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NEW QUESTION 38
Why can Trusts pose a higher risk from a financial crime perspective?
- A. There is no major risk from a financial crime perspective? they are legitimate business instrument and that's why they are legal all around the world including in the United States, and Europe.
- B. The trustee can use a trust in order to commit financial crime.
- C. They are in a physical paper form and ownership is controlled by the person who possesses the physical paper in hand.
- D. They can be used to mask the true owner and actual business purpose.
Answer: D
NEW QUESTION 39
The four step model is a model designed to?
- A. Improve the quality of your KYC Research.
- B. Improve the quality of the KYC Rule.
- C. Improve the quality of your KYC Program.
- D. Improve the quality of your KYC Files.
Answer: A
NEW QUESTION 40
What is the overall purpose of KYC?
- A. To manage the risk posed by Terrorist Financing
- B. To manage the risk posed by Money Laundering.
- C. To manage the risk posed by customers.
- D. To manage the risk posed by financial services industry.
Answer: C
NEW QUESTION 41
The ownership of a legal person is often described as having two prongs. The first one is the beneficial owner, this is the natural or legal person who owns the entity and who benefits from its activities. The second one is called?
- A. Controlling Prong.
- B. Control Prong.
- C. Control Party Prong.
- D. KYC Prong.
Answer: B
NEW QUESTION 42
What is legal risk? (SELECT 2)
- A. An organization breaks laws when doing business.
- B. A warning from a regulator.
- C. An employee who commits a crime unrelated to the organization.
- D. An employee who commits a crime unrelated to the organization.
Answer: A,D
NEW QUESTION 43
Data must be secure so that it cannot be hacked, stolen, or misused for other purposes?
- A. True
- B. False
- C. Depends on the specifics.
Answer: A
NEW QUESTION 44
Is collecting identification a legal requirement in jurisdictions?
- A. No.
- B. Most.
- C. Yes.
Answer: B
NEW QUESTION 45
A person disclosing to any other person, information or any other matter, which is likely to prejudice a money laundering investigation is known to be?
- A. Ripping off
- B. Dripping off
- C. Dipping off
- D. Tipping off
Answer: D
NEW QUESTION 46
Most Organizations Use the three risk classifications for customers.
What are they? (SELECT 3)
- A. EDD-High.
- B. Moderate.
- C. Low.
- D. Medium.
- E. High.
- F. Very High.
Answer: C,D,E
NEW QUESTION 47
What Boolean operator words can be used in for searching in EDD? (SELECT 2)
- A. AND.
- B. PLUS.
- C. EQUAL.
- D. OR.
Answer: A,D
NEW QUESTION 48
Who will review KYC files to determine whether you are complying with your jurisdiction's laws and regulations
- A. Compliance
- B. The KYC Analyst
- C. Law Enforcement
- D. Regulators
Answer: D
NEW QUESTION 49
When is comes to Enhanced Due Diligence (EDD) regulators require you to do a perfect job on the client.
- A. FALSE.
- B. TRUE.
Answer: A
NEW QUESTION 50
What is the Primary European Union Money Laundering regulation?
- A. 5th Anti-Money Laundering Directive.
- B. 2nd Anti-Money Laundering Directive.
- C. 5th Anti-Money Laundering Act.
- D. 3rd Anti-Money Laundering Directive
- E. 4th Anti-Money Laundering Act.
Answer: A
NEW QUESTION 51
Non-documentary verification is checking the information the customer provides against? (SELECT 3)
- A. Public records.
- B. Proprietary databases.
- C. Credit reports.
- D. Email confirmation.
- E. Audited Statements.
Answer: A,B,C
NEW QUESTION 52
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. False
Answer: A
NEW QUESTION 53
What is the purpose of having controls to Know Your Customer, also known as KYC?
- A. Manage the financial crime risk to your organization.
- B. Manage the compliance risk of your customer.
- C. Manage the financial crime risk to your customer.
- D. Manage the compliance risk of your organization.
Answer: A
NEW QUESTION 54
If the legal structure is overly complex.
What step should the analyst do when conducting Customer Due Diligence in identifying the beneficial owners?
- A. Tread carefully, particularly if they operate in jurisdictions with secrecy la
- B. Escalate, A complex legal structure is a sign of hiding the beneficial owner.
- C. Continue, Most legal structures can be overly complex in a normal business setting.
Answer: A
NEW QUESTION 55
What are the two types of Politically Exposed Persons (PEPS) that are identified by The Financial Action Task Force? (SELECT 2)
- A. Domestic PEPs are individuals who are or have been entrusted domestically with prominent public functions.
- 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. Foreign PEPs are individuals who are or have been entrusted with prominent public functions by a domestic country.
Answer: A,C
NEW QUESTION 56
The first step in the CDD of a legal person is to?
- A. Understand the ownership structure and to track back to the ultimate beneficial owners and controllers.
- B. Find out what the account will be used for, and the level of activity your organization should expect to see.
- C. Discover the type of business your customer undertakes.
Answer: A
NEW QUESTION 57
What is the Second Line of Defense? (SLOD)
- A. The ________ line of defense is internal audit. They perform an independent review of the controls applied by the lines of defense.
- B. 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.
- C. 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.
Answer: C
NEW QUESTION 58
What risk increases with non-face-to-face business relationships or transactions, or when payments are sent to or received from unknown or unassociated third parties.
- A. Operational Risk.
- B. Remittance Risk
- C. Channel Risk
- D. Financial Crime Risk.
Answer: C
NEW QUESTION 59
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