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NEW QUESTION 31
When is Enhanced Due Diligence (EDD) used?
- A. Financial Institutions use EDD only when the product trigger event.
- B. if higher risk or difficult to assess.
- C. Financial Institutions use EDD only when the geographical trigger event.
- D. If lower risk of easy to assess.
Answer: B
NEW QUESTION 32
Delivery Channel Risk is associated with? (SELECT 3)
- A. Savings accounts
- B. Payable through accounts.
- C. Concentration accounts
- D. Correspondent banks.
- E. Deposit accounts
Answer: B,C,D
NEW QUESTION 33
What are the two types of Politically Exposed Persons (PEPS) that are identified by The Financial Action Task Force? (SELECT 2)
- A. Foreign PEPs are individuals who are or have been entrusted with prominent public functions by a domestic country.
- B. Domestic PEPs are individuals who are or have been entrusted domestically with prominent non-public functions.
- C. Foreign PEPs are individuals who are or have been entrusted with prominent public functions by a foreign country.
- D. Domestic PEPs are individuals who are or have been entrusted domestically with prominent public functions.
Answer: C,D
NEW QUESTION 34
An individual customer with a regular job and a salary opening a savings account would be?
- A. High Risk.
- B. Low Risk.
- C. Medium Risk.
- D. Unable to determine with that information.
Answer: B
NEW QUESTION 35
What is the purpose of having controls to Know Your Customer, also known as KYC?
- A. Manage the financial crime risk to your customer.
- B. Manage the compliance risk of your customer.
- C. Manage the financial crime risk to your organization.
- D. Manage the compliance risk of your organization.
Answer: C
NEW QUESTION 36
Non-documentary verification is checking the information the customer provides against? (SELECT 3)
- A. Proprietary databases.
- B. Credit reports.
- C. Audited Statements.
- D. Public records.
- E. Email confirmation.
Answer: A,B,D
NEW QUESTION 37
What is the Second Line of Defense? (SLOD)
- A. The _______ line of defense is also known as the front line, these customer-facing employees are best-equipped to get the information you need for your customer due diligence. Can include Operations, risk, and control teams.
- B. The _______ line of defense is the compliance and internal control functions. That includes the chief money laundering reporting officer, or MLRO, in charge of managing and monitoring AML and CFT activities.
- C. The ________ line of defense is internal audit. They perform an independent review of the controls applied by the lines of defense.
Answer: B
NEW QUESTION 38
If you need to reach out to the client for more information and/or verification regarding the Enhanced Due Diligence (EDD) Process. should the KYC employee reach out directly to the client themselves and not the a relationship manager or equivalent.
- A. TRUE.
- B. FALSE.
Answer: B
NEW QUESTION 39
What is the First Line of Defense? (FLOD)
- A. The _______ line of defense is also known as the front line, these customer-facing employees are best-equipped to get the information you need for your customer due diligence. Can include Operations, risk, and control teams.
- B. The _______ line of defense is the compliance and internal control functions. That includes the chief money laundering reporting officer, or MLRO, in charge of managing and monitoring AML and CFT activities.
- C. The ________ line of defense is internal audit. They perform an independent review of the controls applied by the lines of defense.
Answer: A
NEW QUESTION 40
Who is your customer?
- A. only individuals, listed companies, some private companies
- B. individuals, private companies, dodgy companies, others.
- C. individuals, listed companies, some private companies, others.
- D. individuals, listed companies, private companies, others.
Answer: D
NEW QUESTION 41
What stage is the explore step in the 4 step process with regards to the 4-step research model?
- A. 3rd.
- B. 1st.
- C. 4th.
- D. 2nd.
Answer: D
NEW QUESTION 42
The Source of Funds and the Source of Wealth must be? (SELECT 2)
- A. Provided
- B. Explained.
- C. Verified.
- D. Consistant.
Answer: B,C
NEW QUESTION 43
What is legal risk? (SELECT 2)
- A. An employee who commits a crime unrelated to the organization.
- B. An employee who commits a crime unrelated to the organization.
- C. An organization breaks laws when doing business.
- D. A warning from a regulator.
Answer: B,C
NEW QUESTION 44
Data must be secure so that it cannot be hacked, stolen, or misused for other purposes?
- A. True
- B. Depends on the specifics.
- C. False
Answer: A
NEW QUESTION 45
If a customer is a PEP and they are using private wealth services from banks, and also appear to have obtained a fair amount of wealth is this a red flag?
- A. Yes.
- B. No.
- C. Depends on the exact circumstances.
Answer: A
NEW QUESTION 46
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