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Test Details:
Duration: 60 minutes No. of questions: 50 Maximum marks: 50, Passing marks: 25 (50%); There is no negative marking in this module.
Fee Structure:
Rs. 2,500/- (Includes all taxes)
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Table of Content
1. Money Laundering
1.1 What is Money Laundering? 1.2 Prevention of Money Laundering Act (PML Act) 1.3 Tainted Money or Dirty Money 1.4 Transfer of funds and washing of Dirty Money 1.5 Global phenomenon
9. Reporting Obligations
9.1 Cash transaction reporting (CTR) 9.2 Counterfeit Currency Reporting (CCR) 9.3 Suspicious Transaction Report (STR)
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Course Outline
Money Laundering: Laundering: Some Methods Used
Briefly explains the complex web of money laundering operations Various steps involved in money laundering like Placement physically placing bulk cash proceeds, Layering separating the proceeds of criminal activity from their origins, through layers of complex transactions, Integration providing a seemingly legitimate explanation to the illegal proceeds Various methods of money laundering like creating shell companies, front companies, offshore banking accounts, structuring the amounts, and hawala transactions Common sources of money laundering like drug trafficking, tax evasion, organized crime etc Studying the various markets in detail that absorb money laundering money like precious metals etc
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Reporting Obligations
Under PMLA Act, 2002, certain obligations were cast on banking companies with regards to reporting of certain transactions. Banks are required to make reports of the following types : Cash Transaction Reporting (CTR), Counterfeit Currency Reporting (CCR), Suspicious Transaction Reporting (STR)
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Sample Questions
1. Money Laundering refers to ____________.
A. Tansfer of assets/cash from one account to another B. Conversion of illegal money through banking channels C. Conversion of cash into gold for hoarding D. Conversion of assets into cash to avoid income tax
3. PAN (Permanent Account Number) is compulsory for Fixed Deposits, Remittances like DDs/TTs/RTCs, etc ____________.
A. if the amount exceeds Rs.10,000 B. if the amount exceeds Rs.25,000 C. if the amount exceeds Rs 50,000 D. no such limit is fixed by income tax authorities
5. While opening an account of a Public Limited company, which of the following is a must? must?
A. Introduction by a customer known to the banker B. Certificate of incorporation/Certificate of commencement of business C. Introduction by ROC D. None of the above
Answer: 1 (B), 2 (A (A), 3 (C (C), 4 (A (A), 5 (B (B)
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