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Law Anti Money Laundering Act 2010 Test

Mustansar KhanLast Updated: September 16, 2025

Law Anti Money Laundering Act 2010 Test

Total Questions:	48
Time Allowed:	25 Minutes
Total Marks:	48
How to Attempt Test:	Please choose the right Option in MCQ-type question.
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Law Anti Money Laundering Act 2010 Test Online MCQs

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1. What is the minimum fine for individuals convicted of money laundering?

100,000 rupees

5 million rupees

500,000 rupees

1 million rupees

2. Which section of the Act allows appeal to High Court?

Section 20

Section 19

Section 25

Section 23

3. Which section allows confiscation of property involved in money laundering?

Section 11

Section 12

Section 8

Section 7

4. Who is the “investigating agency” under the AML Act?

Only FIA

Only NAB

Only ANF

FIA, NAB, ANF, and others notified by government

5. What is “CDD” in AML compliance?

Compliance Data Directive

Cash Deposit Details

Currency Data Documentation

Customer Due Diligence

6. Which body is responsible for Pakistan’s FATF compliance?

NAB

FMU

NEC (National Executive Committee)

SECP

7. Which section deals with international cooperation for AML matters?

Section 21

Section 16

Section 15

Section 25

8. What is the function of the National Executive Committee under the AML Act?

Regulate private banks

Collect STRs and CTRs

Formulate AML/CFT policies and supervise implementation

Conduct criminal trials

9. What is the punishment for failure to file STR?

Fine only

Warning letter

Up to 5 years imprisonment or 500,000 rupees fine

10 years imprisonment

10. How long can property be provisionally attached initially?

30 days

180 days

1 year

90 days

11. Who heads the Financial Monitoring Unit (FMU)?

Governor SBP

Federal Minister for Finance

Director General FMU

Secretary Finance

12. What does “STR” stand for under the Act?

Systematic Transaction Report

Secure Transaction Report

Standard Transaction Report

Suspicious Transaction Report

13. The Anti-Money Laundering Act, 2010 extends to:

Sindh and Balochistan only

Federal territory only

The whole of Pakistan

Punjab only

14. What is the maximum retention period for seized property?

60 days

90 days

180 days

30 days

15. Which schedule of the AML Act lists predicate offences?

Second Schedule

First Schedule

Fourth Schedule

Third Schedule

16. Which section allows provisional attachment of property involved in money laundering?

Section 8

Section 9

Section 10

Section 7

17. Which type of offences are included as “predicate offences”?

Only financial crimes

Minor offences only

Civil wrongs

Offences listed in Schedule I of the Act

18. Which entity is responsible for receiving Suspicious Transaction Reports (STRs) and Currency Transaction Reports (CTRs)?

State Bank of Pakistan

FIA

Financial Monitoring Unit (FMU)

NAB

19. What is the minimum record retention period for financial institutions under AML Act?

10 years

15 years

7 years

5 years

20. Which agency regulates AML compliance for insurance companies?

SECP

NAB

State Bank of Pakistan

FMU

21. What is the maximum punishment for financing of terrorism under AML Act?

7 years

10 years imprisonment and fine

Life imprisonment

5 years

22. Are money laundering offences bailable?

Yes, with magistrate’s approval

Yes, always

Only for first-time offenders

No, they are cognizable and non-bailable

23. Which section empowers FMU to call for additional information from reporting entities?

Section 7A

Section 6(4)

Section 9

Section 8

24. What is the punishment for tipping-off?

Only fine of 500,000 rupees

Dismissal from job only

Up to 5 years imprisonment or 2 million rupees fine

1 year imprisonment

25. Which section provides appeal against orders under the AML Act?

Section 23

Section 25

Section 27

Section 21

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26. What is the punishment for money laundering under the AML Act?

Only fine of 1 million rupees

Minimum 1 year, extendable up to 10 years, plus fine

Life imprisonment

6 months imprisonment

27. Which section criminalizes tipping-off customers about STRs?

Section 35

Section 33

Section 32

Section 34

28. How long must reporting entities maintain records of STRs and CTRs?

3 years

Permanently

5 years

10 years

29. Which section provides for freezing of property for 15 days by FMU?

Section 6(6)

Section 11(1)

Section 8(4)

Section 7(2)

30. Which committee oversees national AML/CFT policy?

National Executive Committee

Cabinet Committee on Finance

Economic Coordination Committee

Standing Committee on Law

31. Which year was the Anti-Money Laundering Act enacted in Pakistan?

2010

2005

2008

2012

32. What is the maximum fine for failure of a reporting entity to comply with AML requirements?

10 million rupees

5 million rupees

25 million rupees

1 million rupees

33. Which section empowers the court to appoint a receiver for attached property?

Section 11

Section 9

Section 10

Section 8

34. Who may appoint investigating officers under the AML Act?

Supreme Court

Parliament

SECP only

Federal or Provincial Governments

35. What is the maximum fine for a legal person (company) involved in money laundering?

50 million rupees

25 million rupees

10 million rupees

100 million rupees

36. What is the minimum imprisonment for money laundering offence?

3 years

2 years

6 months

1 year

37. Money laundering offences are triable by which court?

Sessions Court

Military Court

Civil Court

Banking Court

38. Which authority can freeze property suspected of money laundering for 15 days?

Interior Ministry

NAB

DG FMU

FIA Director

39. Can reporting entities deal with anonymous or fictitious accounts?

Allowed for temporary business

Yes, for small amounts

No, strictly prohibited

Yes, with permission

40. What is the primary objective of the AML Act, 2010?

To control inflation

To regulate trade disputes

To prevent laundering of money and financing of terrorism

To manage stock exchanges

41. Who regulates AML obligations of banks?

FMU

NAB

State Bank of Pakistan

SECP

42. Which court has jurisdiction to try money laundering cases?

High Courts only

Sessions Courts

Civil Courts

Banking Courts

43. Which section of the Act defines the “offence of money laundering”?

Section 2

Section 4

Section 3

Section 5

44. What is the punishment for vexatious search without permission?

Up to 2 years imprisonment or 50,000 rupees fine

Dismissal from service

Up to 5 years imprisonment

Fine only

45. Which section deals with investigation of money laundering offences?

Section 7

Section 9

Section 13

Section 11

46. Which section declares AML offences as cognizable and non-bailable?

Section 18

Section 21

Section 23

Section 19

47. What is the punishment for false reporting of STR to FMU?

Up to 2 years imprisonment or fine of 500,000 rupees

5 years imprisonment

1 year imprisonment

Only fine

48. Which authority supervises AML obligations for exchange companies?

NAB

State Bank of Pakistan

SECP

FMU

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Mustansar KhanLast Updated: September 16, 2025

Law Anti Money Laundering Act 2010 Test

Law Anti Money Laundering Act 2010 Test

Law Anti Money Laundering Act 2010 Test Online MCQs

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