Under the MAS Notice FAA-N06 (Prevention of Money Laundering and Countering the Financing of Terrorism – Financial Advisers), a financial adviser shall exercise due diligence when dealing with which of the following type of persons?

I. A financial adviser shall exercise due diligence when dealing with connected parties of the customer.
II. A financial adviser shall exercise due diligence when dealing with natural persons appointed to act on the customer’s behalf.
III. A financial adviser shall exercise due diligence when dealing with natural persons appointed to act as other than customers.
IV. A financial adviser shall exercise due diligence when dealing with customers.

Under the MAS Notice FAA-N06 (Prevention of Money Laundering and Countering the Financing of Terrorism – Financial Advisers), a financial adviser shall take appropriate steps to identify, assess and understand, its money laundering and terrorism financing risks in relation to which of the following authorities?

I. A financial adviser shall take appropriate steps in relation to its money laundering and terrorism financing risks in relation to its companies.
II. A financial adviser shall take appropriate steps in relation to its money laundering and terrorism financing risks in relation to the countries or jurisdictions its customers are from or in.
III. A financial adviser shall take appropriate steps in relation to its money laundering and terrorism financing risks in relation to the countries or jurisdictions the financial adviser has operations in.
IV. A financial adviser shall take appropriate steps in relation to its money laundering and terrorism financing risks in relation to the products, services, transactions and delivery channels of the financial adviser.

A financial adviser shall develop and implement policies, procedures and controls to enable effectively manage and mitigate the risks, these policies, procedures and controls are approved by which of the following authority?

Under the MAS Notice FAA-N06 (Prevention of Money Laundering and Countering the Financing of Terrorism – Financial Advisers), which of the following occasions the Customer Due Diligence (CDD) is to be performed?

I. A financial adviser shall perform the CDD when the financial adviser establishes business relations with any customer.
II. A financial adviser shall perform the CDD when there is a suspicion of money laundering or terrorism financing.
III. A financial adviser shall perform the CDD when the financial adviser is going on vacations outside Singapore.
IV. A financial adviser shall perform the CDD when the financial adviser has doubts about the veracity or adequacy of any information previously obtained.

Where a customer appoints one or more natural persons to act on his behalf in establishing business relations with a financial adviser, the financial adviser shall identify each natural person who acts on behalf of the customer by obtaining at least which of the following type of information?

I. Information related to natural person’s full name, including any aliases.
II. Information related to natural person’s unique identification number (such as an identity card number, birth certificate number or passport number).
III. Information related to natural person’s residential address.
IV. Information related to natural person’s e-mail address.

If a customer is a Singapore’s Government entity, which of the following type of information should be obtained by the financial adviser from the customer?

In the case of a joint account, which of the following action shall be performed by a financial adviser on all of the joint account holders as if each of them were individually customers of the financial adviser?

Under the MAS Notice FAA-N06 (Prevention of Money Laundering and Countering the Financing of Terrorism – Financial Advisers), the assessment of low risks shall be supported by an adequate analysis of risks by which of the following authority?

Under the MAS Notice FAA-N06 (Prevention of Money Laundering and Countering the Financing of Terrorism – Financial Advisers), the simplified Customer Due Diligence (CDD) measures shall be commensurate with the level of risk based on the risk factors that are identified by which of the following authority?

Where the financial adviser 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, which of the following type of information shall be documented?

I. It shall document the details of its risk assessment.
II. It shall document the address of the customer.
III. It shall document the name of the customer.
IV. It shall document the nature of the simplified CDD measures.

Under the MAS Notice FAA-N06 (Prevention of Money Laundering and Countering the Financing of Terrorism – Financial Advisers), which of the following statement identifies the meaning of “close associate” in relation to Politically Exposed Persons?

Under the MAS Notice FAA-N06 (Prevention of Money Laundering and Countering the Financing of Terrorism – Financial Advisers), which of the following statement identifies the meaning of “domestic politically exposed person” in relation to Politically Exposed Persons?

Under the MAS Notice FAA-N06 (Prevention of Money Laundering and Countering the Financing of Terrorism – Financial Advisers), which of the following statement identifies the meaning of “family member” in relation to Politically Exposed Persons?

Under the MAS Notice FAA-N06 (Prevention of Money Laundering and Countering the Financing of Terrorism – Financial Advisers), which of the following statement identifies the meaning of “foreign politically exposed person” in relation to Politically Exposed Persons?

Under the MAS Notice FAA-N06 (Prevention of Money Laundering and Countering the Financing of Terrorism – Financial Advisers), which of the following statement identifies the meaning of “international organization politically exposed person” in relation to Politically Exposed Persons?

Under the MAS Notice FAA-N06 (Prevention of Money Laundering and Countering the Financing of Terrorism – Financial Advisers), which of the following statement identifies the meaning of “politically exposed person”?

In the Monetary Authority of Singapore (MAS), 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).

According to the Financial Advisers (Remuneration) Regulations 2015, which of the following statement best describes the term “financial adviser”?

I. A “financial adviser” means a clearing financial adviser.
II. A “financial adviser” means a banking financial adviser.
III. A “financial adviser” means a licensed financial adviser.
IV. A “financial adviser” means an exempt financial adviser.

According to the Financial Advisers (Remuneration) Regulations 2015, which of the following statement best describes the term “pure protection policy”?

I. A “pure protection policy” means a life policy that has no surrender value.
II. A “pure protection policy” means a life policy the policy money of which is payable only on death.
III. A “pure protection policy” means a life policy the policy money of which is payable only for incapacity due to injury, sickness or infirmity.
IV. A “pure protection policy” means a life policy that has a surrender value.

According to the Financial Advisers (Remuneration) Regulations 2015, which of the following statement best describes the meaning of “relevant person”?

I. A “relevant person” means a chief executive officer (CEO).
II. A “relevant person” means a representative of a financial adviser.
III. A “relevant person” means a supervisor of a financial adviser.
IV. A “relevant person” means a financial adviser.

According to the Financial Advisers (Remuneration) Regulations 2015, which of the following statement best describes the meaning of “single premium life policy”?

I. The premium of which is payable as a lump sum on or after the date of commencement of coverage under the policy.
II. All premiums of which are payable within a period of no more than 12 months starting from the date of commencement of coverage under the policy.
III. The premium of which is payable as a lump sum on or before the date of commencement of coverage under the policy.
IV. All premiums of which are payable within a period of no more than 6 months starting from the date of commencement of coverage under the policy.

According to the Financial Advisers (Remuneration) Regulations 2015, which of the following statement best describes the meaning of “specified life policy”?

I. The policy owner is not an individual unless the individual holds the policy in the individual’s capacity as a sole proprietor.
II. A life policy in respect of which there are 2 or more insured persons.
III. The premium of which is payable as a lump sum on or before the date of commencement of coverage under the policy.
IV. A life policy in respect of which there only one insured persons.

The notice on the distribution of Direct Purchase Insurance Products (DPI) issued pursuant to section 58 of the Financial Advisers Act (Cap. 110) is applies to which of the following authorities?

I. The Notice applies to a licensed financial adviser.
II. The Notice applies to a chief executive officer.
III. The Notice applies to an exempt financial adviser.
IV. The Notice applies to a representative of a financial adviser.

A relevant person may request payment or accept remuneration if the financial advisory service is provided to which of the following investors?

I. The financial advisory service is provided to an exempt investor.
II. The financial advisory service is provided to an expert investor.
III. The financial advisory service is provided to an accredited investor.
IV. The financial advisory service is provided to an institutional investor.

A relevant person may request payment or accept remuneration if the payment or remuneration is not dependent whether directly or indirectly on which of the following conditions?

I. The number of contracts entered into for the sale of any type of investment product.
II. The value of contracts entered into for the sale of any type of investment product.
III. The financial advisory service is provided to an institutional investor.
IV. The financial advisory service is provided to an accredited investor.

Which of the following factors should be considered by the Monetary Authority of Singapore (MAS) while assessing an application by the applicant for a financial adviser (FA) license?

I. Fitness and propriety of the applicant, its shareholders and directors.
II. Track record, management expertise and financial soundness of the applicant and its parent company or major shareholders.
III. Ability to meet the minimum financial requirements and professional indemnity insurance requirements prescribed under the Financial Advisers Act (FAA).
IV. Strength of external compliance systems.

Which of the following factors should be considered by the Monetary Authority of Singapore (MAS) while assessing an application by the applicant for a financial adviser (FA) license?

I. Minimum of 3 directors, at least one of whom is resident in Singapore.
II. Chief Executive Officer with at least 10 years of relevant experience, of which at least 5 years must have been in a managerial capacity and is resident in Singapore.
III. Minimum of 3 full-time Singapore-based individuals with at least 5 years of relevant working experience.
IV. Minimum of 2 directors, at least one of whom is resident in Singapore.

Which of the following amount of base capital requirement should be maintained by a company that holds financial adviser (FA)’s licence and advises others by issuing or promulgating research analyses reports concerning investment?

Which of the following amount of base capital requirements should be maintained by a company that holds a financial adviser (FA)’s license and performing other types financial advisory activities?

I. Require to maintain a minimum base capital of S$500,000.
II. Require to maintain a lower base capital of S$300,000.
III. Require to maintain additional professional indemnity insurance of S$500,000.
IV. Require to maintain a minimum base capital of S$250,000.

Which of the following amount of financial resources requirements should be maintained by a company that holds a financial adviser (FA)’s license?

I. Should maintain financial resources that are the higher of 1¼ of your relevant annual expenditure of the preceding financial year.
II. Should maintain financial resources that are the higher of S$150,000.
III. Should maintain financial resources that are the higher of S$250,000.
IV. Should maintain financial resources that are the higher of ¼ of your relevant annual expenditure of the preceding financial year.