CCP Assessment

According to FATF Recommendation 21, FIs & DNFBPs should put in place measures to protect the confidentiality of such staff where they have made their suspicious transaction report to appropriate units/department in good faith and sanction any staff against tipping-off that does any of the following;

In the case of corporate entities, the following general identification procedure for this class of customers are adopted;

A regulation was passed by European Parliament and Council of the European Union on the 14/April/2016. It became effective on the 25th May, 2018. The regulation cover data controller, data processor and data subject within EU. It is also relevant to those outside EU if they process data on EU residents. The only exemption is for those data that concern national securities by EU Law Enforcement Agencies. The acronym for this regulation is known as;

The Egmont Group provides support to member …..

Law enforcement investigations, in many other jurisdictions, can be triggered by any number of factors, including;

The sources of ML/TF threats include:

The Compliance Department can choose any or more than one of the following media to communicate to the entire institution except;

In addition to FATF definition, Politically Exposed Persons (PEPs) can also be defined as;

The four (4) pillars of Customer Due Diligence (CDD) are as follows except;

The current FATF 40 Recommendations makes the Risk Based Approach (RBA) a centrifugal force and added ………………………….. as part of the global themes.

The ………. of the FIs or DNFBPs have the right to identify and assess all the risks embedded in the operation of their institution. This also includes the risk of money laundering and terrorist financing. The policy and review for assessing the risk should be approved.

Financial institutions and DNFBPs should put in place high level AML/CFT Compliance policy on the prevention of money laundering and protection of the institutions and/or its employees from the following risk except

Recommendation 2 of FATF is about which of the following;

Information Communication Technology (ICT) has been very useful to humanity and has also been used wrongly to perpetrate various crimes which have also been a source of major concern in the world. What is this type of crime this committed daily called?

Money laundering can only be a means to an end but not an end in itself for a criminal if all of these happen except one;

Threat could mean a person or event likely to cause damage or danger. An FI or DNFBP is faced with the threat of money laundering/terrorist financing from except;

The ML/TF vulnerability sources include:

If the law enforcement agency or a prosecutor obtains a court order to retrain or freeze an account or to prevent funds from being withdrawn or moved, the institution should;

It is important to continuous monitor transactions and activities of these categories of customers that are described as high risk to ascertain the following except;

The financing of proliferation of WMD is the use of money to facilitate the movement, use and proliferation of WMD across the world. There is the likelihood of interconnection between proliferation and terrorist activities because of the following except;

Steps that law enforcement agencies can or should take in conducting a money laundering investigation include:

The Components of Compliance include the following except

Under Recommendation 2, FATF recommends the following except:

The following are the best Practices for PEPS and FEPS except;

FATF was formed by G8 with the objective of;

There is an increasing wave of vulnerabilities on the part of financial institutions and DNFBPs to cybercrime and the sources of threats and vulnerabilities are from;

Which of the following are regulatory approaches;

One of the New Hires in your bank that has recently been trained stated in the course of your monthly Departmental meetings that; ‘Correspondent banking relationship involves the use of Nostro (an account held by a bank in foreign currency in another bank). In other words, from the respondent bank view, the funds deposited at correspondent banks are referred to as Nostro accounts’. Considering the expression of this New Hire in relation to the terminology, Nostro, as indicated above, which of the following statements below is correct about his assertion of Nostro;

‘Trust but Verify’ means,

The following are within the category of high risk customers;

According to FATF, Terrorist financing is the financing of terrorist acts, and of terrorists and terrorist organisations. Terrorist financing provides funds for terrorist activities. The funds are from the following sources;

The evil or consequences of money laundering and/or terrorist financing and/or financing of proliferation of Weapons of Mass Destruction (WMD) are far-reaching and can disrupt and dislocate social, security, political, and economic activities and they include the following except;

What was the self-service laundries which were cash-based business that the early money launderers in USA used to largely legitimise their illicit earnings called?

In what year was the Financial Action Task Force (FATF) formed by G8?

…………… also known as De-banking refers to financial institutions exiting relationship with and closing the account of clients considered as ‘High risk’;

CBN AML/CFT Manual (as amended) defined Politically Exposed Persons (PEPs) as;

Sequel to the September 11 terrorist attack, FATF Recommendations were expanded in 2001 to include;

Risk management deals with the process of recognizing, mitigating and reviewing compliance risks which also include;

A customer who has Unrealistic business proceeds compared to client’s profile, re-activates his/her dormant account with huge amount and/or deposits at various branches the same day for no logical reason is said to be;

Responding to a Law Enforcement Investigation - The first rule when confronted with a law enforcement investigation is to;

In what year did FATF align its Recommendations from what was known as the 40+9 to only 40 Recommendations?

If your institution is served with a summons or subpoena compelling the production of certain documents, the institution should;

This PEP definition was given By …………… ‘’ .. Individuals who are or have been entrusted with prominent public functions in a foreign country, for example heads of state or of government, senior politicians, senior government, judicial or military officials, senior executives of state-owned corporations, important political party officials. Business relationships with family members or close associates of PEPs involve reputational risks similar to those with PEPs themselves. The definition is not intended to cover middle ranking or more junior individuals.

A customer can be defined or described as or in all or one of the following ways;

Some of the basic concepts of risk are except;

Under Recommendation 39, FATF recommends that Countries should be able to execute extradition requests in relation to ML/TF without undue delay. In particular, countries should;

This PEP definition which states that they - “Include individuals whose current or past official position can attract publicity or whose financial action or circumstances may be the subject of increased public scrutiny”.

The FATF Recommendation 3 are as follows;

In order to manage compliance risk effectively, financial institutions are expected to set the following five (5) rules.

Compliance can be defined as;

Court Order is usually issued by Court empowering a law enforcement agency to compel the production of documents and testimony. The documents and testimony are designed to allow the law enforcement agency to;

There are differences between Terrorist Financing and money laundering. Terrorist financing has the following attributes except;

The key purpose of ML and TF risk assessment is to drive improvements in ………………………………….. by FI or DNFBP through the identification of specific risk and determination of how these risks are mitigated and controlled.

International Association of Insurance Supervisors (IAIS) was formed in 1994. The membership consists of standard setting organisations of insurance supervisors and regulators from over 190 jurisdictions. Its major role is to supervise the insurance industry in order to develop and maintain a fair, safe and stable industry. IAIS also issues Guidance Notes on AML/CFT for operators in the insurance industry as part of its roles. It is located in …………………

Which one of the following is not a Politically Exposed Persons (PEPS);

The best approach to be adopted by a financial institution or DNFBP to fulfill expectations in relation to Consumer Protection is by;

To ensure proper rule of engagement in AML/CFT compliance, an FI or DNFBP should also ensure practices which of the following;

In Information and Communication Technology (ICT) crimes, the computer is used to target the following crimes except;

There are reasons that gave rise to the global shift and focus on Compliance which include the following except;

GIABA was established in the year 2000 by the Economic Community of West African States (ECOWAS) authority of;

Some basic Information in relation to individual customers include;

Which of the following is part of the 10 Pillars of AML/CFT Compliance;

In order to ensure compliance with record-keeping and retention regulatory requirements, an FI and DNFBP should adhere to which of the following;

In relation to wire transfers, FIs are expected to among other things, adopt the following measures except;

In the Rules of Engagement in AML/CFT Compliance, the following are important part of it except;

Under Recommendation 33, FATF recommends that countries should maintain comprehensive statistics on matters relevant to the effectiveness and efficiency of their AML/CFT systems. This includes keeping statistics on the following:

Risk assessment in AML/CFT Compliance is very important in order to ………………. compliance and related risks using risk management techniques and principles to protect the FI and DNFBPs, except;

One of the following is not part of FATF recommendations in relation to Confiscation and Provisional Measures under Recommendation 4 which states that Countries should have measures, including legislative measures, that enable their competent authorities to:

Which of the recommendations of FATF stated that Risk-Based Approach is the process of identifying, measuring, monitoring and mitigating risk;

Except in one of the following instances, terrorist financiers use techniques similar to those of money launderers to achieve their malevolent and destructive goals by

The following are redflags associated with an employee except;

Apart from the major role of International Organization of Securities Commissions (IOSCO) which includes development, implementation and promotion of high standards of regulation for enhancing investors protection around the world, it also issues Anti-Money Laundering Guidance Notes for various areas relating to;

The following are drivers of de-risking, except;

The early money launderers adopted which of these money laundering schemes or techniques to achieve their illegitimate goal;

Compliance function is the responsibility of the following groups;

Vulnerability refers to the weaknesses in the internal control processes that may likely be exploited by the threats. The weaknesses include except;

The Nostro and Vostro accounts are used in correspondent banking relationship and the terminologies are applied differently depending on the side of the divide it is viewed from, for instance, depending on whether the financial institution is a correspondent bank or a respondent bank. Some say there may be other accounts. Therefore, from the respondent bank’s view, the funds deposited at correspondent banks are referred to as ………………. accounts.

For proper risk assessment guidance, an FI or DNFBP should ensure the following except;

The absence of a sound ML and TF risk assessment exposes institution to serious damages and risks;

As a proper guide to implementation of rule of engagement under Governance, an FI or DNFBP should ensure the following except;

It is said that all civilised societies have long been fighting money laundering even before the term money laundering was coined. The following are some of the ways the authorities had been fighting money laundering except;

The EU Defined Politically Exposed Persons (PEPs) as;

The risk assessment process consists of the following stages:

The following are components of the 10 Pillars of AML/CFT except;

The following information can be used to identify individuals except;

As captured in FATF Recommendation 20, it states that in order to aid investigation of financial crimes, FIs and DNFBPs should report suspicious transactions to the Financial Intelligence Unit (FIU). Therefore, Suspicious transaction can manifest in the following ways except;

Money launderers and terrorist financiers constitute …….. to the operations of FIs & DNFBPs.

Compliance risks include the following risks except;

A search warrant is a grant of permission from a court for a law enforcement agency to search certain designated premises and to seize specific categories of items or documents. Generally, the requesting agency is required to establish that probable cause exists to believe that evidence of a crime will be located. The warrant is authorized based on information contained in the …………………. submitted by a law enforcement officer.

A staff avoids taking periodic vacations and says that he/she is fully committed to the institution’s growth and development. This type of disposition can be explained to mean;

Risk can be defined as the likelihood or probability or threat of damage, injury, liability, loss, or any other negative occurrence that is caused by internal or external vulnerabilities with uncertain impact, and that may be avoided though preemptive action. Meanwhile, risk appetite is the willingness to take risk. This is the amount of risk that the FI or DNFBP is willing to seek or accept in the pursuit of its long term objectives. This is how much risk you can take and you are still comfortable. The risk appetite of an institution is set and approved by;

The following observations can be referred to as redflags associated with customers. Except;

Once such an investigation is commenced, the relevant law enforcement agency might request information from a financial institution in order to obtain evidence. Requests for information can come in several forms of except;

When presented with a search warrant, an institution should consider taking the following steps, except:

The origin of money laundering can be traced to the period when some people started devising means to evade detection and payment of taxes, as they were earning huge sums in cash from extortion, prostitution, gambling and liquor sales and so many other illicit activities which was yielding huge sums of money that they needed to launder the money to give it a legitimate appearance. The term "money laundering" as used in modern times originated from a group in the United States referred to as the;

The techniques and methods used in money laundering and terrorist financing are similar to an extent. However, there are crucial differences. Money Laundering has the following features except;

Automation of compliance function through the use of electronic solutions to monitor, detect, analyze, and generate reports on suspicious transactions is preferable to manual because;

If an employee exaggerates the credentials, background or financial ability and resources of a customer in written reports that the bank requires, for instance for credit appraisal; this is referred to a what in AML/CFT compliance;

The Payable-through-accounts which are also known as “pass through” or “pass-by” accounts can be said to be a situation where:

The BCBS also plays an important role in AML/CFT compliance through its principles on;