FSDH Test - DataPro Limited

Welcome to your Test.

Number of Questions: 10

Time Allowed: 10 minutes.

You are allowed only one (1) attempt.

Name

Organization

Below are some of the Pillars of Customer Due Diligence except?

a) Customer Acceptance Policy (CAP)

b) Customer Identification Procedures (CIP) a.k.a KYC

c) Electronic Know Your Customer (e-KYC)

d) Monitoring of Transactions (MoT)

Who is a Customer?

a) An Individual or Entity that maintains an account and/or has a business relationship with the bank

b) One on whose behalf the account is maintained (i.e. Ultimate Beneficial Owner (UBO)

c) The Beneficiary of transactions conducted by Professional intermediaries (Gatekeepers) such as Lawyers, Stock Brokers, Chartered Accountants, Auditors, Estate Agents etc. as permitted under the law (Client Accounts)

d) All of the above

In dealing with PEPs, CBN requires that?

a) Account opening process should stop immediately

b) For existing PEPs customers, report and close the account

c) Have appropriate Risk Management system to determine whether a potential customer or existing customer or the beneficial owner is a PEP

d) All of the above

“Natural Person(s) for the account or for whom the benefit of a transaction is executed or for whom a commercial relation is established” is referred to as __________

a) A customer

b) Ultimate Beneficial Owner

c) An Associate

d) An Account Holder

What is the meaning of KYC?

a) Know Your Customer

b) Conducting address verification

c) Verification of Customers Identity

d) Conducting CAC Search

What are the Principles Risk Management? i. Identify Risks through Red flags, Mitigate Risk using Internal Control/Audit ii. All suspicious accounts must be closed, No PEP should be allowed into the system iii. Watch out for Residual Risks, SDD for Low and EDD for High iv. Escalate to Senior Management if necessary, Seek Compliance Advice

a) i,ii,iii above

b) i,iii,iv above

c) i,ii,iv above

d) All of the above

What Section of MLPA (2011) (As Amended) talks about Customer Due Diligence?

a) Section 3

b) Section 4

c) Section 5

d) Section 6

What is the definition of Customer Due Diligence?

a) It involves collecting and analyzing data, information and facts about a customer that should enable the bank assess the extent to which the customer is exposed to a range of risks i.e ML, TF, Fraud, etc

b) It is the duty of care undertaken from the beginning of business relationship and continuing throughout the lifespan of the relationship in order to serve the customer efficiently and effectively

c) It involves profiling and monitoring the customer appropriately in order to mitigate risks, threats and vulnerabilities throughout the relationship with the bank.

d) All of the above

Section 6 MLPA 2011 (As Amended) talks about ______?

a) Customer Due Diligence

b) Suspicious Transaction

c) Training

d) PEPs

Unjustifiable or unreasonable Frequency, Complex Transactions, No Economic Justification, No lawful objective, In consistent Pattern/Profile are the fundamentals of___________

a) Customer Due Diligence

b) Suspicious Transactions/Activities

c) E-KYC

d) Ultimate Beneficial Owners

11 out of 10

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Welcome to your Test.