| Compliance | AML | On-Boarding & Sanctions | Millennium | High - Risk & High - Return |
|---|---|---|---|---|
|
6 years
The retention period for the DFSA is...
|
What is Placement (Money Laundering)
this is the process where dirty money is integrated into the financial system
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What is Risk-Based Approach
An assessment of money laundering risks and adoption of a proportionate response to such risks. The opposite of a tick box approach
|
Yes
If a prospective client is a Professional client, can we initiate business relationship?
|
No
Upon the absence of the MLRO, the Deputy MLRO can replace his/her duties
|
|
What is Insurance Intermediation
- advising on a contract of insurance
- acting as agent - making arrangements - operating as insurance aggregation site |
What is money laundering
the process by which illegally obtained money is given the appearance of having originated from a legitimate source
|
What are High Risk Customers
Charities, non-profit organisations, financial institutions in high risk jurisdictions, PEPs, complex corporate structures, SPVs
|
No
The SEO, as the main responsible for the company, can approve a client to be on-boarded
|
No
Qatar has been sanctioned by the UN and therefore a restriction has been applied
|
|
What is the "regulatory status"
Regulated by the DFSA
|
To inform any person that he is being scrutinised for possible involvement in suspicious activity related to money laundering, or that any other competent authority is investigating his possible involvement in suspicious activity relating to money laundering
What is tipping-off
|
What are Automatic Decline Customers
Shell companies;
Bearer share companies; PEPs of high risk countries; Nominee shareholders or directors |
Wrong!!!!!!!!!!!!!!!!!
We can receive clients' money only if our HQ provide in writing the approval and the Board approves as well
|
Who is ultimately responsible for the company?
The Board of Directors
|
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Classification should be done....
Before the business relationship starts
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What is an MLRO
An individual with responsibility for implementation and oversight of a Firm's compliance with the rules in AML Module, who has an appropriate level of seniority and independence to act in the role
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1. UAE government
2. Central Bank of UAE 3. FATF 4. DFSA 5. UAE authorities
We should comply with findings, recommendations, guidance, etc issued by:
|
Wrong
The SEO can underwrite a risk, if the underwriter is on a leave....
|
No
The BoD can approve a client if the CO/MLRO has rejected this client based on the DFSA regulations
|
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No clients' money
No claims settlement No retail business
3 Major Restrictions based on our licence
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1. Not carry out a transaction
2. Terminate the business relationship 3. SAR (if essential)
What should we do if we fail to complete a due diligence?
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1. He/she knows;
2. He/she suspects 3. He/she has reasonable grounds for knowing or suspect
When an employee should submit a SAR?
|
All the above
Breach is:
1. Violation of the DFSA regulations 2. Not appropriate implementation (due to misunderstanding) of the UAE AML laws 3. Unintentional mistakes related to internal policies 4. Failure of submissions due to IT problems, or public holiday |
Wrong
The CO/MLRO reports directly to the Board for KYC, AML issues and to the SEO for all the rest
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