Anti Money Laundering and Know Your Customer MCQs Part 2

Test Questions of AML/KYC Regulatory Compliance by the Financial Institutions including Banks, MSBs, Money Gateways etc.

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Anti Money Laundering and Know Your Customer MCQs Part 2

What You Will Learn!

Understand the roles and responsibilities of Board of Directors in Implementation of AML/KYC Framework
Understand the roles and responsibilities of Compliance Committee in AML/KYC Regime
Understand the Customer Due Diligence (CDD) and Know Your Customer (KYC)
Understand the roles and responsibilities of Chief Compliance Officer (CCO) in Implementation of AML/KYC Framework
Understand the routine roles and responsibilities of Chief Compliance Officer (CCO) and Compliance Team in ensuring AML/KYC compliance
Understand the need to appoint MLRO or Compliance Officer by Financial Institutions

Description

The MCQs are designed to provide you with and test your practical knowledge about the "Roles and Responsibilities of the Board of Directors, the Compliance Committee, and the Chief Compliance Officer (CCO)/ Money Laundering Reporting Officer (MLRO)" in the implementation of the AML/KYC Framework.

If you are working or planning to join the Compliance profession in any organization, then this test will enhance your knowledge and enable you to link your knowledge with practical compliance culture and practices.

This course is important because due to the significant number of money laundering and terrorist financing incidents that occurred in financial institutions, including banks, MSBs, Payment Gateways, Money Exchanges, etc., the regulators are constantly enhancing the AML/KYC regulatory laws and requirements and so the organizations.

To comply with AML/KYC requirements, the organizations such as financial institutions are required to develop and implement Compliance Culture, Compliance Program, Compliance Policies, Compliance Committee, Compliance Function, and appoint the Chief Compliance Officer (CCO). These requirements are necessary because these are the Anti Money Laundering and Terrorist Financing regulatory requirements, to ensure that criminals including money launderers and terrorists are not onboarded.

Concepts Tested in this Part 2 MCQs:

In this Part (Part 2) of the MCQs on AML/KYC, you will learn the roles and responsibilities of different governing bodies and functions in the implementation of the AML/KYC Framework and requirements:

· Board of Directors,

· Compliance Committee,

· Chief Compliance Officer (CCO) / MLROs.

The questions are designed to enable you to learn how practically people work in an organization, to ensure that AML/KYC laws and regulatory requirements are implemented and the risk of onboarding criminals is avoided or minimized. The questions will enable you to learn the practical concepts that Compliance Professionals know and practice in their daily work activities. You will learn how the Board of Directors works, how Compliance Committee works as per its defined TORs, how the Chief Compliance Officer works to ensure Regulatory Compliance, and the role of Account Opening teams in the implementation of the AML/KYC Framework.

Benefits of attending the Course:

Understanding of AML/KYC regulatory requirements and Roles of Board of Directors, Compliance Committee, and Chief Compliance Officer (CCO) in the implementation of AML/KYC Framework,

Knowledge gained for the job in AML/KYC functions,

Lifetime access to the MCQs

Who Should Attend?

1. Compliance professionals,

2. MLRO, and AML Officers,

3. Account Opening Officers,

4. Internal Auditors,

5. Internal Controls Specialists,

6. CAMS students,

7. Regulatory compliance students.