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Question 1 of 30
1. Question
The Monetary Authority of Singapore Act doesn’t authorize the authority for which of the following?
I. Grant any loan to the public authority
II. Overdraft or other credit facilities to any public authority
III. Underwrite any loan to any public authority
IV. Grant any loan to the GovernmentCorrect
The Monetary Authority of Singapore Act doesn’t authorize the authority for the following:-
(A) Grant any loan to the public authority
(B) Overdraft or other credit facilities to any public authority
(C) Underwrite any loan to any public authorityIncorrect
The Monetary Authority of Singapore Act doesn’t authorize the authority for the following:-
(A) Grant any loan to the public authority
(B) Overdraft or other credit facilities to any public authority
(C) Underwrite any loan to any public authority -
Question 2 of 30
2. Question
According to the FATF, which approach allows testing on areas of the system that pose the greatest risk to product quality and patient safety?
Correct
According to the FATF, A risk-based approach allows testing on areas of the system that pose the greatest risk to product quality and patient safety. Reduction of overall validation costs and increased efficiency throughout the industry.
Incorrect
According to the FATF, A risk-based approach allows testing on areas of the system that pose the greatest risk to product quality and patient safety. Reduction of overall validation costs and increased efficiency throughout the industry.
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Question 3 of 30
3. Question
According to the Monetary Authority of Singapore Act, which of the following is responsible to disclose to the Authority any information regarding serious crime like Corruption and Drug Trafficking?
Correct
According to the Monetary Authority of Singapore Act, Suspicious Transaction Reporting Officer is responsible to disclose to the Authority any information for the following crimes:-
(A) Corruption
(B) Drug trafficking
(C) Other Serious CrimesIncorrect
According to the Monetary Authority of Singapore Act, Suspicious Transaction Reporting Officer is responsible to disclose to the Authority any information for the following crimes:-
(A) Corruption
(B) Drug trafficking
(C) Other Serious Crimes -
Question 4 of 30
4. Question
According to the Monetary Authority of Singapore Act, Suspicious Transaction Reporting Officer is responsible for which of the following?
I. He is responsible to disclose to the Authority any information about corruption
II. He is responsible to disclose to the Authority any information about drug trafficking
III. is responsible to conduct the meeting of the board of the directors of the Authority
IV. He is responsible to disclose to the Authority any information about any other Serious CrimesCorrect
According to the Monetary Authority of Singapore Act, Suspicious Transaction Reporting Officer is responsible to disclose to the Authority any information for the following crimes:-
(A) Corruption
(B) Drug trafficking
(C) Other Serious CrimesIncorrect
According to the Monetary Authority of Singapore Act, Suspicious Transaction Reporting Officer is responsible to disclose to the Authority any information for the following crimes:-
(A) Corruption
(B) Drug trafficking
(C) Other Serious Crimes -
Question 5 of 30
5. Question
What is the relation between Government and authority defined in the Monetary Authority of Singapore Act?
I. The authority shall act as a banker to the Government
II. The authority shall act as a financial agent of the Government
III. The authority shall act as a regulator for the Government
IV. The authority shall act as a bridge between banks and GovernmentCorrect
The relation between Government and authority defined in the Monetary Authority of Singapore Act is as follows:-
(A) The authority shall act as a banker to the Government
(B) The authority shall act as a financial agent of the GovernmentIncorrect
The relation between Government and authority defined in the Monetary Authority of Singapore Act is as follows:-
(A) The authority shall act as a banker to the Government
(B) The authority shall act as a financial agent of the Government -
Question 6 of 30
6. Question
According to the Monetary Authority of Singapore Act, whenever the authority receives and disburses Government money, which of the following fee shall be paid to authority for its services by Government?
Correct
According to the Monetary Authority of Singapore Act, whenever the authority receives and disburses Government money, agency fee shall be paid to authority for its services by Government.
Incorrect
According to the Monetary Authority of Singapore Act, whenever the authority receives and disburses Government money, agency fee shall be paid to authority for its services by Government.
-
Question 7 of 30
7. Question
According to the Monetary Authority of Singapore Act, who manages the external assets of the Government?
Correct
According to the Monetary Authority of Singapore Act section 25 (4), Monetary Authority of Singapore manages the external assets of the Government. This subject to the Financial Procedure Act (Cap. 109) and any other written law.
Incorrect
According to the Monetary Authority of Singapore Act section 25 (4), Monetary Authority of Singapore manages the external assets of the Government. This subject to the Financial Procedure Act (Cap. 109) and any other written law.
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Question 8 of 30
8. Question
According to the Monetary Authority of Singapore Act, on which of the following grounds the authority make a loan to banks or financial institution?
I. The stability of the financial system
II. To promote corruption
III. To promote terror financing
IV. Public confidence in the financial systemCorrect
According to the Monetary Authority of Singapore Act, the authority makes a loan to banks or financial institution on the following grounds:-
(A) The stability of the financial system
(B) Public confidence in the financial systemIncorrect
According to the Monetary Authority of Singapore Act, the authority makes a loan to banks or financial institution on the following grounds:-
(A) The stability of the financial system
(B) Public confidence in the financial system -
Question 9 of 30
9. Question
According to the Monetary Authority of Singapore Act, to whom the authority make loans for the stability of the financial system?
I. Any bank doing business under the Banking Act
II. Any gambling club
III. Financial institutions
IV. Class of financial institutionsCorrect
According to the Monetary Authority of Singapore Act, the authority makes loans for the stability of the financial system to the following:-
(A) Any bank doing business under the Banking Act
(B) Financial institutions
(C) Class of financial institutions
(D) Any other persons as the Authority may from time to time determineIncorrect
According to the Monetary Authority of Singapore Act, the authority makes loans for the stability of the financial system to the following:-
(A) Any bank doing business under the Banking Act
(B) Financial institutions
(C) Class of financial institutions
(D) Any other persons as the Authority may from time to time determine -
Question 10 of 30
10. Question
According to the Monetary Authority of Singapore Act, on which of the following grounds the authority make a loan to banks or financial institution?
Correct
According to the Monetary Authority of Singapore Act, the authority make loan to banks or financial institution on following grounds:-
(A) The stability of the financial system
(B) Public confidence in the financial systemIncorrect
According to the Monetary Authority of Singapore Act, the authority make loan to banks or financial institution on following grounds:-
(A) The stability of the financial system
(B) Public confidence in the financial system -
Question 11 of 30
11. Question
According to the Monetary Authority of Singapore Act, upon receipt of any representations from financial institution, what will authority do with theses representations?
I. Reject the representations
II. Amend the proposed direction in accordance with the representations
III. Modify the proposed direction in accordance with the representations
IV. Blacklist the financial instituting for approaching the authority in an unauthorized wayCorrect
According to the Monetary Authority of Singapore Act 27(3), upon receipt of any representations from financial institution, the Authority shall do the following:-
(A) Reject the representations
(B) Amend the proposed direction in accordance with the representations
(C) Modify the proposed direction in accordance with the representationsIncorrect
According to the Monetary Authority of Singapore Act 27(3), upon receipt of any representations from financial institution, the Authority shall do the following:-
(A) Reject the representations
(B) Amend the proposed direction in accordance with the representations
(C) Modify the proposed direction in accordance with the representations -
Question 12 of 30
12. Question
According to the Monetary Authority of Singapore Act, what is the fine imposed on the financial institution that fails or refuses to implement the directions issued by the authority?
Correct
According to the Monetary Authority of Singapore Act 27 (4), a fine not exceeding $20,000 is imposed on the financial institution that fails or refuses to implement the directions issued by the authority.
Incorrect
According to the Monetary Authority of Singapore Act 27 (4), a fine not exceeding $20,000 is imposed on the financial institution that fails or refuses to implement the directions issued by the authority.
-
Question 13 of 30
13. Question
According to the Monetary Authority of Singapore Act, a fine not exceeding $20,000 is imposed on which of the following financial institutions?
I. The financial institution that fails to implement the directions issued by the authority
II. The financial institution that refuses to implement the directions issued by the authority
III. The financial institution that successfully implements the directions issued by the authority
IV. The financial institution that manages to implement the directions issued by the authorityCorrect
According to the Monetary Authority of Singapore Act 27 (4), a fine not exceeding $20,000 is imposed on the financial institution that fails or refuses to implement the directions issued by the authority.
Incorrect
According to the Monetary Authority of Singapore Act 27 (4), a fine not exceeding $20,000 is imposed on the financial institution that fails or refuses to implement the directions issued by the authority.
-
Question 14 of 30
14. Question
According to the Monetary Authority of Singapore, on what ground a financial institution shall be guilty?
I. Fails or refuses to comply with a direction issued to it
II. Contravenes any regulations issued by the authority
III. The financial institution that manages to implement the directions issued by the authority
IV. Discloses a direction issued to it in contraventionCorrect
According to the Monetary Authority of Singapore, a financial institution shall be guilty if
(A) Fails or refuses to comply with a direction issued to it
(B) Contravenes any regulations issued by the authority
(C) Discloses a direction issued to it in contraventionIncorrect
According to the Monetary Authority of Singapore, a financial institution shall be guilty if
(A) Fails or refuses to comply with a direction issued to it
(B) Contravenes any regulations issued by the authority
(C) Discloses a direction issued to it in contravention -
Question 15 of 30
15. Question
According to the Monetary Authority of Singapore, what is the meaning of financial institution?
I. Any bank licensed under the Banking Act
II. Any finance company licensed under the Finance Companies Act
III. A person who is involved in illegal activities
IV. A person granted a license under the Payment Services Act 2019Correct
According to the Monetary Authority of Singapore, the meaning of the financial institutions is as follows:-
(A) Any bank which is licensed to operate under the Banking Act
(B) Any finance company licensed under the Finance Companies Act
(C) A person granted a license under the Payment Services Act 2019
(D) Any insurer licensed or regulated under the Insurance ActIncorrect
According to the Monetary Authority of Singapore, the meaning of the financial institutions is as follows:-
(A) Any bank which is licensed to operate under the Banking Act
(B) Any finance company licensed under the Finance Companies Act
(C) A person granted a license under the Payment Services Act 2019
(D) Any insurer licensed or regulated under the Insurance Act -
Question 16 of 30
16. Question
According to the Monetary Authority of Singapore, the Authority may issue directions or make regulations concerning any financial institution for the prevention of money laundering or terror financing. If the financial intuitions fail or refuse to implement, what is the fine imposed on that financial intuitions?
Correct
According to the Monetary Authority of Singapore, the Authority may issue directions or make regulations concerning any financial institution for the prevention of money laundering or terror financing. If the financial intuitions fail or refuse to implement, A fine not exceeding $1 million and, in the case of a continuing offence, to a further fine of $100,000 for every day or part of a day during which the offence continues after conviction
Incorrect
According to the Monetary Authority of Singapore, the Authority may issue directions or make regulations concerning any financial institution for the prevention of money laundering or terror financing. If the financial intuitions fail or refuse to implement, A fine not exceeding $1 million and, in the case of a continuing offence, to a further fine of $100,000 for every day or part of a day during which the offence continues after conviction
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Question 17 of 30
17. Question
Which of the follwoing administration has the objectives to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system?
Correct
The objectives of the Financial Action Task Force (FATF) are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.
Incorrect
The objectives of the Financial Action Task Force (FATF) are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.
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Question 18 of 30
18. Question
What is Financial Action Task Force (FATF)?
I. FATF is the global money laundering and terrorist financing watchdog
II. The FATF works to stop funding for weapons of mass destruction
III. FATF is the restricted money laundering and terrorist financing watchdog
IV. The FATF works to release funding for weapons of mass destructionCorrect
The Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog. The inter-governmental body sets international standards that aim to prevent these illegal activities and the harm they cause to society. … The FATF also works to stop funding for weapons of mass destruction.
Incorrect
The Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog. The inter-governmental body sets international standards that aim to prevent these illegal activities and the harm they cause to society. … The FATF also works to stop funding for weapons of mass destruction.
-
Question 19 of 30
19. Question
In FATF, What happens when FATF blacklist?
I. If the country works to stop funding for weapons of mass destruction
II. If the country is not actively tackling money laundering
III. If the country is not actively tackling terror funding
IV. It is a warning to the country to tackle the issuesCorrect
FATF grey lists a country which it considers as a safe haven for terror funding and money laundering. It is a warning to the country to tackle the issues. If the country is not actively tackling money laundering or terror funding, it is then blacklisted.
Incorrect
FATF grey lists a country which it considers as a safe haven for terror funding and money laundering. It is a warning to the country to tackle the issues. If the country is not actively tackling money laundering or terror funding, it is then blacklisted.
-
Question 20 of 30
20. Question
In FATF, What are the objectives of FATF?
I. To set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering
II. To set standards and promote effective implementation of legal, regulatory and operational measures for combating terrorist financing
III. To set standards and promote effective dissatisfaction of legal, regulatory and operational measures for combating terrorist financing
IV. To set standards and promote effective dissatisfaction of legal, regulatory and operational measures for combating money launderingCorrect
The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.
Incorrect
The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.
-
Question 21 of 30
21. Question
In FATF, What does the grey list mean?
I. Those countries which are not considered as the safe heaven for supporting terror funding include in this list
II. Those countries which are considered as the safe heaven for supporting money laundering include in this list
III. Those countries which are not considered as the safe heaven for supporting money laundering include in this list
IV. Those countries which are considered as the safe heaven for supporting terror funding include in this listCorrect
In FATF, the meaning of the grey list is as follows
(A) Those countries which are not considered as the safe heaven for supporting terror funding include in this list
(B) Those countries which are not considered as the safe heaven for supporting money laundering include in this listIncorrect
In FATF, the meaning of the grey list is as follows
(A) Those countries which are not considered as the safe heaven for supporting terror funding include in this list
(B) Those countries which are not considered as the safe heaven for supporting money laundering include in this list -
Question 22 of 30
22. Question
In FATF, which of the follwoing administration refers to the laws, regulations and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income?
Correct
Anti-money laundering (AML) refers to the laws, regulations and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income. Though anti-money laundering laws cover a limited range of transactions and criminal behaviour, their implications are far-reaching.
Incorrect
Anti-money laundering (AML) refers to the laws, regulations and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income. Though anti-money laundering laws cover a limited range of transactions and criminal behaviour, their implications are far-reaching.
-
Question 23 of 30
23. Question
In FATF, what is Anti-Money Laundering (AML)?
I. The laws intended to prevent criminals from disguising illegally obtained funds as legitimate income
II. It covers a limited range of transactions and criminal behaviour
III. The regulations which intended to prevent criminals from disguising illegally obtained money/funds as legitimate income.
IV. It covers a wide range of transactions and criminal behaviourCorrect
Anti-money laundering (AML) refers to the laws, regulations and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income. Though anti-money laundering laws cover a limited range of transactions and criminal behaviour, their implications are far-reaching.
Incorrect
Anti-money laundering (AML) refers to the laws, regulations and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income. Though anti-money laundering laws cover a limited range of transactions and criminal behaviour, their implications are far-reaching.
-
Question 24 of 30
24. Question
In FATF, what are the three stages of anti-money laundering?
Correct
Anti-money laundering (AML) refers to the laws, regulations and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income. Though anti-money laundering laws cover a limited range of transactions and criminal behaviour, their implications are far-reaching.
The three stages of anti-money laundering are Placement Stage, Layering Stage, Integration Stage.Incorrect
Anti-money laundering (AML) refers to the laws, regulations and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income. Though anti-money laundering laws cover a limited range of transactions and criminal behaviour, their implications are far-reaching.
The three stages of anti-money laundering are Placement Stage, Layering Stage, Integration Stage. -
Question 25 of 30
25. Question
In FATF, what does Anti Money Laundering mean on a credit report?
I. AML Checks appear as an assumption search on your credit report
II. AML Checks appear as a conjecture search on your credit report
III. AML Checks appear as an enquiry search on your credit report
IV. AML Checks appear as a soft search on your credit reportCorrect
Anti-money laundering (AML) refers to the laws, regulations and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income. Though anti-money laundering laws cover a limited range of transactions and criminal behaviour, their implications are far-reaching.
AML Checks appear as an enquiry/ soft search on your credit report. When you check your report it may have a note saying “Identity Check to comply with Anti Money Laundering Regulations”.Incorrect
Anti-money laundering (AML) refers to the laws, regulations and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income. Though anti-money laundering laws cover a limited range of transactions and criminal behaviour, their implications are far-reaching.
AML Checks appear as an enquiry/ soft search on your credit report. When you check your report it may have a note saying “Identity Check to comply with Anti Money Laundering Regulations”. -
Question 26 of 30
26. Question
In FATF, what is the most common way to launder money?
I. Moving funds into regulated financial e-cash systems
II. Moving funds within the financial system
III. Moving funds into unregulated financial e-cash systems
IV. Offshore accountsCorrect
Money Laundering is done in three main ways: Moving funds within the financial system; Moving funds into unregulated financial e-cash systems and
Some of the most common methods for this include the use of:
(A) Offshore accounts
(B) Anonymous shell accounts
(C) Money mules
(D) Unregulated financial servicesIncorrect
Money Laundering is done in three main ways: Moving funds within the financial system; Moving funds into unregulated financial e-cash systems and
Some of the most common methods for this include the use of:
(A) Offshore accounts
(B) Anonymous shell accounts
(C) Money mules
(D) Unregulated financial services -
Question 27 of 30
27. Question
In FATF, What is a red flag in Anti-money laundering (AML)?
I. Regulators may suspect that account has been hacked
II. Regulators may suspect that money laundering (ML) has occurred
III. Regulators may suspect that terrorist financing (TF) has occurred
IV. Regulators may suspect that funds are within the financial systemCorrect
If there is a red flag indicator in Anti-money laundering (AML), it means regulators may suspect that money laundering (ML) or terrorist financing (TF) has occurred. SRBs and law enforcement officers find these red-flag indicators useful when monitoring or researching the professional behaviour of professionals or customers.
Incorrect
If there is a red flag indicator in Anti-money laundering (AML), it means regulators may suspect that money laundering (ML) or terrorist financing (TF) has occurred. SRBs and law enforcement officers find these red-flag indicators useful when monitoring or researching the professional behaviour of professionals or customers.
-
Question 28 of 30
28. Question
In FATF, according to Anti-money laundering (AML), how can money laundering be prevented?
I. Ask a Lot of Questions from money launderers
II. Learn About Money Laundering Schemes
III. Torture money launderers without asking any question
IV. Do Due Diligence from money launderersCorrect
Here are five ways to be proactive and vigilant in your fight against money launderers:-
(A) Ask a Lot of Questions
(B) Learn About Money Laundering Schemes
(C) Do Due Diligence
(D) Establish a Formal Anti-Money Laundering Policy
(E) Maintain Your Privacy
(F) Be Watchful and Use Common SenseIncorrect
Here are five ways to be proactive and vigilant in your fight against money launderers:-
(A) Ask a Lot of Questions
(B) Learn About Money Laundering Schemes
(C) Do Due Diligence
(D) Establish a Formal Anti-Money Laundering Policy
(E) Maintain Your Privacy
(F) Be Watchful and Use Common Sense -
Question 29 of 30
29. Question
In FATF, what the purpose of Layering Stage of Anti-money laundering (AML)?
Correct
There are three stages of anti-money laundering are Placement Stage, Layering Stage, Integration Stage. The layering stage is the most complex and often entails the international movement of the funds. The primary purpose of this stage is to separate the illicit money from its source.
Incorrect
There are three stages of anti-money laundering are Placement Stage, Layering Stage, Integration Stage. The layering stage is the most complex and often entails the international movement of the funds. The primary purpose of this stage is to separate the illicit money from its source.
-
Question 30 of 30
30. Question
In FATF, in the 3 stages of Anti-money laundering (AML), which stage has the purpose to separate the illicit money from its source?
Correct
There are three stages of anti-money laundering are Placement Stage, Layering Stage, Integration Stage. The layering stage is the most complex and often entails the international movement of the funds. The primary purpose of this stage is to separate the illicit money from its source.
Incorrect
There are three stages of anti-money laundering are Placement Stage, Layering Stage, Integration Stage. The layering stage is the most complex and often entails the international movement of the funds. The primary purpose of this stage is to separate the illicit money from its source.