AMLA - Anti-Money Laundering Act |
Latest Version | 2024/2025 | Graded A+
What is the primary focus of the Anti-Money Laundering Act (AMLA)?
✔✔ The primary focus of the AMLA is to establish regulations and procedures to prevent and
detect money laundering and the financing of terrorism.
How does the AMLA define money laundering?
✔✔ The AMLA defines money laundering as the process of making illicitly obtained funds
appear legitimate through various financial transactions and activities.
What are the key requirements for financial institutions under the AMLA?
✔✔ Key requirements include implementing anti-money laundering policies, conducting
customer due diligence, monitoring transactions, and reporting suspicious activities to
authorities.
How does the AMLA impact financial institutions' record-keeping practices?
1
, ✔✔ The AMLA mandates financial institutions to maintain detailed records of transactions,
customer identification, and due diligence processes for a specified period to facilitate
investigations and audits.
What is the role of the Financial Intelligence Unit (FIU) under the AMLA?
✔✔ The role of the Financial Intelligence Unit (FIU) is to analyze reports of suspicious
activities, coordinate with law enforcement, and support efforts to combat money laundering and
terrorism financing.
How does the AMLA address the issue of international cooperation?
✔✔ The AMLA encourages international cooperation by aligning domestic regulations with
global standards, facilitating information sharing, and collaborating with other countries to
combat transnational money laundering activities.
What penalties can be imposed for non-compliance with the AMLA?
2
Latest Version | 2024/2025 | Graded A+
What is the primary focus of the Anti-Money Laundering Act (AMLA)?
✔✔ The primary focus of the AMLA is to establish regulations and procedures to prevent and
detect money laundering and the financing of terrorism.
How does the AMLA define money laundering?
✔✔ The AMLA defines money laundering as the process of making illicitly obtained funds
appear legitimate through various financial transactions and activities.
What are the key requirements for financial institutions under the AMLA?
✔✔ Key requirements include implementing anti-money laundering policies, conducting
customer due diligence, monitoring transactions, and reporting suspicious activities to
authorities.
How does the AMLA impact financial institutions' record-keeping practices?
1
, ✔✔ The AMLA mandates financial institutions to maintain detailed records of transactions,
customer identification, and due diligence processes for a specified period to facilitate
investigations and audits.
What is the role of the Financial Intelligence Unit (FIU) under the AMLA?
✔✔ The role of the Financial Intelligence Unit (FIU) is to analyze reports of suspicious
activities, coordinate with law enforcement, and support efforts to combat money laundering and
terrorism financing.
How does the AMLA address the issue of international cooperation?
✔✔ The AMLA encourages international cooperation by aligning domestic regulations with
global standards, facilitating information sharing, and collaborating with other countries to
combat transnational money laundering activities.
What penalties can be imposed for non-compliance with the AMLA?
2
