AML/CFT POST EXAM QUESTIONS FULLY SOLVED RATED A+ 2024.

CDD/KYC AND FINANCIAL INSTITUTIONS - Answer • KYC - information gathering • CDD - continuous checks and monitoring of the information gathered and subsequent monitoring CDD/KYC THE BEST INTERNATIONAL STANDARD PRACTICE IN AML/CFT CDD/KYC AND FINANCIAL INSTITUTIONS - Answer • CDD - Customer Due Diligence • KYC - Know Your Customer • Identification, Address, Location, etc. • KYCB - Know Your Customers Business • Transaction Profile, Type & Nature of business, Sources of Funds etc. • KYT - Know Your Customers' Transaction • Transaction Monitoring • KYE - Know Your Employee • Staff background checks and a continuous monitoring system for reliability • CM - Continuous Monitoring • changes in customer behavior through transaction monitoring and other activities CORE ELEMENTS OF CDD PROGRAMME - Answer • Full identification of customer and business entities, source of funds and wealth • Development of profiles of each customer's activity • Definition and acceptance of the customer's products and services • Assessment and grading of risks that the customer or the account present • Lower risk • Medium risk • High risk • The risk level will determine the KYC information required and the subsequent intensity of management and monitoring of the account (Enhanced Due Diligence) CUSTOMER IDENTIFICATION NATURAL PERSONS - Answer • Identification Information • Legal name • Correct permanent address