From an international standards perspective both the EU and Financial Action Task Force (FATF) consider data sharing a crucial component of effective anti-money laundenng measures because data sharing:

• A.helps financial institutions to be more effective in fighting crime with data analysis
• B.needs to be approved by the Financial Intelligence Unit (FIU) before sharing between financial institutions
• C.allows Financial Intelligence Units (FlUs) to enact sanctions against perpetrators of financial crime
• D.promotes financial transparency and protects the integrity of the financial systems

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During a routine periodic KYC refresh of a policyholder and client of an insurance company, updated business registry documentation has highlighted that the policyholder's business has changed addresses five times during the last year and that the ultimate beneficial owner (UBO) changed two weeks ago.
What actions should be taken immediately?

• A.Investigate the changes of address and change of UBO and in the meantime decline payment and withdrawal instructions from the policy until completion of the investigation and next steps are agreed upon
• B.Request the relationship manager set up a meeting with the policyholder to update their address and submit details of the new UBO in the name of good customer service
• C.Investigate the changes of address and change of UBO and in the meantime freeze the client's policy
• D.File a suspicious transaction report because the insurance company was not made aware of the business' change of UBO

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A sound AML compliance program requires a comprehensive governance framework that addresses key elements to ensure the integrity of the financial system.
Which element forms the starting point of an effective AML compliance program?

• A.Ongoing monitoring
• B.Risk assessment
• C.Policies and procedures
• D.Suspicious activity reporting
• E.Customer due diligence

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Which should be provided to the board of directors or designated specialized committee when preparing suspicious activity reports (SARs)?

• A.Copies of all SARs filed during the reported period
• B.All possible details of SARs filed during the reported period
• C.Statistical data regarding SARs filed during the reported period
• D.Names of all customers subject to SARs filed during the reported period

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Which of the following businesses require enhanced or additional scenarios for identifying anomalous transactions? (Select Two.)

• A.Companies operating in cash intense businesses not subject to licensing requirement
• B.Companies operating retail shops countrywide
• C.Companies operating in cash intense businesses subject to licensing requirement
• D.Companies producing pharmaceutical products and medical devices, companies active in the mining industry
• E.Companies operating hospitals and health-care services

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