GTB CCP Assessment M2

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;

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;

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;

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;

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;

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

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

Money laundering (ML) can be defined as flows;

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 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;