What are the three successive stages of money laundering?:
A. integration, layering, placement
B. integration, placement, layering
C. placement, layering, integration
D. layering, integration, placement
In the weekend newspapers you read that one of your FX counterparties has gone into liquidation. You have no netting or close-out agreements in place with this counterparty and remember that you have one forward deal outstanding. What is the main risk affecting your bank?
A. the loss of the entire principal amount of the deal
B. the "replacement risk", also known as "replacement-cost risk"
C. the loss of the negative mark-to-market value of the deal
D. as the deal is in the future, there is no impact on PandL
The risk associated with the failure of the overall financial system is best described as:
A. operational Risk
B. market Risk
C. systemic Risk
D. credit Risk
Which of the following types of payment cannot be executed in the United States?
A. same day value payment in JPY
B. same day value payment in EUR
C. value tomorrow payment in AUD
D. value tomorrow payment in JPY
Inexplicably, the Chief FX trader asks the junior settlements clerk to hold back a deal input until the following morning. Which of the following courses of action should you recommend?
A. refuse, input the deal as normal but keep the request to yourself
B. input the deal the following morning as requested by the Chief FX trader
C. refuse, input the deal and tell another spot trader
D. refuse, input the deal and report the incident to your superior
You suspect that a colleague is guilty of embezzlement. What should you do?
A. keep the information to yourself
B. tell your supervisor
C. tell your work-mates but not your supervisor
D. talk to the colleague in question
You spot a rate discrepancy between you and your counterparty on a AUD/USD deal. The deal was traded direct. You refer the discrepancy to the dealer and he tells you to change the rate. What should you do?
A. amend the rate yourself
B. ask the settlements clerk to amend the rate for you
C. ask the dealer to manually amend the rate on the ticket and then pass it to the settlements clerk to amend
D. make no amendment
The process used to disguise the trail of laundered funds within the financial system is known as:
A. streamlining
B. layering
C. reinvesting
D. channeling
For the third time in a month, a back office clerk has been questioned by one of his spot FX dealers about back office payment authorization and confirmation procedures. What should he/she do?
A. He/she should report this to his/her supervisor
B. He/she should respond to the questions
C. He/she should avoid the dealer
D. He/she should refuse to answer the questions
A middle or back office clerk receives an FX ticket in which the counterparty is not clearly identified. What should he/she do?
A. keep the ticket in "stand-by mode" until a matching confirmation is received
B. immediately refer the ticket to the compliance officer
C. refer the ticket to the FX dealer for further details
D. refer the ticket to the nostro account manager for further instructions
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