Combating money laundering

What does the acronym PCP stand for?

Procedures, controls and policies

Police controls and procedures

Police controls and policies

Policies, controls and procedures

Which of the following should not be taken into account when designing PCPs?

Whether the firm deals with high risk jurisdictions

How many foreign nationals are employed by the firm

The size of the firm

The complexity of the firm and the range of its services

Which of the following would not be contained in a company's AML policy?

Reporting suspicious transactions

Beneficial ownership

Business risk assessment

Gender pay gap

Which of the following would not be part of a typical company's procedures?

Record keeping

Client due diligence

Ongoing monitoring

Ensuring a physical presence in high risk jurisdictions

Which of the following answers is the best definition of a suspicious transaction?

A transaction that is inconsistent with the client's known legitimate business, personal activities, or type of client

A transaction that is inconsistently large

A transaction that is unusually complex

A transaction that is unusually large

Which of the following is not an example of a suspicious transaction?

Large dividend payments

Suspected price fixing

Invoice payment discrepancies

Unusual instructions from a client

What is the primary reason why firms should not make disclosures to clients about whether they have forwarded a suspicious activity report to the authorities?

Because it is inadvisable

Because it may cause damage to the firm's reputation if they're wrong

Because it could make future investigations more difficult

Because it is an offence under the law

Why should firms be particularly diligent in their approach to reporting?

Because otherwise they could be struck off the register of companies

Because the list of politically exposed persons is growing every year

Because around 5 percent of all transactions are suspicious

Because there is no minimum threshold for transactions

To whom should accountants report actual or suspected instances of money laundering?

The firm's leaders

The police

The Financial Intelligence Unity of An Garda Síochána and Revenue

The accountancy body with which they are registered

Which of the following topics would not be covered in a typical AML training programme?

Forensic accounting

Red flags

Risks

Reporting obligations

Combating money laundering

What does the acronym PCP stand for?

Which of the following should not be taken into account when designing PCPs?

Which of the following would not be contained in a company's AML policy?

Which of the following would not be part of a typical company's procedures?

Which of the following answers is the best definition of a suspicious transaction?

Which of the following is not an example of a suspicious transaction?

What is the primary reason why firms should not make disclosures to clients about whether they have forwarded a suspicious activity report to the authorities?

Why should firms be particularly diligent in their approach to reporting?

To whom should accountants report actual or suspected instances of money laundering?

Which of the following topics would not be covered in a typical AML training programme?

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