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NEW QUESTION # 32
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 internal audit. They perform an independent review of the controls applied by the lines of defense.
• 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: A

NEW QUESTION # 33
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 # 34
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. False
• B. True.

Answer: B

NEW QUESTION # 35
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 Executive Officer.
• B. Chief AML Officer.
• C. Chief Operating Officer.
• D. Chief Compliance Officer.
• E. Managing Director.

Answer: A,C,E

NEW QUESTION # 36
A hospitality worker brings deposits items that appear to be made from a cash intensive business. Is this a red flag?

• A. No, the customer profile for the hospitality worker fits their occupation.
• B. Yes, anyone who brings that type of currency is likely involved to have received it from illegal means.
• C. It depends on the location, business, and feeling of the employee accepting the deposit.

Answer: A

NEW QUESTION # 37
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. Regulators
• D. Law Enforcement

Answer: C

NEW QUESTION # 38
Who is your customer?

• A. individuals, listed companies, private companies, others.
• B. only individuals, listed companies, some private companies
• C. individuals, listed companies, some private companies, others.
• D. individuals, private companies, dodgy companies, others.

Answer: A

NEW QUESTION # 39
What is the Primary European Union Money Laundering regulation?

• A. 5th Anti-Money Laundering Directive.
• B. 3rd Anti-Money Laundering Directive
• C. 2nd Anti-Money Laundering Directive.
• D. 5th Anti-Money Laundering Act.
• E. 4th Anti-Money Laundering Act.

Answer: A

NEW QUESTION # 40
When is comes to Enhanced Due Diligence (EDD) regulators require you to do a perfect job on the client.

• A. TRUE.
• B. FALSE.

Answer: B

NEW QUESTION # 41
What a is supranational organization below? (SELECT 3)

• A. European Union.
• B. World Trade Organization
• C. United Nations
• D. Australian Transaction Reports and Analysis Centre.
• E. Singapore's Ministry of Law.

Answer: A,B,C

NEW QUESTION # 42
Financial Institutions include? (SELECT 2)

• A. Broker Dealer.
• B. Pay Day Loan Companies.
• C. Insurance Companies.
• D. Companies registered with the SEC.

Answer: A,C

NEW QUESTION # 43
In the Customer Identification Program (CIP) What are the basic information required to identify a legal person is? (SELECT 3)

• A. Address, including legal and place of business.
• B. Source of Wealth.
• C. Legal Name.
• D. Identification number issued by government.
• E. Source of Funds.

Answer: A,C,D

NEW QUESTION # 44
An individual customer with a regular job and a salary opening a savings account would be?

• A. Medium Risk.
• B. Low Risk.
• C. High Risk.
• D. Unable to determine with that information.

Answer: B

NEW QUESTION # 45
What of the following countries are considered Tax Havens? (SELECT 2)

• A. British Virgin Islands.
• B. Barbados.
• C. United States Virgin Islands.
• D. Cayman Islands.

Answer: A,D

NEW QUESTION # 46
What risks are you looking for when a client has requires Enhanced Due Diligence (EDD) (Select 3)

• A. Transaction Risks.
• B. Political Risks.
• C. Litigation Risks.
• D. Bank Risks.
• E. Integrity.

Answer: B,C,E

NEW QUESTION # 47
The overall customer risk rating is usually derived as a composite of the following four categories of risk in money laundering prevention.
What are the those four?

• A. Client, Jurisdiction, Product, and Sub-Channel.
• B. Client, Jurisdiction, Selected Products, and Channel.
• C. Customer, Jurisdiction, Product, and Sub-Channel.
• D. Customer, Jurisdiction, Product, and Channel.

Answer: D

NEW QUESTION # 48
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. Channel Risk
• B. Financial Crime Risk.
• C. Remittance Risk
• D. Operational Risk.

Answer: A

NEW QUESTION # 49
What is the overall purpose of KYC?

• A. To manage the risk posed by Terrorist Financing
• B. To manage the risk posed by customers.
• C. To manage the risk posed by financial services industry.
• D. To manage the risk posed by Money Laundering.

Answer: B

NEW QUESTION # 50
The minimum level of Customer Due Diligence that is required when opening a new account includes the following? (SELECT 4)
What type of locations is the account going to be transacting with. (Correct)
Why this account is being opened? (Correct)
What type of people does the customer associate with?

• A. What sorts of transactions you should anticipate?
• B. The frequency and expected amounts of those transactions?

Answer: A

NEW QUESTION # 51
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. Control Party Prong.
• B. Controlling Prong.
• C. KYC Prong.
• D. Control Prong.

Answer: D

NEW QUESTION # 52
What industries are often exploited by criminals (SELECT 3)

• A. Casinos.
• B. Insurance.
• C. Charities Non Profits.
• D. Dealers in high value goods.
• E. Broker Dealers.

Answer: A,C,D

NEW QUESTION # 53
Delivery Channel Risk is associated with? (SELECT 3)

• A. Concentration accounts
• B. Savings accounts
• C. Deposit accounts
• D. Correspondent banks.
• E. Payable through accounts.

Answer: A,D,E

NEW QUESTION # 54
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