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If an organization suspects that a customer is laundering money, or committing other types of financial crime, it has a duty to report it to the authorities? (TRUE OR FALSE)
If an organization suspects that a customer is laundering money, or committing other types of financial crime, it has a duty to report it to the authorities? (TRUE OR FALSE)A . True. B. FalseView AnswerAnswer: A
A shell company or corporation is a company that, at the time of incorporation, has no significant? (SELECT 2)
A shell company or corporation is a company that, at the time of incorporation, has no significant? (SELECT 2)A . Assets. B. Employees. C. Funds. D. Operations.View AnswerAnswer: A,D
What of the following countries are considered Tax Havens? (SELECT 2)
What of the following countries are considered Tax Havens? (SELECT 2)A . Barbados. B. Cayman Islands. C. British Virgin Islands. D. United States Virgin Islands.View AnswerAnswer: B,C
The Source of Funds and the Source of Wealth must be? (SELECT 2)
The Source of Funds and the Source of Wealth must be? (SELECT 2)A . Provided B. Explained. C. Verified. D. Consistant.View AnswerAnswer: B,C Explanation: The source of wealth doesn't need to provided in some cases with some banks.
For benefitial ownership, the exact account-opening procedures and customer acceptance policies will depend on the type of? (SELECT 3)
For benefitial ownership, the exact account-opening procedures and customer acceptance policies will depend on the type of? (SELECT 3)A . Risk. B. Customer. C. Geography. D. Product. E. Local Regulations.View AnswerAnswer: A,B,E
KYC does not end after on-boarding a customer. (TRUE OR FALSE)
KYC does not end after on-boarding a customer. (TRUE OR FALSE)A . True. B. False.View AnswerAnswer: A
An individual customer with a regular job and a salary opening a savings account would be?
An individual customer with a regular job and a salary opening a savings account would be?A . Low Risk. B. Medium Risk. C. High Risk. D. Unable to determine with that information.View AnswerAnswer: A
Which below are deemed acceptable?
For the second prong, the control prong, an organization must collect the identity of one person who exercises control over the company. Which below are deemed acceptable? (SELECT 3)A . Chief Operating Officer. B. Chief AML Officer. C. Chief Compliance Officer. D. Chief Executive Officer. E. Managing Director.View AnswerAnswer: A,D,E
Control activities in financial crime prevention include? (SELECT 3)
Control activities in financial crime prevention include? (SELECT 3)A . Corrective controls. B. Detective Controls. C. Preventative Controls. D. Incorrect Controls E. Premeditated ControlsView AnswerAnswer: A
Under a risk based approach is a PEP risk manageable If a customer discloses during the KYC, or Know Your Customer process?
Under a risk based approach is a PEP risk manageable If a customer discloses during the KYC, or Know Your Customer process?A . No, PEPS are do not fit within the risk tolerance of an organization. B. No, PEPs do not need to disclose their status, it is up to...
