Chapter 8 the sales process

Question 1

What are the 7 steps in the sales process and the regulatory requirements in each step?

Answer 1

Pre call 
Initial contact/ introduction
Fact find completion
Needs analysis
Confirm advice
Completion
Follow up

(Idd, service and charges doc, service provided, fees, reg status, product provider…..)

Question 2

AML

Answer 2

Placement, layering and integration

Question 3

Key terms aml
MLRO
National crime agency
Enhanced due diligence

Answer 3

Money laundering reporting officer
Risk based approach
Pep- likely to be open to bribery due being/linked/related to a person in last 12 months assosiTed to prominent public position
Ongoing monitoring

Question 4

DPA

What are the 8 Dp princliples

Answer 4

Fairly and lawfully processed
Obtained for lawful & specific purpose
Adequate, relevant & not excessive
Processed in keeping with data subjects rights
Not kept longer than necessary
Accurate and up to date
Kept secure
Not tfr ourside the eea who don’t follow these requirements.