Anti Money Laundering and Know Your Customer MCQs Part 1

Description

Due to the significant numbers of money laundering and terrorist financing incidents that occurred in the financial institutions, including banks, and reported in different countries, the regulators are constantly enhancing the AML/KYC regulatory requirements.

The financial institutions are required to develop and implement a comprehensive Compliance Program. Financial institutions are required to design and develop appropriate AML/KYC policies and controls, to ensure that applicable AML/CFT requirements are complied with in letter and spirit.

Anti Money Laundering and Terrorist Financing are the key regulatory requirements, that are required to be complied with by the financial institutions, to ensure that criminals including money launderers and terrorists are not onboarded.

Onboarding criminals lead to reputational and financial losses for the financial institutions, because significant penalties are imposed by the regulators on those financial institutions, including banks that onboard criminals and provide the services.

Concepts Tested in these MCQs:

These MCQs are related to Anti Money Laundering and Know Your Customer (KYC) regulatory requirements. Students will learn about the key concepts that are applicable under AML/KYC regime, including:

· Money Laundering,

· Terrorist Financing,

· Anti Money Laundering (AML),

· Know Your Customer (KYC),

· Customer Due Diligence (CDD),

· Financial Action Task Force (FATF),

· High-Risk Category Customers,

· Politically Exposed Persons (PEPs),

· Compliance Program,

· AML Policy,

· Board and Management Level Compliance Committees,

· Money Laundering Reporting Officer (MLRO),

· Compliance Function,

. Reasons for significant AML Fines imposed on Financial Institutions,

. Roles of Money Laundering Reporting Officers (MLROs)

Benefits of attending the Course:

Understanding of AML/KYC regulatory requirements,

Knowledge gained for the job in AML/KYC functions,

Lifetime access to the MCQs

Who Should Attend?

1. Compliance professionals,

2. MLRO, and AML Officers,

3. Account Opening Officers,

4. Internal Auditors,

5. Internal Controls Specialists,

6. CAMS students,

7. Regulatory compliance students.

What You Will Learn!

• Students will learn about the Money Laundering and Terrorist Financing (ML/TF) key concepts
• Students will learn about the Anti Money Laundering (AML) and Know Your Customer (KYC) key concepts
• Students will learn about the Anti Money Laundering Terrorist Financing Governance requirements
• Students will learn about the Board Level AML/KYC Oversight, Management Level Compliance Committee, Compliance Function and MLRO
• Students will learn about the reasons of AML Fines and Roles of MLRO

Who Should Attend!

• Compliance professionals
• AML Officer,
• Money Laundering Reporting Officer (MLRO)
• Internal Auditors, Internal Controls Specialists
• Any other person who wants to learn about the Anti Money Laundering (AML), and Know Your Customer (KYC) related Regulatory requirements and best practices

TAKE THIS COURSE