In relationship to life insurance business, the third European Directive states that Member States may allow the identity verification of the beneficiary under the policy after the business relationship has been established, but before which events?

• A.At or before 30 days of the relationship being established under the policy
• B.At or before the policy is issued to the beneficiary by the insurance company
• C.At or before a premium payment has been accepted for the policy purchased
• D.At or before the time of payout or before the beneficiary intends to exercise rights vested under the policy

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What are the regulatory risks to a bank employee who willfully violates anti-money laundering laws?

• A.Investigation and reputational damage
• B.Fines and suspension from the industry
• C.Criminal investigation and imprisonment
• D.Enforcement actions including fines against the financial institution

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What is an essential element of Know Your Customer (KYC) standards according to the Basel Committee's Customer Due Diligence for Banks paper?

• A.Annual staff training
• B.A customer acceptance policy
• C.The same KYC requirements must be applied in all cases
• D.All completed KYC documents must be reviewed by a senior manager not involved in the account opening process

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Which statement is true regarding the Financial Action Task Force standards for suspicious activity reports (SARs) information sharing within a financial group?

• A.Financial institutions should establish sufficient safeguards concerning the confidentiality of information shared for AML purposes.
• B.Financial institutions must require approval from regulators to share SARs information and supporting documentation.
• C.Financial institutions must retain copies of SARs and supporting documentation for five years from the date of filing the SARs.
• D.Financial institutions cannot share customer information at all since it is confidential.

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In many jurisdictions, financial institutions are prohibited from hiring a person who has been convicted of what type of offense?

• A.Kidnapping
• B.Offenses involving dishonesty
• C.Driving while under the influence
• D.Protests of government action

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