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).

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.

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.

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.

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.

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.

Which of the following criteria should be adopted by Fund Management Companies (FMCs) for the inclusion under the Central Provident Fund Investment Scheme (CPFIS)?

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.

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?

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?

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).

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.

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.

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.

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.

According to the Monetary Authority of Singapore (MAS) notice 626, which of the following statement describes the meaning of “close associate”?

According to the Monetary Authority of Singapore (MAS) notice 626, which of the following statement describes the meaning of “domestic politically exposed person”?

According to the Monetary Authority of Singapore (MAS) notice 626, which of the following statement describes the meaning of “foreign politically exposed person”?

According to the Monetary Authority of Singapore (MAS) notice 626, which of the following statement describes the meaning of “international organization politically exposed person”?

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.

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.

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?

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.

According to the Monetary Authority of Singapore (MAS) notice 626, which of the following statement describes the meaning of “straight-through processing”?

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.

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.

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?

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.

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)?

The Suspicious Transaction Report (STR) templates are available on which of the following medium?