Aml Manipal
Aml Manipal
Facilities provided by the bank for the transfer of money via electronic media are called
Fund transfers F Electronic transfers
Basic due diligence is an approach the bank takes to Identify and verify customers
This is not a step in the money laundering process Integration stage F Recovery stage
Reports on anti money laundering compliance to regulatory agencies is called aLL
At which stage of the money laundering process it is relatively easy to detect the crime Placement stage
Detailed guidelines on identification of suspicious transactions is given to the employees via e-mail F
e-circular
Which of these is not non banking method of laundering money Alternative remittances F Smuggling
F
According to FATF money laundering is Processing of criminal proceeds in order to disguise their illegal
origin
All SBUs must implement necessary procedures and controls to ensure AMLG F
According to RBI guidelines branches should intimate their controlling offices about cash transactions
above Rs 1 million
Information of the violation of the provisions of section 12 is provided to the director by Principal
officers
Customer identification procedures fall under which aspect of money laundering regulations Know your
customer (KYC)
Laundering money by putting it in cash intensive businesses like restaurants is called Export import
transactions F Business recycling
The stage where legitimate explanation is given to illegitimate funds is called Integration stage
All SBUs would conduct risk profiling of various Counter party banks F Customer segments
Collating and maintaining AML records is the responsibility of SBU compliance officer
This is the preferred means of laundering money accumulated by tax evasion Trusts F Shell
corporations F
A bank which doesn`t have any physical presence in any country is called Counter party bank F
Use of multiple cash deposits each smaller than the minimum cash reporting requirements is called
Smurfing
Adequate diligence is the fundamental requirement for any business transaction TRUE
Who reviews and approves risk profiling of various product segments MLRO
Multiple accounts set up by the same person with standing instructions is called Multiple savings F
accounts
Before offering its services to its correspondent banks ICICI bank will Check whether the correspondent
bank complies with an acceptable money laundering program
Placement methods using banking and financial institutions is broadly divided into None of the above F
ICICI bank will have proper record maintenance policies and procedures in place to Ensure required
documents are available within reasonable period of time
SBU compliance officer also does Making specific request to AML authority F
Cooperation with law enforcement agencies means Recording transactions and maintaining records F
Sharing and reporting information when required
The bank shall deal with the bank providing services to shell banks only with the prior approval of the
bank`s AMLG TRUE
Process whereby people send each other money without going through the banking system is called
Smurfing F Alternative remittances
What forms an integral part of ICICI bank`s group AML policy Customer acceptance policy
Illegal activity where stacks of gold, cash, jewllery or even rare stamps are moved from place to place is
called Smuggling
This document is accepted as an identity proof at the time of opening the account Driving license
ICICI bank maintains records on customer transactions in order to Reconstruction of any transactions
Regulations empowering the director to levy a fine or order on banking companies or financial
institutions or intermediaries for failure to comply with provisions of section 12 are laid down in
Section 13
Appointing a compliance officer within a organization falls under which aspect of money laundering
regulations Cooperation with law enforcement agencies F Compliance with law F
Each SBU will develop appropriate measures for transaction processing in consultation with MLRO
What approach would ICICI bank adopt in implementing its anti money laundering framework Risk
based
Which intergovernmental body develops promotes anti money laundering guidelines FATF
Govt of India in consultation with RBI has notified the rules under PMLA, for banking companies,
financial institutions and intermediaries for None of the above F
Banks are required to apply basic due diligence for low risk customers
The stage where clean money is mixed with illegal money to disguise it further is called Integration F
Layering
From the cessation of the date of the transaction, ICICI bank maintains records of the transaction for a
period of 10 years
Which of these customers fall under the high risk category Societies/Associations/Trusts
The bank`s approach for establishing a customer behavior pattern includes Basic due diligence F
Companies that are set up according to the laws of the land but do not do any real business are called
Shell corporations
Multiple accounts set up by the same person with standing instructions is called Walkin accounts
Regulations stating that banking companies, financial institutions, intermediaries and their officers shall
not be liable to any civil proceedings against them for furnishing information are laid down in Section
14
Which section of the PMLA talks about banking companies, financial institutions and intermediaries
should maintain records Section 12
According to PMLA obligations the records of the transactions should be maintained for 10 years
What are the key anti money laundering objectives of ICICI bank None of the above F
At what point it is difficult for the bank to distinguish between legal and illegal funds Placement F
Layering F
ICICI bank will monitor all cash transactions beyond the threshold limit set by the AML framework F
This means also features in the placement methods of laundering money Electronic transfers
Financial transactions that are not in compliance with law are to be Blocked and frozen
When a customer moves from a low risk to high risk the approach used is Enhanced due diligence
Transactions that are inconsistent with the customer`s known legitimate activities are called Suspicious
transactions
Clause (b) of sub section (1) of section 12 of PMLA states that banking companies/financial
institutions/intermediaries should furnish information to Director
Which section of the PMLA talks about civil proceedings Section 14
This is a suspicious transaction Customer makes or receives huge deposits or remittances along with
pre-closure of loans payments of previous over dues
Risk profiles of customer segments should be submitted to the board of directors of the bank TRUE F
At the integration stage of the money laundering process None of the above F
What does reselling and repurchasing assets for laundering money do Furthers integrationf