The purpose of the Anti-Money Laundering and Counter- Terrorism Financing Act 2006 (Cth) is to:Group of answer choicesCreate an effective Financial Intelligence Unit (FIU) & Regulator - in Australia, the Australian Transaction Reports & Analysis Centre (AUSTRAC)Prevent money laundering & terrorist financing by imposing obligations on the financial sector, bullion & gambling sector, remittance sector & digital currency exchangesAll available answersComply with the FATF Standards on ML, TF & proliferation financingNone of the available answers

Which of the following statement is FALSE?Terrorist financing uses funds for a criminal political purpose, with funds not necessarily sourced from illicit proceeds.Money laundering nearly always involves proceeds of illegal activity. Purpose is to enable use of funds legally.Terrorist financing and money laundering has similar methods with secrecy a common feature, but terrorist financing has greater use of ARS.Terrorist operations financed by small amounts of money, while money launderers attempt to ‘clean’ large value monies.Counter-terrorist financing (CTF) focus on destination of funds while anti-money laundering (AML) focus on source of funds.Group of answer choicesNone of the available answersAnswers I and III and IV onlyAll available answersAnswers III and V onlyAnswers II and IV and V only

Who is the international watchdog for ensuring countries are taking satisfactory action to combat money laundering and financing of terrorism?The Financial Services Protection AgencyThe Anti-Money Laundering CouncilThe Financial Action Task Force

A source of funding that is likely to be used in both terrorist financing and money laundering is: (select all that apply, if any)Group of answer choicesWealthy DonorsFraudDrug traffickingCharities

Who is best placed to spot suspicious activity indicative of money laundering or terrorist financing?Choisissez la meilleure optionCompliance team Money Laundering Reporting Officer Everyone at Revolut, regardless of their position Senior Management

What is the main purpose of the Anti Money Laundering (AML) guidelines in the banking sector?To increase the profitability of banksTo ensure high-quality customer serviceTo prevent and control illicit financial transactionsTo provide more loans to customers