviews. Assessment and checks on the PEPs immediate family and known colleagues/friends/companies. MLRO sign off and risk rating.

B Wikipedia checks and World checks. MLRO sign off.

C Spy on the PEP and bug his home. MLRO sign off.

D Checking bank statements and asking for police reports. MLRO sign off and risk rating.

Q8 . Who does Compliance Responsibility lie with?

A Board of Directors

B Senior Management & Staff

C Compliance Office

D All of the Above

Q9 . When assessing a client as per QCRA regulations we must follow a.....

A 'Risky but Exciting Approach'

B 'Risk Based Approach'

C 'Legal, Compliant and Financial Approach'

D The rules of Law 29 of the State of Qatar 2005

Q10 . If a QGF retail client comes to the office how should Amwal LLC deal with them?

A Can give financial advise as already a client?

B Can offer to 'opt up' the client if they qualify? Otherwise can have a 'factual' conversation without financial advise.

C Cannot speak to them at all and politely ask them to leave.

D Offer them tea and have a nice catch up.

Q11 . What are the basic requirements of KYC and basic CDD?

A To identify, verify and assess.

B To identify, have lunch with and take their money.

C To identify, verify and record.

D To run WorldCheck and Google checks.

Q12 . When should KYC be initiated with a new client?

A At an early stage after about the 2nd/3rd meeting?

B Near the latter stages prior to signing a contract?

C When you have time?

D After signing a contract?

Q13 . Which one of the following is NOT a 'low risk' customer?

A Other regulated financial institutions.

B Listed Companies.

C Government and Public Authorities.

D Charities.

Q14 . When carrying out CDD at what point do we stop?

A The direct client we are dealing with.

B The direct client plus immediate major shareholders.

C The ultimate major Beneficial Owner(s).

D When it becomes too boring or tedious.

Q15 . Which of the following is NOT a benefit of a 'Risk Based Approach'?

A Its more flexible, as risks vary across juridictions, customers, products and delivery channels.

B Its more effective - Firms can assess and mitigate risks at a more personal level.

C Its more proportionate - more common sense than a 'tick the box' approach.

D It is a fool proof system.

Q16 . When 'Opting Up' a client what criteria must they fulfill......

A Be a listed Company.

B Be a retail Client

C A Retail Client who has $1m in net assets and sufficient knowledge to transact.

D Must be a really nice, smiley person. Who we all like!

Q17 . Customer Due Diligence (CDD) is the responsibility of.......

A Compliance

B Risk

C Customer Facing Staff

D Operations

Q18 . Who is the Deputy MLRO?

A Danielle Chackar

B Fahmi Alghussein

C Hani Abdo

D Sami Boujelben

Q19 . Which of the following is NOT a 'high risk' customer?

A Cash intensive business eg money transfer, casinos etc.

B Customers with complex structures that make identifying ownership difficult.

C A PEPs stockbroker.

D A customer whose ownership structure is through 'bearer shares'.

Q20 . On what basis can a Retail client be opted up?

A If they work for a financial institution and have enough skills and experience.

B If they have over $1m in liquid assets.

C If they have over $1m in liquid assets and the firm is satisfied that they have sufficient knowledge and understanding to invest.

D All the above.

E A & C only.

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