AML 1
AML 2
AML 3
AML 4
AML 5
100
True or False? Engaging in money laundering activity can result in a criminal prosecution for the individual?
True
100
What does KYC stand for?
Know Your Customer
100

What are the four pillars of LICU AML-CFT-CPF program

Appointing a dedicated Compliance Officer, developing comprehensive Internal Controls (policies, procedures), providing ongoing Employee Training, and conducting regular Independent Testing/Review of the program, ensuring all elements work together to prevent financial crime.

100
True or False? Anti-Money Laundering concerns/issues only applies to Front office personnel.
False
100

Would a member that operates as a real estate operator, and is reluctant to provide additional information raise money laundering concerns? Yes or No?

Yes

200
- Converting cash from illegal activities into monetary instruments; - Transferring funds to obscure their original origin - Reintroducing funds into the economy to make them appear legitimate. The three items above represent...........................
Forms of money laundering
200

What should you do if you observe unusual client activity?

Bring to the attention of Compliance Department personnel.

200

What are the three member risk ratings at LICU

LOW, MEDIUM AND HIGH

200

What member types are considered high risk members at LICU

Non- residents; political exposes person; designated non-financial business and professions (DNFBPs) and OTHER major identified risks as directed by the Compliance Department 

200

Are LICU staff allowed to share information with a member or prospect if the credit union decides to file a Suspicious Transaction Report ("STR")?

No, we are not allowed to share this information.

300
A foreign bank without a physical presence in any country is considered a..................(fill in the blank)
Shell bank
300

The most recent advisory from the FATF considers these two countries as high risk jurisdictions

Democratic People’s Republic of Korea (DPRK) and Iran.

300
When did the Money Laundering and Terrorism Prevention Act (MLTPA) became into effect in Belize?

January 1, 2009

300
Which department is on the forefront in combating money laundering activities?
All front office personnel, especially during the client on-boarding process
300
What is it called when an individual or institution makes a series of smaller deposits to avoid the transactions being reported?
Structuring or Structuring the deposits
400

What does the acronym CPF mean

counter proliferation financing

400

Who is in charge of submitting a suspicious transaction report?

The Compliance Officer

400

How would you generally define money laundering?

Money laundering is a process of turning dirty (criminal) money to clean (legitimate) money

400
Which departments have the opportunity to observe potential money laundering activities? 1) Sales or Trading; 2) Mid-Office; 3) Finance; 4) Technology.
All of the departments mentioned.
400

What is the most important asset LICU can lose if we were a party to a member using us for money laundering purposes?

Reputational Risk – nothing can be damaged more easily than our reputation.

500

In Belize, how many years can an individual be sentenced to prison for money laundering activities? 2 years, 5 to max 10 years? - 20 years? - 30 years?

In Belize, an individual convicted of money laundering can be incarcerated for a term of not less than five years but which may extend to ten years, or receive a fine, or both.

500
Why does a Politically Exposed Person (PEP) warrant increased AML scrutiny?
Because the Firm wants to ensure the individual has not absconded funds from his or her country for personal use.
500
What are the three stages of Money Laundering?
1) Placement 2) Layering 3) Integration
500
What does OFAC stand for?
Office of Foreign Asset Control
500

When an individual deliberately ignores signs that an account is being used to launder money or engage in other suspicious activity it is considered what?

Willful Blindness

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