Kyc - Study guides, Class notes & Summaries

FATF's technical compliance assessment focuses on the extent to which the legal and institutional framework of its member is producing the expected results. True or False? - ANSWER-False FATF's 40 Recommendations provide a complete set of countermeasures against money laundering, including special recommendations on terrorist financing. True or False? - ANSWER-True FATF currently comprises 35 member jurisdictions and 31 associate members of observers. True or False? - ANSWER-True The B...

AML EXAM 2 QUESTIONS WITH 100% CORRECT ANSWERS The Office of Foreign Assets Control (OFAC) is allowed to impose sanctions against certain foreign countries. A. True B. False - answerA The Financial Action Task Force (FATF) is best known for what? A. Passing EU-Wide laws and policies on AML B. Issuing AML/CTF recommendations for countries to follow C. Having several subgroups D. Establishing the definition of counter terrorist financing - answerB The Third EU Directive defined "money ...

AML EXAM 2 QUESTIONS WITH 100% CORRECT ANSWERS The Office of Foreign Assets Control (OFAC) is allowed to impose sanctions against certain foreign countries. A. True B. False - answerA The Financial Action Task Force (FATF) is best known for what? A. Passing EU-Wide laws and policies on AML B. Issuing AML/CTF recommendations for countries to follow C. Having several subgroups D. Establishing the definition of counter terrorist financing - answerB The Third EU Directive defined "money ...

AML Exam #2 Questions And Answers The Office of Foreign Assets Control (OFAC) is allowed to impose sanctions against certain foreign countries. A. True B. False - ANS A The Financial Action Task Force (FATF) is best known for what? A. Passing EU-Wide laws and policies on AML B. Issuing AML/CTF recommendations for countries to follow C. Having several subgroups D. Establishing the definition of counter terrorist financing - ANS B The Third EU Directive defined "money launde...

3-1 Describe customer due diligence (CDD) as part of risk management. 3-1 Customer due diligence (CDD) is a set of internal controls that enable a financial institution to establish a customer's identity, predict with relative certainty the types of transactions in which the customer is likely to engage, and assess the extent to which the customer exposes the institution to a range of risks (i.e., money laundering and sanctions). Organizations need to know their customers through CDD to gu...

3-1 Describe customer due diligence (CDD) as part of risk management. 3-1 Customer due diligence (CDD) is a set of internal controls that enable a financial institution to establish a customer's identity, predict with relative certainty the types of transactions in which the customer is likely to engage, and assess the extent to which the customer exposes the institution to a range of risks (i.e., money laundering and sanctions). Organizations need to know their customers through CDD to gu...

Describe the three phases of money laundering. – • Placement is the physical disposal of cash or other assets derived from criminal activity. • Layering is the separation of illicit proceeds from their source by layers of financial transactions intended to conceal the origin of the proceeds. • Integration is supplying apparent legitimacy to illicit wealth through the re‐entry of the funds into the economy in what appears to be normal business or personal transactions. What are...

Describe the elements that should be addressed in a global approach to KYC identified in the Basel Committee's October 2004 paper called "Consolidated KYC Risk Management" - The Basel Committee's October 2004 paper called "Consolidated KYC Risk Management" addresses the need for banks to adopt a global approach and to apply the elements necessary for a sound KYC program on both the parent bank or head office and all its branches and subsidiaries. These elements consist of: - Risk...

IFSE - CIFC - Unit 3 questions with answers 6 steps of SIP (Strategic Investment Planning) process -Correct Answer-1. Establish the client engagement 2. Gather client data and identify objectives 3. Clarify client status, problems, and opportunities 4. Identify strategies and present the plan 5. Implement the plan 6. Monitor performance and update Step 1 SIP - Establish client engagement -Correct Answer-- your duties and responsibilities - your client's duties and responsibilities ...

Conduct and Practices Handbook (CPH) Exam Questions And Answers 100% Pass. Duty of care - answerThis refers to obligation #3 of registered representative (RR) about acting honestly, in good faith, and in a professional manner. This is a requirement to provide advice to clients with those attributes in mind along with the proper skills and knowledge to do so. It is important to note that the standard of care provided is not a standard of perfection. RRs are usually held to this standard muc...