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Question 1 of 30
1. Question
In the Monetary Authority of Singapore (MAS) notice 626, which of the following statement describes the meaning of “business relations”?
I. The opening or maintenance of an account by the bank in the name of a person (whether a natural person, legal person or legal arrangement).
II. The provision of financial advice by the bank to a person (whether a natural person, legal person or legal arrangement).
III. The relations between management staff personnel of one bank with another bank (whether a natural person, legal person or legal arrangement).
IV. The relations between staff personnel of the Monetary Authority of Singapore (MAS) (whether a natural person, legal person or legal arrangement).Correct
In the Monetary Authority of Singapore (MAS) notice 626, the following statement describes the meaning of “business relations”:-
(a) The opening or maintenance of an account by the bank in the name of a person (whether a natural person, legal person or legal arrangement).
(b) The provision of financial advice by the bank to a person (whether a natural person, legal person or legal arrangement).Incorrect
In the Monetary Authority of Singapore (MAS) notice 626, the following statement describes the meaning of “business relations”:-
(a) The opening or maintenance of an account by the bank in the name of a person (whether a natural person, legal person or legal arrangement).
(b) The provision of financial advice by the bank to a person (whether a natural person, legal person or legal arrangement). -
Question 2 of 30
2. Question
In the Monetary Authority of Singapore (MAS) notice 626, which of the following statement describes the meaning of “connected party”?
I. In relation to a legal person (other than a partnership), means any director or any natural person having executive authority in the legal person.
II. In relation to a legal arrangement, means any natural person having executive authority in the illegal arrangement.
III. In relation to a legal person that is a partnership, means any partner or manager.
IV. In relation to a legal arrangement, means any natural person having executive authority in the legal arrangement.Correct
In the Monetary Authority of Singapore (MAS) notice 626, the following statement describes the meaning of “connected party”:-
(a) In relation to a legal person (other than a partnership), means any director or any natural person having executive authority in the legal person.
(b) In relation to a legal person that is a partnership, means any partner or manager.
(c) In relation to a legal arrangement, means any natural person having executive authority in the legal arrangement.Incorrect
In the Monetary Authority of Singapore (MAS) notice 626, the following statement describes the meaning of “connected party”:-
(a) In relation to a legal person (other than a partnership), means any director or any natural person having executive authority in the legal person.
(b) In relation to a legal person that is a partnership, means any partner or manager.
(c) In relation to a legal arrangement, means any natural person having executive authority in the legal arrangement. -
Question 3 of 30
3. Question
In the Monetary Authority of Singapore (MAS) notice 626, which of the following statement describes the meaning of “customer” in relation with the bank?
I. A person (whether a natural person, legal person or legal arrangement) buying something for business in Singapore.
II. A person (whether a natural person, legal person or legal arrangement) with whom the bank establishes or intends to establish business relations.
III. A person (whether a natural person, legal person or legal arrangement) for whom the bank undertakes or intends to undertake any transaction without an account being opened.
IV. A person (whether a natural person, legal person or legal arrangement) doing business under the MAS in Singapore.Correct
In the Monetary Authority of Singapore (MAS) notice 626, the following statement describes the meaning of “customer” in relation with the bank:-
(a) A person (whether a natural person, legal person or legal arrangement) with whom the bank establishes or intends to establish business relations.
(b) A person (whether a natural person, legal person or legal arrangement) for whom the bank undertakes or intends to undertake any transaction without an account being opened.Incorrect
In the Monetary Authority of Singapore (MAS) notice 626, the following statement describes the meaning of “customer” in relation with the bank:-
(a) A person (whether a natural person, legal person or legal arrangement) with whom the bank establishes or intends to establish business relations.
(b) A person (whether a natural person, legal person or legal arrangement) for whom the bank undertakes or intends to undertake any transaction without an account being opened. -
Question 4 of 30
4. Question
In the Monetary Authority of Singapore (MAS) notice 626, which of the following principles are serving as a guide for all banks in the conduct of their operations and business activities?
I. A bank shall assist and cooperate with the relevant law enforcement authorities in Singapore to prevent money laundering and terrorism financing.
II. A bank shall conduct its business in conformity with high ethical standards and guard against establishing any business relations or undertaking any transaction, that is or may be connected with or may facilitate money laundering or terrorism financing
III. A bank shall exercise due diligence when dealing with customers, natural persons appointed to act on the customer’s behalf, connected parties of the customer and beneficial owners of the customer.
IV. A bank shall assist and cooperate with the other authorities outside Singapore to prevent money laundering and terrorism financing.Correct
In the Monetary Authority of Singapore (MAS) notice 626, the following principles are serving as a guide for all banks in the conduct of their operations and business activities:-
(a) A bank shall assist and cooperate with the relevant law enforcement authorities in Singapore to prevent money laundering and terrorism financing.
(b) A bank shall conduct its business in conformity with high ethical standards and guard against establishing any business relations or undertaking any transaction, that is or may be connected with or may facilitate money laundering or terrorism financing
(c) A bank shall exercise due diligence when dealing with customers, natural persons appointed to act on the customer’s behalf, connected parties of the customer and beneficial owners of the customer.Incorrect
In the Monetary Authority of Singapore (MAS) notice 626, the following principles are serving as a guide for all banks in the conduct of their operations and business activities:-
(a) A bank shall assist and cooperate with the relevant law enforcement authorities in Singapore to prevent money laundering and terrorism financing.
(b) A bank shall conduct its business in conformity with high ethical standards and guard against establishing any business relations or undertaking any transaction, that is or may be connected with or may facilitate money laundering or terrorism financing
(c) A bank shall exercise due diligence when dealing with customers, natural persons appointed to act on the customer’s behalf, connected parties of the customer and beneficial owners of the customer. -
Question 5 of 30
5. Question
In the Monetary Authority of Singapore (MAS) notice 626, the following principles are serving as a guide for all banks in the conduct of their operations and business activities:-
(a) A bank shall assist and cooperate with the relevant law enforcement authorities in Singapore to prevent money laundering and terrorism financing.
(b) A bank shall conduct its business in conformity with high ethical standards and guard against establishing any business relations or undertaking any transaction, that is or may be connected with or may facilitate money laundering or terrorism financing
(c) A bank shall exercise due diligence when dealing with customers, natural persons appointed to act on the customer’s behalf, connected parties of the customer and beneficial owners of the customer.Correct
A bank shall take appropriate steps to identify, assess and understand its money laundering and terrorism financing risks in relation to the following areas:-
(a) A bank shall take appropriate steps in relation to its customers.
(b) A bank shall take appropriate steps in relation to the countries or jurisdictions its customers are from or in.
(c) A bank shall take appropriate steps in relation to the countries or jurisdictions the bank has operations in
(d) A bank shall take appropriate steps in relation to the products, services, transactions and delivery channels of the bank.Incorrect
A bank shall take appropriate steps to identify, assess and understand its money laundering and terrorism financing risks in relation to the following areas:-
(a) A bank shall take appropriate steps in relation to its customers.
(b) A bank shall take appropriate steps in relation to the countries or jurisdictions its customers are from or in.
(c) A bank shall take appropriate steps in relation to the countries or jurisdictions the bank has operations in
(d) A bank shall take appropriate steps in relation to the products, services, transactions and delivery channels of the bank. -
Question 6 of 30
6. Question
Which of the following points are considered by a bank for Risk Mitigation while assessing risk and applying a risk-based approach?
I. A bank shall develop and implement policies, procedures and controls, which are approved by senior management, to enable the bank to effectively manage and mitigate the risks that have been identified by the bank or notified to it by the Authority or other relevant authorities in Singapore.
II. A bank shall monitor the implementation of its media strategy.
III. A bank shall perform enhanced measures where higher risks are identified, to effectively manage and mitigate those higher risks.
IV. A bank shall ensure that the performance of measures or enhanced measures to effectively manage and mitigate the identified risks address the risk assessment and guidance from the MAS Authority or other relevant authorities in Singapore.Correct
The following points are considered by a bank for Risk Mitigation while assessing risk and applying a risk-based approach:-
(a) A bank shall develop and implement policies, procedures and controls, which are approved by senior management, to enable the bank to effectively manage and mitigate the risks that have been identified by the bank or notified to it by the Authority or other relevant authorities in Singapore.
(b) A bank shall monitor the implementation of policies, procedures and controls, and enhance them if necessary.
(c) A bank shall perform enhanced measures where higher risks are identified, to effectively manage and mitigate those higher risks.
(d) A bank shall ensure that the performance of measures or enhanced measures to effectively manage and mitigate the identified risks address the risk assessment and guidance from the MAS Authority or other relevant authorities in Singapore.Incorrect
The following points are considered by a bank for Risk Mitigation while assessing risk and applying a risk-based approach:-
(a) A bank shall develop and implement policies, procedures and controls, which are approved by senior management, to enable the bank to effectively manage and mitigate the risks that have been identified by the bank or notified to it by the Authority or other relevant authorities in Singapore.
(b) A bank shall monitor the implementation of policies, procedures and controls, and enhance them if necessary.
(c) A bank shall perform enhanced measures where higher risks are identified, to effectively manage and mitigate those higher risks.
(d) A bank shall ensure that the performance of measures or enhanced measures to effectively manage and mitigate the identified risks address the risk assessment and guidance from the MAS Authority or other relevant authorities in Singapore. -
Question 7 of 30
7. Question
Which of the following criteria should be adopted by Fund Management Companies (FMCs) for the inclusion under the Central Provident Fund Investment Scheme (CPFIS)?
Correct
The Fund Management Companies (FMCs) have a minimum of three fund managers to cater the criteria for the inclusion under the Central Provident Fund Investment Scheme (CPFIS).
Incorrect
The Fund Management Companies (FMCs) have a minimum of three fund managers to cater the criteria for the inclusion under the Central Provident Fund Investment Scheme (CPFIS).
-
Question 8 of 30
8. Question
According to the Monetary Authority of Singapore (MAS) notice 626, a bank shall identify and assess the money laundering and terrorism financing risks that may arise in relation to which of the following areas?
I. A bank shall identify and assess in relation to the development of new products and new business practices, including new delivery mechanisms.
II. A bank shall identify and assess in relation to business outside Singapore.
III. A bank shall identify and assess in relation to the development of existing products and businesses.
IV. A bank shall identify and assess in relation to the use of new or developing technologies for both new and pre-existing products.Correct
According to the Monetary Authority of Singapore (MAS) notice 626, a bank shall identify and assess the money laundering and terrorism financing risks that may arise in relation to the following areas:-
(a) A bank shall identify and assess in relation to the development of new products and new business practices, including new delivery mechanisms.
(b) A bank shall identify and assess in relation to the use of new or developing technologies for both new and pre-existing products.Incorrect
According to the Monetary Authority of Singapore (MAS) notice 626, a bank shall identify and assess the money laundering and terrorism financing risks that may arise in relation to the following areas:-
(a) A bank shall identify and assess in relation to the development of new products and new business practices, including new delivery mechanisms.
(b) A bank shall identify and assess in relation to the use of new or developing technologies for both new and pre-existing products. -
Question 9 of 30
9. Question
What should be the transactional amount that a bank undertakes for any customer who has not otherwise established business relations with the bank and Customer due Diligence (CDD) will be performed?
Correct
The bank undertakes any transaction of a value exceeding S$20,000 for any customer who has not otherwise established business relations with the bank than Customer due Diligence (CDD) will be performed.
Incorrect
The bank undertakes any transaction of a value exceeding S$20,000 for any customer who has not otherwise established business relations with the bank than Customer due Diligence (CDD) will be performed.
-
Question 10 of 30
10. Question
How much fund amount a bank effects or receives by domestic wire transfer or by cross-border wire transfer for any customer who has not otherwise established business relations with the bank than Customer due Diligence (CDD) will be performed?
Correct
The bank effects or receives any funds by domestic wire transfer, or by cross-border wire transfer that exceeds S$1,500 for any customer who has not otherwise established business relations with the bank than Customer due Diligence (CDD) will be performed.
Incorrect
The bank effects or receives any funds by domestic wire transfer, or by cross-border wire transfer that exceeds S$1,500 for any customer who has not otherwise established business relations with the bank than Customer due Diligence (CDD) will be performed.
-
Question 11 of 30
11. Question
According to the Monetary Authority of Singapore (MAS) notice 626, which of the following information should be obtained by a bank for the identification of a customer?
I. Customer’s full name, including any aliases.
II. Customer’s unique identification number (such as an identity card number, birth certificate number or passport number, or where the customer is not a natural person, the incorporation number or business registration number).
III. Customer’s mobile number (residential or official).
IV. Customer’s date of birth, establishment, incorporation or registration (as may be appropriate).Correct
According to the Monetary Authority of Singapore (MAS) notice 626, the following information should be obtained by a bank for the identification of a customer:-
(a) Customer’s full name, including any aliases.
(b) Customer’s unique identification number (such as an identity card number, birth certificate number or passport number, or where the customer is not a natural person, the incorporation number or business registration number).
(c) Customer’s residential address, registered or business address and if different, principal place of business.
(d) Customer’s date of birth, establishment, incorporation or registration.
(e) Customer’s nationality, place of incorporation or place of registration.Incorrect
According to the Monetary Authority of Singapore (MAS) notice 626, the following information should be obtained by a bank for the identification of a customer:-
(a) Customer’s full name, including any aliases.
(b) Customer’s unique identification number (such as an identity card number, birth certificate number or passport number, or where the customer is not a natural person, the incorporation number or business registration number).
(c) Customer’s residential address, registered or business address and if different, principal place of business.
(d) Customer’s date of birth, establishment, incorporation or registration.
(e) Customer’s nationality, place of incorporation or place of registration. -
Question 12 of 30
12. Question
Where a customer is a legal person or legal arrangement, the bank shall identify the connected parties of the customer by obtaining which of the following information?
I. Date of birth, establishment, incorporation or registration of each connected party.
II. Unique identification number (such as an identity card number, birth certificate number or passport number of the connected party) of each connected party.
III. Nationality, place of incorporation or place of registration of each connected party.
IV. Full name, including any aliases of each connected party.Correct
Where a customer is a legal person or legal arrangement, the bank shall identify the connected parties of the customer by obtaining the following information:-
(a) Unique identification number (such as an identity card number, birth certificate number or passport number of the connected party) of each connected party.
(b) Full name, including any aliases of each connected party.Incorrect
Where a customer is a legal person or legal arrangement, the bank shall identify the connected parties of the customer by obtaining the following information:-
(a) Unique identification number (such as an identity card number, birth certificate number or passport number of the connected party) of each connected party.
(b) Full name, including any aliases of each connected party. -
Question 13 of 30
13. Question
For the purposes of ongoing monitoring, a bank shall put in place and implement adequate systems and processes, commensurate with the size and complexity of the bank for which of the following conditions?
I. To monitor its business relations with customers.
II. To detect suspicious, complex, unusually large or unusual patterns of transactions.
III. To monitor its business relations with other banks.
IV. To report suspicious, complex, unusually large or unusual patterns of transactions.Correct
For the purposes of ongoing monitoring, a bank shall put in place and implement adequate systems and processes, commensurate with the size and complexity of the bank for the following conditions:-
(a) To monitor its business relations with customers.
(b) To detect suspicious, complex, unusually large or unusual patterns of transactions.
(c) To report suspicious, complex, unusually large or unusual patterns of transactions.Incorrect
For the purposes of ongoing monitoring, a bank shall put in place and implement adequate systems and processes, commensurate with the size and complexity of the bank for the following conditions:-
(a) To monitor its business relations with customers.
(b) To detect suspicious, complex, unusually large or unusual patterns of transactions.
(c) To report suspicious, complex, unusually large or unusual patterns of transactions. -
Question 14 of 30
14. Question
Which of the following condition a bank shall not perform simplified Customer due Diligence (CDD) measures?
I. Where a customer or any beneficial owner of the customer is from or in a country or jurisdiction in relation to which the MAS has called for countermeasures.
II. Where a customer or any beneficial owner of the customer is from or in a country or jurisdiction known to have inadequate AML/CFT measures, as determined by the bank for itself or notified to banks generally by the Authority, or other foreign regulatory authorities
III. Where a customer or any beneficial owner of the customer is from or in a country or jurisdiction in relation to which the FATF has called for countermeasures.
IV. Where the bank suspects that money laundering or terrorism financing is involved.Correct
A bank shall not perform simplified Customer due Diligence (CDD) measures on the following conditions:-
(a) Where a customer or any beneficial owner of the customer is from or in a country or jurisdiction known to have inadequate AML/CFT measures, as determined by the bank for itself or notified to banks generally by the Authority, or other foreign regulatory authorities
(b) Where a customer or any beneficial owner of the customer is from or in a country or jurisdiction in relation to which the FATF has called for countermeasures.
(c) Where the bank suspects that money laundering or terrorism financing is involved.Incorrect
A bank shall not perform simplified Customer due Diligence (CDD) measures on the following conditions:-
(a) Where a customer or any beneficial owner of the customer is from or in a country or jurisdiction known to have inadequate AML/CFT measures, as determined by the bank for itself or notified to banks generally by the Authority, or other foreign regulatory authorities
(b) Where a customer or any beneficial owner of the customer is from or in a country or jurisdiction in relation to which the FATF has called for countermeasures.
(c) Where the bank suspects that money laundering or terrorism financing is involved. -
Question 15 of 30
15. Question
Where the bank performs simplified Customer due Diligence (CDD) measures in relation to a customer, any natural person appointed to act on behalf of the customer and any beneficial owner of the customer should document which of the following details?
I. It shall document the details of its risk assessment.
II. It shall document the customer’s full name, including any aliases.
III. It shall document the report of suspicious, complex, unusually large or unusual patterns of transactions.
IV. It shall document the nature of the simplified CDD measures.Correct
Where the bank performs simplified Customer due Diligence (CDD) measures in relation to a customer, any natural person appointed to act on behalf of the customer and any beneficial owner of the customer should document the following details:-
(a) It shall document the details of its risk assessment.
(b) It shall document the nature of the simplified CDD measures.Incorrect
Where the bank performs simplified Customer due Diligence (CDD) measures in relation to a customer, any natural person appointed to act on behalf of the customer and any beneficial owner of the customer should document the following details:-
(a) It shall document the details of its risk assessment.
(b) It shall document the nature of the simplified CDD measures. -
Question 16 of 30
16. Question
According to the Monetary Authority of Singapore (MAS) notice 626, which of the following statement describes the meaning of “close associate”?
Correct
According to the Monetary Authority of Singapore (MAS) notice 626, “close associate” means a natural person who is closely connected to a politically exposed person, either socially or professionally.
Incorrect
According to the Monetary Authority of Singapore (MAS) notice 626, “close associate” means a natural person who is closely connected to a politically exposed person, either socially or professionally.
-
Question 17 of 30
17. Question
According to the Monetary Authority of Singapore (MAS) notice 626, which of the following statement describes the meaning of “domestic politically exposed person”?
Correct
According to the Monetary Authority of Singapore (MAS) notice 626, “domestic politically exposed person” means a natural person has been entrusted domestically with prominent public functions.
Incorrect
According to the Monetary Authority of Singapore (MAS) notice 626, “domestic politically exposed person” means a natural person has been entrusted domestically with prominent public functions.
-
Question 18 of 30
18. Question
According to the Monetary Authority of Singapore (MAS) notice 626, which of the following statement describes the meaning of “foreign politically exposed person”?
Correct
According to the Monetary Authority of Singapore (MAS) notice 626, “foreign politically exposed person” means a natural person who is or has been entrusted with prominent public functions in a foreign country.
Incorrect
According to the Monetary Authority of Singapore (MAS) notice 626, “foreign politically exposed person” means a natural person who is or has been entrusted with prominent public functions in a foreign country.
-
Question 19 of 30
19. Question
According to the Monetary Authority of Singapore (MAS) notice 626, which of the following statement describes the meaning of “international organization politically exposed person”?
Correct
According to the Monetary Authority of Singapore (MAS) notice 626, “international organization politically exposed person” means a natural person has been entrusted with prominent public functions in an international organization.
Incorrect
According to the Monetary Authority of Singapore (MAS) notice 626, “international organization politically exposed person” means a natural person has been entrusted with prominent public functions in an international organization.
-
Question 20 of 30
20. Question
According to the Monetary Authority of Singapore (MAS) notice 626, which of the following is the form of “politically exposed person”?
I. A domestic politically exposed person.
II. A foreign politically exposed person.
III. A publically politically exposed person.
IV. An international organization politically exposed person.Correct
According to the Monetary Authority of Singapore (MAS) notice 626, “politically exposed person” means a domestic politically exposed person, foreign politically exposed person or international organization politically exposed person.
Incorrect
According to the Monetary Authority of Singapore (MAS) notice 626, “politically exposed person” means a domestic politically exposed person, foreign politically exposed person or international organization politically exposed person.
-
Question 21 of 30
21. Question
A bank may adopt a risk-based approach in determining whether to perform enhanced Customer due Diligence (CDD) measures or the extent of enhanced CDD measures to be performed for which of the following conditions?
I. For domestic politically exposed persons, their family members and close associates.
II. For persons working in banks in Chief Executive post, their family members and close associates.
III. For international organizations politically exposed persons, their family members and close associates.
IV. For politically exposed persons who have stepped down from their prominent public functions, their family members and close associates.Correct
A bank may adopt a risk-based approach in determining whether to perform enhanced Customer due Diligence (CDD) measures or the extent of enhanced CDD measures to be performed for the following conditions:-
(a) For domestic politically exposed persons, their family members and close associates.
(b) For international organizations politically exposed persons, their family members and close associates.
(c) For politically exposed persons who have stepped down from their prominent public functions, their family members and close associates.Incorrect
A bank may adopt a risk-based approach in determining whether to perform enhanced Customer due Diligence (CDD) measures or the extent of enhanced CDD measures to be performed for the following conditions:-
(a) For domestic politically exposed persons, their family members and close associates.
(b) For international organizations politically exposed persons, their family members and close associates.
(c) For politically exposed persons who have stepped down from their prominent public functions, their family members and close associates. -
Question 22 of 30
22. Question
According to the Monetary Authority of Singapore (MAS) notice 626, how many banks should rely on a third party to conduct ongoing monitoring of business relations with customers?
Correct
According to the Monetary Authority of Singapore (MAS) notice 626, no bank shall rely on a third party to conduct ongoing monitoring of business relations with customers.
Incorrect
According to the Monetary Authority of Singapore (MAS) notice 626, no bank shall rely on a third party to conduct ongoing monitoring of business relations with customers.
-
Question 23 of 30
23. Question
According to the Monetary Authority of Singapore (MAS) notice 626, where the correspondent banking or other similar services involve a payable-through account, the correspondent bank should satisfy which of the following conditions?
I. The correspondent bank should satisfy that the respondent financial institution has performed appropriate measures on the third party having direct access to the payable-through account.
II. The correspondent bank should satisfy that the respondent financial institution is able to perform ongoing conduct of its banking relations with that third party and is willing and able to provide CDD information to the correspondent bank upon request.
III. The correspondent bank should satisfy that the respondent financial institution has performed appropriate measures on the third party having limited access to the payable-through account.
IV. The correspondent bank should satisfy that the respondent financial institution is able to perform ongoing monitoring of its business relations with that third party and is willing and able to provide CDD information to the correspondent bank upon request.Correct
According to the Monetary Authority of Singapore (MAS) notice 626, where the correspondent banking or other similar services involve a payable-through account, the correspondent bank should satisfy the following conditions:-
(a) The correspondent bank should satisfy that the respondent financial institution has performed appropriate measures on the third party having direct access to the payable-through account.
(b) The correspondent bank should satisfy that the respondent financial institution is able to perform ongoing monitoring of its business relations with that third party and is willing and able to provide CDD information to the correspondent bank upon request.Incorrect
According to the Monetary Authority of Singapore (MAS) notice 626, where the correspondent banking or other similar services involve a payable-through account, the correspondent bank should satisfy the following conditions:-
(a) The correspondent bank should satisfy that the respondent financial institution has performed appropriate measures on the third party having direct access to the payable-through account.
(b) The correspondent bank should satisfy that the respondent financial institution is able to perform ongoing monitoring of its business relations with that third party and is willing and able to provide CDD information to the correspondent bank upon request. -
Question 24 of 30
24. Question
According to the Monetary Authority of Singapore (MAS) notice 626, which of the following statement describes the meaning of “straight-through processing”?
Correct
According to the Monetary Authority of Singapore (MAS) notice 626, “straight-through processing” means payment transactions that are conducted electronically without the need for manual intervention.
Incorrect
According to the Monetary Authority of Singapore (MAS) notice 626, “straight-through processing” means payment transactions that are conducted electronically without the need for manual intervention.
-
Question 25 of 30
25. Question
A bank shall take all appropriate steps to ensure that its employees and officers (whether in Singapore or elsewhere) are regularly and appropriately trained on which of the following conditions?
I. Trained on AML/CFT laws and regulations, and in particular, CDD measures, detecting and reporting of suspicious transactions.
II. Trained on prevailing techniques, methods and trends in money laundering and terrorism financing.
III. Trained on business conduct, media strategy and banking operations.
IV. Trained on the bank’s internal policies, procedures and controls on AML/CFT and the roles and responsibilities of employees and officers in combating money laundering and terrorism financing.Correct
A bank shall take all appropriate steps to ensure that its employees and officers (whether in Singapore or elsewhere) are regularly and appropriately trained on the following conditions:-
(a) Trained on AML/CFT laws and regulations, and in particular, CDD measures, detecting and reporting of suspicious transactions.
(b) Trained on prevailing techniques, methods and trends in money laundering and terrorism financing.
(c) Trained on the bank’s internal policies, procedures and controls on AML/CFT and the roles and responsibilities of employees and officers in combating money laundering and terrorism financing.Incorrect
A bank shall take all appropriate steps to ensure that its employees and officers (whether in Singapore or elsewhere) are regularly and appropriately trained on the following conditions:-
(a) Trained on AML/CFT laws and regulations, and in particular, CDD measures, detecting and reporting of suspicious transactions.
(b) Trained on prevailing techniques, methods and trends in money laundering and terrorism financing.
(c) Trained on the bank’s internal policies, procedures and controls on AML/CFT and the roles and responsibilities of employees and officers in combating money laundering and terrorism financing. -
Question 26 of 30
26. Question
There should be a clear and detailed set of documented AML/CFT policies and procedures in place that incorporates which of the following elements?
I. Minimum customer due diligence and screening procedures.
II. Minimum documentation of screening results.
III. Minimum assessment, escalation and reporting of suspicious transactions.
IV. Minimum frequency and recipients of AML/CFT-related training.Correct
There should be a clear and detailed set of documented AML/CFT policies and procedures in place that incorporate the following elements:-
(a) Minimum customer due diligence and screening procedures;
(b) Minimum documentation of screening results;
(c) Minimum assessment, escalation and reporting of suspicious transactions; and
(d) Minimum frequency and recipients of AML/CFT-related training.Incorrect
There should be a clear and detailed set of documented AML/CFT policies and procedures in place that incorporate the following elements:-
(a) Minimum customer due diligence and screening procedures;
(b) Minimum documentation of screening results;
(c) Minimum assessment, escalation and reporting of suspicious transactions; and
(d) Minimum frequency and recipients of AML/CFT-related training. -
Question 27 of 30
27. Question
What should be the time interval, the anti-money laundering and countering the financing of terrorism (AML/CFT) policies and procedures should be reviewed by the board of directors and senior management?
Correct
The anti-money laundering and countering the financing of terrorism (AML/CFT) policies and procedures should be reviewed regularly by the board of directors and senior management. These policies should be reviewed whenever there are changes in regulations or if there is a significant change in the insurer’s business strategies.
Incorrect
The anti-money laundering and countering the financing of terrorism (AML/CFT) policies and procedures should be reviewed regularly by the board of directors and senior management. These policies should be reviewed whenever there are changes in regulations or if there is a significant change in the insurer’s business strategies.
-
Question 28 of 30
28. Question
Which of the following medium should be used for the anti-money laundering and countering the financing of terrorism (AML/CFT) related training of the board of directors, employees and agents of the insurer?
I. Training may take in the form of books.
II. Training may take in the form of seminars.
III. Training may take in the form of lectures.
IV. Training may take in the form of e-learning modules.Correct
Regular anti-money laundering and countering the financing of terrorism (AML/CFT)-related training should be conducted for the board of directors, employees and agents (where applicable) of the insurer. Such training may take the form of seminars, e-learning modules.
Incorrect
Regular anti-money laundering and countering the financing of terrorism (AML/CFT)-related training should be conducted for the board of directors, employees and agents (where applicable) of the insurer. Such training may take the form of seminars, e-learning modules.
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Question 29 of 30
29. Question
Within how many days a Suspicious Transaction Report (STR) should be filed, if the insurer has assessed that the matter should be referred to the Suspicious Transaction Reporting Office (STRO)?
Correct
A Suspicious Transaction Report (STR) should be filed within 15 business days of the case being referred by the relevant officer, employee or agent if the insurer has assessed that the matter should be referred to the Suspicious Transaction Reporting Office (STRO), unless the circumstances are exceptional or extraordinary. The decision as to whether to refer the matter to the STRO should be regardless of the amount of the transaction.
Incorrect
A Suspicious Transaction Report (STR) should be filed within 15 business days of the case being referred by the relevant officer, employee or agent if the insurer has assessed that the matter should be referred to the Suspicious Transaction Reporting Office (STRO), unless the circumstances are exceptional or extraordinary. The decision as to whether to refer the matter to the STRO should be regardless of the amount of the transaction.
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Question 30 of 30
30. Question
The Suspicious Transaction Report (STR) templates are available on which of the following medium?
Correct
The Suspicious Transaction Report (STR) reporting templates are available on the Commercial Affairs Department’s website.
Incorrect
The Suspicious Transaction Report (STR) reporting templates are available on the Commercial Affairs Department’s website.