Advanced Money Transfer Quiz for Practitioners
This advanced money transfer quiz is the hardest of the three money transfer quizzes. It is written for people who run, fund, bank or supervise a money transfer operator, and its wrong answers are the plausible ones.
Pick an answer for each question. A correct answer shows why it is right; a wrong one is marked incorrect and you can try again. Your score counts first attempts only.
On a Scale of 1 to 10, How Well Versed Are You About the Money Transfer Industry?
00 / 10 answeredScore 0
Question 1. A company markets a remittance app but says it never touches customer funds because a licensed partner collects, holds, transmits, and pays out all money. What is the most important first question when analyzing whether the company itself may still have licensing exposure?
Question 2. In an authorized delegate model, which statement is most accurate?
Question 3. A provider pays recipients instantly in the destination country but receives sender-side settlement two days later. What risk is the provider primarily carrying?
Question 4. What is one reason chargebacks or reversals are especially sensitive in card-funded remittance transactions?
Question 5. A remittance provider advertises "zero fee" transfers but earns from the exchange rate. What is the most accurate compliance and business interpretation?
Question 6. Which scenario most clearly increases AML risk in a remittance business?
Question 7. What is the main difference between transaction screening and transaction monitoring?
Question 8. A remittance company uses a payout partner in another country. Which control is most important before sending live volume?
Question 9. In a remittance program, why is the flow of funds document so important?
Question 10. A U.S. company wants to support remittances through a licensed partner and says, "We are only a program manager." Which answer best describes the risk analysis?
What the advanced money transfer quiz covers
Licensing exposure when a licensed partner "holds the funds", and the program manager question
Supervision duties in an authorized delegate model
Liquidity and counterparty risk when payout comes before funding
Chargebacks on card-funded transfers and "zero fee" FX pricing
AML red flags, and screening versus monitoring
Payout partner due diligence and the flow of funds document
How to read your score
Your score is the number of questions you answered correctly on the first try, out of 10.
9 or 10: You know this material well. Try a harder quiz in the series, or the FX arithmetic one.
6 to 8: A solid working knowledge with a gap or two. Re-read the explanations for the questions you missed.
3 to 5: The basics are there. The explanations are written to fill exactly these gaps, so take the quiz again tomorrow.
0 to 2: Start with the entry-level quiz and the glossary, then come back to this one.
For the primary source behind several of these questions, see FFIEC BSA/AML Examination Manual.
More quizzes and further reading
Ten more quizzes in the series, from entry level to FX arithmetic:
Further reading on this site: