Friday, 30 October 2015

Acams Question No 14

Question No 14:

According to the 3rd EU Directive, a lawyer is obligated to report a suspicion of money laundering in a client relationship when:

A.
Representing a client in a legal matter.
B.
Ascertaining the legal position for a client.
C.
Participating in financial or corporate transactions.
D.
Obtaining information associated with a judicial proceeding.

Answer: C

Monday, 26 October 2015

Acams Question No 13

Question No 13:

According to the FATF 40 Recommendations, the financial
institutions should apply due diligence to:

A.
Domestic PEPs only
B.
International PEPs only
C.
International and domestic PEPs
D.
None of the above

Answer: C

Monday, 12 October 2015

Acams Question No 12

Question No 12:

According to the FATF 40 Recommendations, "Designated non- financial businesses and professions" include:

A.
Internet casinos, real estate agents and dealers in precious stones
B.
Money service businesses, gatekeepers, and issuers of electronic money
C.
Dealers in precious metals, lawyers, commodity futures traders
D.
Life insurance companies, real estate agents and notaries

Answer: A

Thursday, 8 October 2015

Acams Question No 11

Question No 10:

What is the definition of a predicate offense?

A.
Lawful or unlawful activity that involves willful blindness, and if there is an international element to the crime, can lead to a suspicious activity report.
B.
Unlawful activity whose proceeds, if involved in the transaction, can give rise to prosecution for the crime of money laundering.
C.
An interface which is the underlying segment of a suspicious transaction monitoring system.
D.
A specified unlawful activity that is committed through concentration accounts deceiving customers that are not directly related to the account.

Answer: B

Wednesday, 7 October 2015

Money laundering will soon be history

Abuja - Governor of Zamfara Abdulaziz Yari said that money laundering will soon be history as the three levels of government have intensified their efforts to combat corrupt practices in the country.

Yari said this when answering questions of the correspondents of the State House after a private meeting with President Muhammadu Buhari in the presidential villa in Abuja on Tuesday.

He said the current fight against corruption in the administration of the Buhari was a clear indication that the age of criminal diversion of government money into private pockets had ended.

"We know that this country is our country. We can not have another country we will be free to move out of Nigeria. Therefore, we are the people who will make a better country."

"The problem is that we travel abroad and see how they do their stuff, but when we return, it becomes a problem to put it on the table and do the same."

When traveling abroad and carry $ 2,000 to pay at the counter, people look at you and wonder how you got the money in this cashless society, "he said.

The governor stressed that all hands must be on deck to ensure a society without corruption, and said the president Buhari could not only fight against corruption.

"We all have to put our hands on deck to ensure that we support this government to fight against corruption which led to money laundering," he added.

Adams Oshiomhole governor, who also spoke to correspondents in the trial of a former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke in a London court on money laundering, said he was justified.

"For me, I do not think anyone should be surprised because most favorable commentator Nigerian state, the economy, the political system and society, everyone agrees that our economy has been badly managed in recent years."

"I have not seen a commentator disagree. Even when they talk about rebasing what? Did you base level of poverty? Do you prosperity re-based? Do you refundada unemployed? Do you Re based roaming? Do you rebased hungry? "he asked.

The governor expressed satisfaction with the ongoing war against corruption in the country.

He said: "I am the happiest person because I am in government for seven years without being in power."

"I was in government, could not call a police commissioner and I speak as a security officer, I am obsessed with all kinds of people."

"You kill the snake in Edo, put the snake in sustaining life in Abuja and continue to haunt us."

"Now all these poisons are dead and buried. For the first time I am excited and happy, not only for personal gain, but for the changes that I begin to see," he said.

Friday, 2 October 2015

Acams Question No 10

Question No 10:

Which were the Basel Committee's two main motivations to encourage strong Know Your Customer programs in its paper "Customer Due Diligence for Banks?"

A.
A.Mirror FATF's KYC Recommendations.
B.
Meet European Union guidelines.
C.
Protect the safety and soundness of banks.
D.
Protect the integrity of banking systems.

Answer: C, D