Combating Financial Crime – Quiz 08

Last Updated: June 2024

Table of Contents

CISI – Combating Financial Crime Quiz 08 is covered –
know the relevant risk factors firms may consider before commencing business relationships • nature and purpose of the relationship • source of introduction• company structure • political connections • country risk • establishing beneficial ownership • the customer’s or beneficial owner’s reputation • source of funds/ source of wealth • expected account activity • sector risk • involvement in public contracts • charities, voluntary and not-for-profit bodies
understand the risks from counterparties with opaque corporate and ownership structures
understand what measures can be adopted to minimise financial crime opportunities within a firm • conflicts of interest policies • compliance monitoring • information barriers • restricting physical access • limiting access to data • effective sign off protocols • gifts and entertainment policies • remuneration policies • objective audit processes • I.T. security • whistleblowing • employee vetting • penetration testing and vulnerability assessment • secure disposal • staff training • segregation of duties
understand how internal policies and procedures on CFC are formulated: • laws and regulations • regulators’ handbooks • relevant codes of conduct • sector and regulatory guidance
know effective techniques for conducting due diligence on: • directors • employees • contractors • service providers
know the additional measures financial services firms can take to manage the risk of financial crime originated or enabled by an employee • raising awareness • improving the management of I.T. privileges for joiners, movers and leavers • classifying and segmenting data • embedding ethical practice in relation to data security • implementing whistleblowing procedures
know the role industry groups and guidance bodies play in facilitating practical solutions for business
understand how auditing contributes to corporate governance, accounting and reporting requirements • audit committees • internal audit • external auditors
know financial services firms’ responsibilities for dealing with regulatory and other relevant authorities • protection of customer confidentiality • responses to information requests • responses to investigation orders • civil recovery, forfeiture and confiscation • global investigation, prosecution and confiscation • presentation of evidence in court • transparency and communication with regulator
know the role of the Money Laundering Reporting Officer (MLRO) and the Nominated Officer (NO) or equivalents

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