Podcast
Questions and Answers
What are the three key steps involved in KYC according to SWIFT?
What are the three key steps involved in KYC according to SWIFT?
- Identify customer identity, understand customer activities, verify money sources
- Identify customers, verify sources of funds, assess money laundering risks (correct)
- Assess customer identity, verify funds, understand financial risks
- Verify customer activities, establish funding sources, assess regulatory risks
Why is it important for banks to comply with AML and CFT regulations?
Why is it important for banks to comply with AML and CFT regulations?
- To simplify the banking processes
- To protect consumer rights
- To prevent fraud and financial crime (correct)
- To ensure fair competition in the financial industry
What does a sound risk culture at all levels of institutions promote?
What does a sound risk culture at all levels of institutions promote?
- Increased competition among banks
- Reduced regulatory oversight
- Effective management of risk (correct)
- Higher interest rates for customers
Which body generally regulates banks and ensures compliance with prudential requirements?
Which body generally regulates banks and ensures compliance with prudential requirements?
What do conduct of business rules generally focus on in the banking sector?
What do conduct of business rules generally focus on in the banking sector?
Why is effective oversight by the management body crucial in internal governance arrangements?
Why is effective oversight by the management body crucial in internal governance arrangements?
In popular culture, which TV show involves a chemistry teacher getting involved in money laundering to pay for cancer treatment?
In popular culture, which TV show involves a chemistry teacher getting involved in money laundering to pay for cancer treatment?
What is the major component of anti-money laundering legislation mentioned in the text?
What is the major component of anti-money laundering legislation mentioned in the text?
Which financial institution was highlighted in an episode of 'Dirty Money' for its involvement in money laundering for drug cartels?
Which financial institution was highlighted in an episode of 'Dirty Money' for its involvement in money laundering for drug cartels?
Which financial crime concept is closely associated with the requirement for bankers to know their customers?
Which financial crime concept is closely associated with the requirement for bankers to know their customers?
What is the primary objective of due diligence measures like KYC in the banking sector?
What is the primary objective of due diligence measures like KYC in the banking sector?
Which show depicts a financial advisor being forced into money laundering for drug traffickers?
Which show depicts a financial advisor being forced into money laundering for drug traffickers?
What is the main purpose of money laundering?
What is the main purpose of money laundering?
What was the catalyst for the significant adoption of anti-money laundering legislation mentioned in the text?
What was the catalyst for the significant adoption of anti-money laundering legislation mentioned in the text?
What is a common form of internal fraud in banks as mentioned in the text?
What is a common form of internal fraud in banks as mentioned in the text?
Which sector tends to oppose anti-money laundering legislation based on the text?
Which sector tends to oppose anti-money laundering legislation based on the text?
What aspect of money laundering is highlighted as becoming an industry in itself in the text?
What aspect of money laundering is highlighted as becoming an industry in itself in the text?
Which event prompted the US government to seek rapid regulatory responses including anti-money laundering measures?
Which event prompted the US government to seek rapid regulatory responses including anti-money laundering measures?
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