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.”

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, 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.”

What is a LEGAL use of ‘ARS’ example? (Select all, if any, that apply)Group of answer choicesJudas remits $5000 to smugglers to import a ‘maid’ from EgyptNina receives living support payments from parents in India for studies in AustraliaIllidia remits $50,000 to a Dark Web vendor overseas to purchase credit card detailsFad remits $50 to an UN-listed terrorist organisation to purchase medical equipment to save human livesLandon remits $300 for a sold-out Australian concert ticket to an overseas vendorPedro, a ‘green card holder / permanent resident’ in the USA, remits $300 of his wage to support his grandmother in Argentina

According to AUSTRAC, what is an ‘underground banking system’?Informal Value Transfer System (IVTS)Alternative Remittance System (ARS)Money Value Transfer System (MVTS)Group of answer choicesAnswers I and III OnlyAnswers I and II OnlyNone of the available answersAll of the available answersAnswers II and III Only

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