What does UNCAC stand for?

United Nations Convention Against Corruption

Providing information or warning someone

The risk-based approach to AML/CFT/CPF provides...

Framework regulated firms can apply controls to minimise risk

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Intro to Compliance Unit 4

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Questions 14

Answers

1
Who is responsible for reporting SARs/STRs?
The MLRO
Everyone
All members of Staff
The Compliance Officer
2
Higher risk must be adequately addressed by …
Filing SAR/STRs
Asking many questions
ECDD
Conducting interviews
3
What does UNCAC stand for?
United Nationalities Counter Against Corruption
United Nations Convention Against Corruption
United Nations Conversion Against Corruption
United Nations Countering Aggressive Corruption
4
In the BVI certification certificates may be signed …
None of the above
Electronically
Only when policy is specified in writing
Only in wet ink
5
Countries must assess & understand risk by …
Monitoring the risk
All the above
Assessing the risk
Identifying the risk
6
What is tipping off?
Best practice when conducting an investigation
Providing information or warning someone
It is serious but not an offence
It assists with the process of AML/CFT/PFT
7
High risk examples of customer/clients …
All the above
SEP
CEP
PEP
8
In filing a SAR, MLRO must …
Not file a SAR/STR with the FIA
File a SAR/STR with the FIA
Record it
All the above
9
When certifying documents, the certifier must …
Be a professional person, lawyer, accountant, etc.
Include professional/personal details
Notary public
All the above
10
When is simplified CDD required?
All the above
Staff of legal practitioners/accountants
Publicly listed companies
Only high-risk clients/customers
11
The risk-based approach to AML/CFT/CPF provides...
Controls financial institutions within its jurisdiction
A framework that focusses on ECDD to minimise risk
Framework focusing on state and government heads
Framework regulated firms can apply controls to minimise risk
12
What are considered “red flags”?
Unusually large cash transactions
Difficulty in checking I.D.
All the above
No genuine reason for product/service
13
When dealing with PEPs apply …
CDD measures
None of the above
Ignore UBO information
Focus strictly on transactions
14
What are the main risk types to consider when applying RBA?
The three P’s
All the above
Financial Risk
Geographic Risk

Intro to Compliance Unit 4 Flashcards | StudBud