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Quiz: AML/CTF Fundamentals
Answer all 10 questions. You need at least 80% to pass.
1
What are the three stages of money laundering?
Placement, layering, integration
Detection, prevention, enforcement
Identification, verification, monitoring
Risk, compliance, reporting
2
When does Tranche 2 of the AML/CTF Act come into effect?
1 January 2025
1 July 2026
1 January 2027
Already in effect
3
What is AUSTRAC?
Australian Tax Office
Real Estate licensing body
Financial intelligence and regulatory agency
Banking ombudsman
4
Why are professional services attractive for money laundering?
Low transaction values
No regulation
High value transactions that can obscure beneficial ownership
Fast transactions
5
How long must you keep AML/CTF records?
2 years
5 years
7 years
10 years
6
What is the maximum civil penalty for a corporation breaching AML/CTF laws?
$100,000
$1 million
$5.5 million
$27.5 million
7
Which of these is NOT a key obligation under the AML/CTF Act?
Enrol with AUSTRAC
Report all transactions over $1,000
Conduct customer due diligence
Keep records for 7 years
8
What is terrorism financing?
Only laundering dirty money
Providing financial support to terrorist activities
A type of tax evasion
Fraud against banks
9
Who regulates AML/CTF compliance in Australia?
ASIC
ACCC
AUSTRAC
AFP
10
What is the purpose of 'layering' in money laundering?
To introduce dirty money into the system
To make money appear legitimate
To obscure the source through complex transactions
To invest in property
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