Shell and Shelf Companies are usually what level of customer risk?

• A.Low.
• B.Immediately Rejected due to their business profile.
• C.High.
• D.Medium.

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What is the Third Line of Defense? (TLOD)

• A.The _______ line of defense is also known as the front line, these customer-facing employees are best-equipped to get the information you need for your customer due diligence. Can include Operations, risk, and control teams.
• B.The ________ line of defense is internal audit. They perform an independent review of the controls applied by the lines of defense.
• C.The _______ line of defense is the compliance and internal control functions. That includes the chief money laundering reporting officer, or MLRO, in charge of managing and monitoring AML and CFT activities.

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A shell company or corporation is a company that, at the time of incorporation, has no significant? (SELECT 2)

• A.Employees.
• B.Operations.
• C.Assets.
• D.Funds.

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The five components of the internal control framework are the overall control environment are risk assessment, control activities, communication, regulations, quality assurance?

• A.Yes.
• B.No.

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For AML purposes, most jurisdictions require that beneficial ownership be collected at a threshold of (SELECT 2)

• A.10% sometimes for high risk customers
• B.15%
• C.25%
• D.20%

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