Self Assessment C.

1. The process by which criminals attempt to hide and disguise their criminal money

2. A modern-day term for fencing stolen goods
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3. The process by which criminals attempt to hide and disguise their criminal assets
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4. The process by which criminal attempt to hide and convert their criminal cash

1. To allow criminals to use their criminally derived assets without fear of detection and prosecution and confiscation

2. To make criminal money clean before it enters the economy

3. To avoid non-legal tender from flooding the financial markets

4. To allow a criminal to buy a piece of art without having to explain their source of wealth

1. The funding or financing of acts of terrorism and any costs associated to such

2. Providing financial assistance in support of the prevention of terrorism

3. Providing financial assistance to the victims and families of terrorist attacks

4. Evading international sanctions orders

1. Yes

2. No

1. Between £1.6 and £4 trillion

2. Over £4 trillion

3. £50 billion

4. Over £100 billion

1. The Money Laundering (and Terrorist Financing) Regulations 2019

2. The Proceeds of Crime Act (PoCA) 2002

3. The Terrorism Act 2000

4. The Sanctions and AML Act (SAMLA) 2018

1. Concealing, disguising, converting or transferring criminal property

2. Becoming involved in the arrangements relating to criminal property

3. The acquisition, use or possession of criminal property

4. All of the above

5. None of the above

1. The act of laundering money

2. The underlying offence that created the proceeds of crime in the first place

3. The process by which criminal assets are confiscated by the court

4. The act of integrating criminal assets into society

1. Theft

2. Fraud

3. Bribery

4. All of the above

1. Money Laundering
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2. Aiding and abetting theft

3. Handling stolen goods

4. All of the above

1. The process by which AMPs ascertain who they are dealing with

2. Verifying someone’s identity

3. Establishing the legal right to buy/sell a piece of art

4. Confirming the source of wealth/funds associated to the buying of a piece of art

5. All of the above

1. Yes

2. No

1. An individual who has been entrusted with a prominent public function

2. A close associate of an individual who has been entrusted with a prominent public function

3. A family member of an individual who has been entrusted with a prominent public function

4. All of the above

1. It depends on why they are a PEP

2. It will vary given the location of the PEP
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3. Always high risk

4. Medium to High risk

1. They may commit fraud

2. We do not want to do business with government officials

3. Their role may have exposed them to bribery, the proceeds of which they pass to us

4. There is no more risk than dealing with any other type of customer

1. Yes, due to its transportability
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2. No, the art work will be sanctioned too

1. The Money Laundering (and Terrorist Financing) Regulations 2019

2. The Proceeds of Crime Act (PoCA) 2002

3. The Terrorism Act 2000

4. The Sanctions and AML Act (SAMLA) 2018

1. Simplified, standard and enhanced

2. Low, medium and high

3. Standard, enhanced and high

4. Exempt, standard and enhanced

1. No. if the parent company has done it, the subsidiary doesn’t have to

2. No, the subsidiary can place reliance on the parent company’s actions. 
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3. The subsidiary can use the CDD undertaken by the parent, but it must still be valid, current and sufficient to the subsidiary’s needs, or refreshed CDD would be required.

4. Yes, the customer must supply all new CDD information

1. Fraud by failing to disclose

2. Fraud by false representation

3. Fraud by abuse of position of trust

4. Obtaining services dishonestly

1. Faith, hope and charity

2. Pressure, access and control

3. Method, control and access

4. Pressure, rationalization and opportunity

1. To help an AMP understand its customer better

2. So an AMP can monitor which kind of customer buys what kind of art
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3. To assist an AMP to identify suspicious or unusual activity

4. Ensuring money goes to the bank account to which it was intended following a sale

1. Obtaining a copy of the customer’s passport and driving licence

2. More in-depth research and analysis of the customer’s circumstances, source of funds, source of wealth and ID&V documentation

3. Obtaining 2 forms of personal verification and two forms of address verification

4. Asking other AMPs if they have ever dealt with the customer

1. When it has knowledge, suspicion or reasonable grounds to suspect money laundering

2. When it has knowledge, an admission and proof of money laundering

3. When it is told by another AMP that it has knowledge and proof of money laundering
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4. When is has reasonable grounds, evidence and an admission of guilt

1. Objective

2. Subjective

1. 10 years in prison

2. 14 years in prison and an unlimited fine

3. 10 years in prison or an unlimited fine
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4. 14 years in prison

1. 5 years in prison

2. 14 years in prison and an unlimited fine

3. 2 years in prison or an unlimited fine

4. 2 years in prison

1. The Money Laundering (and Terrorist Financing) Regulations 2019

2. The Proceeds of Crime Act (PoCA) 2002

3. The Terrorism Act 2000

4. The Sanctions and AML Act (SAMLA) 2018

1. 5 years in prison

2. 14 years in prison and an unlimited fine
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3. 5 years in prison or an unlimited fine

4. 2 years in prison

1. BAMF

2. The Financial Conduct Authority

3. The Serious Fraud Office

4. The National Crime Agency (NCA)

1. Defence Against Money Laundering

2. Directive Against Money Laundering

3. Direction Against Money Laundering
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4. Disclosure Against Money Laundering

1. After a transaction has completed

2. Before a transaction has been executed

3. On the chance that a transaction may occur
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4. When there is knowledge of money laundering having been committed

1. The customer’s name and address only

2. The spouses name and holiday home address only

3. The customer’s name and holiday home address only
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4. The customer’s name and both his address and holiday home address

1. The legal entity that ultimately benefits from an organization

2. The natural person that is the ultimate beneficial owner of a company

3. The underlying beneficiary occupant of a company
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4. The legal or natural person who is the ultimate buyer of the company

1. No. Where a trust is involved no CDD is required.

2. Yes, because Trusts are not regulated

3. Yes, CDD must run through the entire transaction, even through and beyond a trust
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4. No, CDD would only have to be conducted on actual people

1. Because customers like us to protect their data

2. Because we will be fined if we lose the data

3. Because a loss of customer data can lead to identity fraud, which leads to money laundering
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4. Because data protection is a predicate offence to money laundering

1. Yes, it is – AMPs are now required to follow the same rules as the banks

2. No, AMPs are required to implement a lower level of rules than banks

1. Yes. All firms who are required to comply with the money laundering regulations must be registered for regulation by the FCA

2. No. AMP’s must be registered for supervision with the regulations with HMRC

1. You do not. You only need to comply with the BAMF and HMRC rules.

2. Because your bank is a bank and will want you, as a customer of theirs, to be as compliant as is necessary for your bank not to get into trouble with the FCA.

3. Because every sector is regulated to the same standard and level no matter who regulates them.

4. Because HMRC reports to the FCA in respect of AML supervision and regulation.

1. Yes

2. No