HC-AML-Quiz

Placement, Layering and integration are the three stages in the Money Laundering process

Which of the following are the three categories of Customer Due Diligence?

Enhanced Customer Due Diligence must be applied to non domestic PEPs only

The list of factors suggesting potentially higher risks includes EU member states

The business risk assessment must be approved by senior management

The outcome of the business risk assessment should inform the firm's risk-based approach and the design of the AML/CTF controls

A formal AML training schedule should be developed and maintained to ensure all relevant staff are adequately trained at least annually

Which of the following bodies should an external Suspicious transaction report be made to?

The MLRO must report all suspicious transactions reported to him/her to the appropriate authorities?

A senior member of the defence forces would be considered a PEP?

Firms should continue to apply due diligence measures to a politically exposed person for as long as it is reasonably required to consider the continuing risk posed by that person, and until such time as that person is deemed to pose no further risk specific to politically exposed persons.