CERTIFIED COMPLIANCE PROFESSIONAL

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

The following are redflags associated with an employee except;

The EU Defined Politically Exposed Persons (PEPs) as;

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

Some of the basic concepts of risk are, except;

Biometric technology is one of the tools employed by financial institutions and DNFBPs in the management of KYC/CDD. All the following are components of biometrics except;

It is mandatory for a financial institution to have compliance policies, processes, procedures and programmes documentations approved by;

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

Money laundering (ML) can be defined as follows;

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;

Below are the sources of ML/TF threats except:

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.

With the increasing risk of money laundering faced by financial institutions around the world, regulators are focusing on the controls and procedures banks have put in place to prevent money laundering and actively assist law enforcement authorities in detection and investigation. The following are the controls except one;

In this era of deep social media penetration, a person’s footprint gathered through Google, Facebook and other social networks – can provide valuable information about an individual that cannot be gleaned from other sources. This method of KYC/CDD process is known as;

It is important for financial institutions to incorporate, prepare and schedule timelines in their compliance programmes and activities in relation to the following except;

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;

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

The use of Artificial Intelligence (AI) in KYC/CDD management relies more on Natural Language Processing (NLP) and supervised machine learning techniques. Each of these technologies has specific uses and NLP, in particular, is starting to come into widespread use in helping to analyze amorphous content, such as adverse media, also called negative news. Together with machine learning, NLP-based AI can read such articles and perform a range of tasks, including extracting metadata, identifying entities that are referred to, and understanding the intent or purpose of specific parts of the document. This compliance practice is known as;

The following is recommended as proper organogram for Compliance Department with relevant departments, among others, except;

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

The following are the attributes of a blockchain except;

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;

Which of the following will form part of the vulnerabilities in relation to Accountants/Auditors under AML/CFT Compliance;

Training is a core pillar of compliance. Since compliance is driven by human. Knowledge gap may pose a serious challenge to achieving compliance goals. Consequently, there is need for training and re-training of compliance personnel and all the critical stakeholders within an organisation in the art of compliance. To achieve this, there is a need to set the following six (6) rules except

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

The following are drivers of de-risking, except;

Suspicious Transaction Report (STR) is rendered to which of the following bodies;

The level of understanding, capacity, maturity and management support of this human elements determine to a reasonable extent the success of compliance in any organization. Management of compliance given the human needs will fully be achieved by setting the following four (4) rules except;

There are different types of risks associated with various customers and in relation to Politically Exposed Persons (PEPs), they can be classified in any of the following ways;

Those persons who influence those in positions of authority or office holders who are sometimes in the political space are generally referred to as political godfathers, this category of Politically Exposed Persons are known as;

Recommendation 2 of FATF is about which of the following;

In accordance with FATF Recommendation 9 on FI Secrecy Laws and with reference to AML/CFT preventive measures which requires FIs & DNFBPs to adhere to AML/CFT Compliance laws, measures and reporting requirements without hiding under the veil of the laws relating to customer confidentiality requires them to report certain transactions of the customer by the FIU which include the following except;

These are the risks which result from the enforcement of the law as a result of the bank’s failure to observe mandatory KYC standards and CDD principles; failure to comply with related compliance provisions in the extant laws or regulations. These failures, infractions, wilful blindness or non-compliance with stipulated rules, laws or regulation could lead to litigations and protracted legal battles in the law courts. The resultant legal risks can crystalize in form of the following, except;

The following are utilized to perpetrate cybercrime in relation to properties except;

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

Compliance can be defined as;

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

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

One of the commonly used techniques of Money Laundering (ML) through which a customer uses multiple individual and/or transactions to make cash deposits into several accounts and/or to procure financial instruments or managers cheques or bank drafts in amounts below the reporting threshold is referred to as;

The AML/CFT Research and Training unit is responsible for;

Politically Exposed Persons (PEPs) are people of honour, fame and repute hence they should be treated as people without risk in financial institutions. But regulatory authorities and compliance professionals think otherwise about PEP customers’ risk classification and believe they should be treated as follows;

The following are the best Practices for PEPS and FEPS 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:

DPMS redflags for Gold include the following except;

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

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

The following are benefits of Compliance except;

Under Recommendation 2, FATF recommends the following except:

With Nigeria now under increased monitoring by Financial Action Task Force (FATF), it will have to implement its FATF Action Plan by completing its Residual ML/TF/PF Risk Assessment and updating the National AML/CFT/CPF strategies relevant to high-risk predicate offences. When was Nigeria placed under Grey-list by FATF?

The Executive Compliance Officer (ECO) and/or CCO are at Executive /Top Management level and report to;

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

Customer Due Diligence (CDD) under Recommendation 10 requires profiling and monitoring the customer appropriately in order to mitigate risks, threats and vulnerabilities throughout the relationship with the FI or DNFBP. It is the totality of what is done to establish that the customer is who he/she says he is. CDD measures are expected to be applied during the following circumstances except:

Which of these are the risks and reasons why an institution should be cautious and pay special attention to the management of PEP customers

These are risks that could crystalize as a result of non-adherence to regulations, guidelines and laws as advised by regulatory bodies such as Central Bank of Nigeria. There could be severe sanctions as a result of this breach and these could include any of the following, except;

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 Components of Compliance include the following except;

Persons in positions of authority or officeholders (government, government bodies, political parties and traditional institutions – politicians, top government functionaries (public and civil servants, leaders and chieftains of political parties, top traditional rulers)) can generally be classified as what category of PEPs;

FATF was formed by G8 with the objective of;

In order to ensure that illegitimate money is safeguarded, the money launderer, employs the following;

The Compliance Officer is privy to a discussion between the relationship manager and he was able to understand that the customer as an investor seems uninterested in the usual decisions to be made about investment accounts, such as fees or the suitability of the investment vehicles and does not mind how high the fees might be or go, all the customer wants is that the investment should be booked, what do you make out of this observation;

FIUs normally analyse the information received. If sufficient evidence of unlawful activity is found, the intelligence is passed to;

Where countries do not impose sanctions regimes that will allow them to freeze assets of persons designated by the United Nations Security Council for involvement in terrorism or the proliferation of weapons of mass destruction, is regarded as;

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;

The following information can be used to identify individuals except;

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;

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;

National FIUs collect information on ……………………………………. from the financial industry and other entities or professions that are required to report transactions suspected of being money laundering and terrorist financing.

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

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;

CBN AML/CFT Manual (as amended) which is also expressed by FATF Classification defined Politically Exposed Persons (PEPs) as;

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 that is committed daily called?

The Levels of risks are and generally all risk categories can be broken down into the following levels of risk, 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;

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

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 ………. 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.

The term Anti-Money Laundering (AML) is a term mainly used to describe the regulatory measures and controls that require financial institutions and other regulated entities to prevent or report money laundering activities. They include 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:

The following customer risk factors except one should be used to profile customer and assess risk;

Regional and Cluster Compliance Coordination is in charge of the following;

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

DPMS acronym represents what;

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

What is the primary motivation of a money launderer?

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

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

Compliance function is the responsibility of the following groups;

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

The following is one of the elements of a CDD;

The review period for high risk situation is also ……………….. than that of low risk.

In relation to Real Estate Agents Redflags associated with Legal Persons, they can be said to include the following except;

Customer Due Diligence is a process of establishing that the;

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

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;

‘Trust but Verify’ means the following, except:

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;

A customer deposits cash and numerous financial instruments in amounts under the reporting threshold to fund an investment account and wants to liquidate the large position through a series of small transactions. What can this be referred to as;

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;

The FATF Recommendation 3 are as follows;

The safeguards of both control and audit functions are necessary to ensure that compliance programs, processes, procedures, policies put in place by management are adequate, effective and efficient. To achieve this, a financial institution should put in place the following rules except;

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;

The following are high Risk Terror Finance International locations or Countries, locations, or jurisdictions:

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

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 ML/TF vulnerability sources include the following, except:

Which of the following are regulatory approaches;

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

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

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

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

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

As a result of the terrorist attack of September 11, 2001 in United States of America (USA), some guidelines came into prominence globally which culminated into the subsequent enactment of;

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;

Which of the following can be referred to as the redflag(s) of Legal Entities and Structures under Real Estate Agents activities;

Some basic Information in relation to individual customers include;

Compliance Staff or compliance Human Capital should include the following 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.

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

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