InstantAML
Compliance Tools
AML/CTF Program
Generate compliance program
Risk Assessment
Assess your ML/TF risk
AML/CTF Training
Staff training modules
Pricing
Tranche 2 Guide
My Dashboard
Back to Module
Quiz: Customer Due Diligence (CDD)
Answer all 10 questions. You need at least 80% to pass.
1
When must you conduct CDD on a customer?
Only if they look suspicious
After the transaction is complete
Before providing a designated service
Only for transactions over $100,000
2
What is a beneficial owner?
The company director
The person who signs the contract
The natural person who ultimately owns or controls the customer
The real estate agent
3
For companies, beneficial owners are typically those who own what percentage or more?
10%
25%
50%
75%
4
Which is NOT an acceptable verification document for an individual?
Australian driver licence
Australian passport
Social media profile
Foreign passport with visa
5
What is Enhanced Due Diligence (EDD)?
Basic CDD for all customers
Additional checks for high-risk customers
Only for customers over 65
Reporting to AUSTRAC
6
Who is a politically exposed person (PEP)?
Anyone in government
Individual with a high-profile public role or position
Foreign nationals only
Celebrities
7
A client is reluctant to provide ID and offers to pay extra. What should you do?
Accept — they are offering more money
Refuse service and consider filing an SMR
Ask for half the ID documents
Only verify their address
8
How often should you review customer information?
Never — CDD is one-time only
Every 10 years
Periodically and when circumstances change
Only when AUSTRAC asks
9
For an individual, you must verify:
Only their name
Name, date of birth, and address
Their entire financial history
Their social media accounts
10
What should you do if you cannot verify a customer's identity?
Proceed anyway
Ask them to verify later
Refuse to provide services
Only verify their address
0/10 questions answered
Submit Quiz