CGSS EXAM WITH CORRECT ACTUAL
QUESTIONS AND CORRECTLY WELL
DEFINED ANSWERS LATEST ALREADY
GRADED A+
Autonomous Sanctions - ANSWERS-A single entity, whether
a government or a coalition of governments, such as the EU,
acting to implement and enforce a sanctions regime. See
Unilateral Sanctions.
Back-to-Back Letters of Credit - ANSWERS-A form of
financing in which Bank A issues a letter of credit as
collateral to Bank B in order to issue a separate letter of
credit to the beneficiary. This often happens when the
underlying agreement between the applicant and
beneficiary contains restrictions about the credit quality of
the bank that is issuing the letter of credit, the location of
the issuing bank, or other stipulations that prevent the
applicant's bank from issuing a direct letter of credit to the
beneficiary. A sanctions evader can use a back-to-back letter
,of credit to remove the name of a sanctioned bank from the
documentation.
Batch Screening - ANSWERS-The process of screening a
firm's entire customer base and other associated entities,
such as vendors, with ASTs on a periodic basis.
Beneficial Owner - ANSWERS-The term beneficial owner has
two different definitions depending on the context:
- The natural person who ultimately owns or controls an
account through which a transaction is being conducted.
- The natural persons who have significant ownership of, as
well as those who exercise ultimate effective control over, a
legal person or arrangement.
Bill of Exchange - ANSWERS-A shipping document that
shows the means by which exporters are paid for the goods
that are to be shipped, including information such as the
names of the exporter, importer, issuing bank, and the bank
where the funds will be drawn.
,Bill of Lading - ANSWERS-A required document that a carrier
issues as a receipt of cargo. It includes the type and quantity
of cargo, as well as the destination.
Blacklist - ANSWERS-An internal list of names (including
places, persons, entities, and individuals) that are screened
to identify any sanctions exposure, in addition to
government and vendor-maintained sanctions lists. Other
potential additions to a firm's internal blacklist may come
from OFAC advisories and other warnings that list entities
that did not merit being placed on the SDN list, but are still
considered high risk. The FATF blacklist is a list of countries
that FATF has determined are noncooperative in the
international fight against money laundering and terrorist
financing.
Block - ANSWERS-Asset Freezing
Blockade - ANSWERS-The deployment of military resources
by land, air, or sea, by a country or coalition to prevent the
movement of goods or people into or out of a targeted
country.
, Boycott - ANSWERS-A punitive withdrawal from business or
social engagement with a government, organization, or
individual as a sign of protest.
Bureau of Industry and Security (BIS) - ANSWERS-A section
of the US Department of Commerce responsible for
ensuring that trade sanctions are properly understood,
implemented, and enforced in the United States. Among
other tasks, the BIS regulates the import and export of
sensitive, dual-use, and controlled goods and materials. The
mission statement of the BIS is: "Advance US national
security, foreign policy, and economic objectives by ensuring
an effective export control and treaty compliance system
and promoting continued US strategic technology
leadership."
Compliance - ANSWERS-An action or state of adhering to a
set of legislation, regulations, rules, policy, specifications, or
understood norms.
Comprehensive Sanctions - ANSWERS-Sanctions that
prohibit all transactions and activity with a sanctioned
country by the sanctioning country except in rare, specific
instances.
QUESTIONS AND CORRECTLY WELL
DEFINED ANSWERS LATEST ALREADY
GRADED A+
Autonomous Sanctions - ANSWERS-A single entity, whether
a government or a coalition of governments, such as the EU,
acting to implement and enforce a sanctions regime. See
Unilateral Sanctions.
Back-to-Back Letters of Credit - ANSWERS-A form of
financing in which Bank A issues a letter of credit as
collateral to Bank B in order to issue a separate letter of
credit to the beneficiary. This often happens when the
underlying agreement between the applicant and
beneficiary contains restrictions about the credit quality of
the bank that is issuing the letter of credit, the location of
the issuing bank, or other stipulations that prevent the
applicant's bank from issuing a direct letter of credit to the
beneficiary. A sanctions evader can use a back-to-back letter
,of credit to remove the name of a sanctioned bank from the
documentation.
Batch Screening - ANSWERS-The process of screening a
firm's entire customer base and other associated entities,
such as vendors, with ASTs on a periodic basis.
Beneficial Owner - ANSWERS-The term beneficial owner has
two different definitions depending on the context:
- The natural person who ultimately owns or controls an
account through which a transaction is being conducted.
- The natural persons who have significant ownership of, as
well as those who exercise ultimate effective control over, a
legal person or arrangement.
Bill of Exchange - ANSWERS-A shipping document that
shows the means by which exporters are paid for the goods
that are to be shipped, including information such as the
names of the exporter, importer, issuing bank, and the bank
where the funds will be drawn.
,Bill of Lading - ANSWERS-A required document that a carrier
issues as a receipt of cargo. It includes the type and quantity
of cargo, as well as the destination.
Blacklist - ANSWERS-An internal list of names (including
places, persons, entities, and individuals) that are screened
to identify any sanctions exposure, in addition to
government and vendor-maintained sanctions lists. Other
potential additions to a firm's internal blacklist may come
from OFAC advisories and other warnings that list entities
that did not merit being placed on the SDN list, but are still
considered high risk. The FATF blacklist is a list of countries
that FATF has determined are noncooperative in the
international fight against money laundering and terrorist
financing.
Block - ANSWERS-Asset Freezing
Blockade - ANSWERS-The deployment of military resources
by land, air, or sea, by a country or coalition to prevent the
movement of goods or people into or out of a targeted
country.
, Boycott - ANSWERS-A punitive withdrawal from business or
social engagement with a government, organization, or
individual as a sign of protest.
Bureau of Industry and Security (BIS) - ANSWERS-A section
of the US Department of Commerce responsible for
ensuring that trade sanctions are properly understood,
implemented, and enforced in the United States. Among
other tasks, the BIS regulates the import and export of
sensitive, dual-use, and controlled goods and materials. The
mission statement of the BIS is: "Advance US national
security, foreign policy, and economic objectives by ensuring
an effective export control and treaty compliance system
and promoting continued US strategic technology
leadership."
Compliance - ANSWERS-An action or state of adhering to a
set of legislation, regulations, rules, policy, specifications, or
understood norms.
Comprehensive Sanctions - ANSWERS-Sanctions that
prohibit all transactions and activity with a sanctioned
country by the sanctioning country except in rare, specific
instances.
