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Which of these statements is not a recommended guideline for Anti-Bribery and Corruption (ABC) program?
Which of these statements is not a recommended guideline for Anti-Bribery and Corruption (ABC) program?A . Governance B. A controlled environment C. Institution-related corruption risks D. Firm-wide policyView AnswerAnswer: C Explanation: Some of the elements for Anti-Bribery and Corruption (ABC) program are governance, firm-wide policy, a controlled environment, and customer-related...
Under the Universal Beneficial Ownership (UBO), FATF Recommendation 24 stated which of the following?
Under the Universal Beneficial Ownership (UBO), FATF Recommendation 24 stated which of the following?A . That jurisdictions find it challenging to achieve a satisfactory level of transparency regarding the beneficial ownership of legal persons. B. That financial institutions find it challenging to achieve a satisfactory level of transparency regarding the...
In the Risk Assessment Program, a Combination risk was discussed and identified its compositions to help with AML/CFT aiming to support the development of prevention and mitigation measures that are commensurate to the AML/CTF risks identified, which of the statements below is a combination risk?
In the Risk Assessment Program, a Combination risk was discussed and identified its compositions to help with AML/CFT aiming to support the development of prevention and mitigation measures that are commensurate to the AML/CTF risks identified, which of the statements below is a combination risk?A . Client risk, country risk...
In sanction entities, what should be ensured to promptly execute the screening process?
In sanction entities, what should be ensured to promptly execute the screening process?A . It must ensure that they use the most current list of sanctioned entities and execute the screening process promptly after each new version of the list is made by the senior management. B. It must be...
Typology has thresholds, how do you confirm its period of validity?
Typology has thresholds, how do you confirm its period of validity?A . The testing has to establish that the number of false positives is not significant. B. The testing has to establish that the number of false negatives is not significant. C. The testing has to establish that the number...
What are the characteristics of terrorist funding?
To identify and prevent the funding of terrorism is a major responsibility for financial institutions and it is extremely difficult to achieve. What are the characteristics of terrorist funding?A . Funding requirements, funding organization, and funding sources B. Funding requirements, funding sources, and funding options C. Funding requirements, funding sources,...
Which of the following is a correct funding flow?
Once a financial institution suspects that it has identified a case of potential terrorist financing it is considered a best practice to notify law enforcement immediately after filing the suspicious transaction report. Which of the following is a correct funding flow?A . To a specific person then to the terrorist...
What is the definition of a policy according to Risk Management?
The risk governance framework is a comprehensive, written approach with policies and procedures enabling financial institutions to implement the framework across the entire financial institution. What is the definition of a policy according to Risk Management?A . Covers specific aspects of the risk governance framework and AML/CTF operations must be...
Who of the following clients should be screened periodically by a financial institution?
Who of the following clients should be screened periodically by a financial institution?A . Loyal customers B. CEO and its Directors C. Board of Directors D. EmployeesView AnswerAnswer: D Explanation: These are the names that should be screened periodically include employees, consultants and third-party service providers such as vendors, landlords,...
In the policies and procedures of each institution record retention requirements are present, which of the following are record retention requirements?
In the policies and procedures of each institution record retention requirements are present, which of the following are record retention requirements?A . Currency transaction reports, suspicious activity reports, wire transfer records B. Special measures, liquid assets,national security letters C. Currency transaction reports, CDD and PATRIOT ACT requests D. Exempt persons...
