Alternative remittance’ refers to usually provided within ethnic community groups and known by particular to each culture. Generally, such services accept cash, cheques or monetary instruments in one location and pay an equivalent amount to a in another location.”

According to AUSTRAC, what is Alternative Remittance? Fill in the blanks (type correct answers into text boxes at each blank). “Alternative remittance’ refers to usually provided within ethnic community groups and known by particular to each culture. Generally, such services accept cash, cheques or monetary instruments in one location and pay an equivalent amount to a in another location.”

True or False? “ARS or Alternative Remittance Systems move value from one location to another by transferring funds through the regulated financial system.”

According to AUSTRAC, why is ARS or Alternative Remittance Systems significant? Fill in the blanks (type correct answers into text boxes at each blank). “(ARS) has become a significant vehicle to transfer money into and out of a . It plays an important role in the laundering of drug monies, the financing of terrorism, human trafficking, and the of foreign currency controls, taxes and customs duties. It also has played a legitimate role, for example, in facilitating by migrants.”

An electronic means to conduct financial transactions such as payments is referred to as __________.Group of answer choicesDigital Funds TransferPayment Remittance RequestElectronic Data InterchangeE-Commerce PaymentElectronic Funds Transfer

The enforcement of AML laws and the Risk-based Approach of banks may have unintended consequences on the remittances sector. There is a risk that the money remittance business will move underground thereby increasing the risk of:Group of answer choicesa) Banking collapsed) Money laundering through the banking systemb) Terrorist fundingc) ARS becoming extremely corrupt