AML Night

What is the role of the Governing Body in the 3 Line Model?

• Review regulations and sets the direction of the company

• Conduct daily meeting with employees

• Liaise with business partners

• None of the Above

What is the purpose of COSMIC?

• For FI to file STR

• For FI to share information on customer and transactions that cross materiality threshold

• For FI to share customer personal Data

• For FI to retrieve latest trend by MAS

Which of these are not part of employee training and awareness?

• Snapshot awareness sessions

• Annual AML refresher

• CYS AML policy and directives

• This is a trick question, all are correct

What is the purpose of Onfido?

• Transaction monitoring

• Payment processing

• Biometric Identification and screening

• All of the above

What is CYS 3 lines of defense?

• Placement, Layering & Integration

• Governing body, Managment, Internal audit

• On-boarding, Transaction monitoring, Mitigation

• None of the above

What is the Purpose of CYLYNX Program?

• To monitor customers' transactions for any anomalies

• To submit regulatory reports to MAS

• To allow CYS to build a database of its customers

• To replace the function of TMS

Which of the following is not mandatory during Transaction Monitoring (TM)?

• Purpose of remittance

• Sender - Beneficiary relationship

• Source of funds

• Gender of beneficiary

Who can report any suspicious transaction?

• Sales agent

• L&C Office

• Chief Strategy Officer

• Anyone

In the last enforcement report, how much composition penalty did MAS impose for AML/CFT offences?

• 500k

• 1 Million

• 2.4 Million

• 5 Million

What is the role of L&C Office ?

• Report on any deficiencies observed

• Review if AML objectives are achieved

• Recommend on how to minimize area of risks

• All of the above