27: Responsibility and Oversight (MLRO)

Question 1

Two internal AML roles are:

Answer 1

1. Receive internal and making external SARs

2. Ensuring business compliance relating to AML

Question 2

What does PEP stand for

Answer 2

Politically Exposed Person

Question 3

Describe ‘Senior Management’ in terms of AML

Answer 3

Someone who can make take authority in ensuring business compliance.

Make decisions in terms of risk exposure

Suffiecient knowledge in AML risk exposure

Question 4

Does a sole practitioner need an MLRO? Explain your reasons

Answer 4

No, because the sole practitioner will be responsible for making SARs to the NCA.

Question 5

What happens if a business fails to meet compliance regulations?

Answer 5

Civil penalties or Criminal sanctions

Question 6

Do Senior Management need to undertake CPD?

Answer 6

Yes!

Question 7

Do MLROs need to take CPD?

Answer 7

Yes!

Question 8

What does CDD stand for?

Answer 8

Customer Due Diligence

Question 9

Records part of the CDD process: How long should they be kept for? Years and actual point of start. (E.G. 10 year at the end of the accounting year)

Answer 9

5 years after the relationship ends