Convincing Features
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Question 1 . Outline the meaning of the terms identification and verification as a part of CDD. Explain, with examples, how a lack of comprehensive documentation of customer information may affect other AML/CFT controls and the inability to identify and mitigate potential money laundering/terrorism financing risks effectively.
Question 2. Illustrate with examples the different types of PEPs as defined by the FATF. What are the risks associated with PEPs and what steps firms should take in order to effectively mitigate such risks?
Question 3 Define the term ‘red flag’ and provide three examples of red flags in the sector of your choice. Explain why each is a potential indicator of ML/TF. Further explain why employees are in a good position to help detect red flags for a more efficient AML/CFT programme. You may include examples in your response.
Question 4 The FATF is the global money laundering and terrorist financing watchdog, and in performing its role, it must act quickly and pragmatically. For example, on 16th November 2023, it issued a report “Best Practices on Combating the Abuse of Non-Profit Organisation”. https://www.fatf-gafi.org/en/publications/Financialinclusionandnpoissues/Bpp-combatingabuse-npo.html What mechanisms does FATF use to achieve its objectives?
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