b) Misconduct in, or misuse of information relating to, a financial market; or What is a Suspicious Activity Report? The Financial Action Task Force (FATF) is an: – (fill in the blanks), ‘Independent _________________ organisation that develops ___________ to combat money-laundering and _______________ financing.’, 8. Learning how the candidate approaches this task will tell you a lot about how prepared they are to take on the role. Reading comprehension plays a crucial role on this test. Assessments should be a continual part of any organisation and delivered as part of induction programmes, after training and on a rolling basis as part of a standard compliance regime. This is a 20 question test regarding BSA. Submitting an SAR to the NCA ensures compliance with the obligations a firm has under the Proceeds of Crime Act 2002 (POCA). Our ready-to-use question and answer assessments come with beginner, intermediate and advanced style questions on the specific compliance areas and through detailed and expertly developed answers sheets, also aim to teach as well as test. Which of the This is not classed as a generalisation of all public figures or functions, however, due to their position and the influence that they may hold, more extensive levels of due diligence are required. Such monies are then moved through legitimate businesses and sources to make it appear ‘clean’. Spell. Risk assessment mitigate many risks, especially those associated with terrorist funding and money laundering. 8. Performing due diligence on all commercial and individual clients and/or suppliers is an essential control for counteracting financial crime. The UK has four main Acts made by Parliament that govern money laundering, financial crime and terrorist funding. No consultant or advisor can completely substitute for that. Free consultations. In response to this Directive, the UK drafted The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, which came into force along with the 4MLD on 26th June 2017. You are free to edit and use the document however suits your business type and needs, however we would suggest printing the quiz for hard copy use and then using the answer paper to mark the assessment and discuss the answers with the employee where gaps have been identified. ... BSA Test with Answer Sheet. To address these risks, FATF Recommendations 12 and 22 require countries to ensure that financial institutions and designated non-financial businesses and professions (DNFBPs) implement measures to prevent the misuse of the financial system and non-financial businesses and professions by PEPs, and to detect such potential abuse if it occurs.”. Complete the below suggested measures: –, a) Deterrence by applying appropriate customer _____ _________________ measures Employer Supervisor Worker Preparing health and safety policies Providing and maintaining Personal Protective Equipment Information on the Skills Assessment test as the next phase in the hiring process. ________________________________________________________          (4 marks). This Bank Secrecy Act risk assessment seminar will highlight BSA best practices that are being acknowledged and recognized by regulators and examiners and will discuss each risk assessment area. The correct answers are provided at the end of this document. Please try again in a few minutes. The appointed person is known as the Money Laundering Reporting Officer (MLRO). January 10, 2012. “The potential risks associated with PEPs justify the application of additional anti-money laundering/counter-terrorist financing (AML/CFT) preventive measures with respect to business relationships with PEPs. With regards to money laundering and in the finance and credit industries, a PEP is a “Politically Exposed Person”, which is someone entrusted with a prominent public function and as such, can pose a higher risk for being involved in bribery and/or corruption. In June 2015, the European Union’s Fourth Anti-Money Laundering Directive (EU) (2015/849) (MLD4) came into force, requiring member states to update their current money laundering regulations and transpose the changes into local law. Preparing for the assessment is essential for a … There are many types of financial crime and some responses may be more specific than those provided above (e.g. There are many different versions of the supervisory skills exam. What to look for in an answer: Number-related – Arithmetic and numerical reasoning, including numerical data analysis involving percentages, ratios, interest rates, tables, word problems, chart. I've heard from several people at my company who have taken the test, that one part is with a live person and everyone I've talked to says this part is what they scored the lowest in. This is the end of the test 1 answer paper. b) You carry out an ‘occasional transaction’ worth €10,000 or more Write. c) Carrying out ______ _______________ that identify areas vulnerable to money laundering and terrorist financing. Behavior – Integrity and other personality traits, Leadership/Decision-Making/Managing Others. A SAR is a Suspicious Activity Report, a piece of information which alerts law enforcement that certain client/customer activity is in some way suspicious and might indicate money laundering or terrorist financing. 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