Audit and Compliance

Mr. A purchase a life insurance policy with Single Premium amounting RM 500,000 with EDD conducted. Then, within 3 months make a Top up of RM1.5million and subsequently make a partial withdrawal against the policy. Are the transactions suspicious?

• Yes. Hence, the branch staff to reporting iSTR to the branch head for reviewing and further escalation if needed.

• Yes. Hence, the branch staff reporting directly to [e-mail] and cc the branch manager in email.

• No. Since EDD conducted.

• No. This is customer choice for making any changes on the policy.

A person who breaking up large sums of money into smaller deposits or purchases, which can then be integrated into legitimate financial transactions is under which stage of Money Laundering?

• Serious Offences

• Placement

• Layering

• Integration

Customer just bought the policy for two months with large Sum assured and walk into branch to request withdrawal of policy loan on maximum cash value available. Is this Suspicious and staff require to raise iSTR?

• YES

• FALSE

Customers walk into branch and request to appoint beneficiary but reluctant to provide information concerning identity such as address, business activities, financial activity. Is this Suspicious and to raise iSTR?

• YES

• FALSE

After reviewing the iSTR reporting from the team, the Branch Manager finds the certificate no X123456A, the partial withdrawal transaction is suspicious. As such, the manager will need to email to:

• [e-mail]

• [e-mail]

• [e-mail]

• [e-mail]

The Anti-Money Laundering/Counter Financing Terrorism (“AML/CFT”) policy in relation to the collection of CDD requirements by insurers has been in place since which year?

• 2020

• 2019

• 2013

• 2014

Below is mandatory information to be obtain for CDD-Individual, except?

• Occupation

• Date of Birth

• Residential Address

• Office Address

AIA should not perform below transaction/ activity, if unable fulfill CDD requirement, except?

• Onboard the customer.

• Commence the business relationship

• Perform any transactions

• Lodging internal iSTR.

Below are type of Source of funds/ Wealth (SOW/SOF) documents, except?

• Income tax EA form

• Bank Statement

• CTOS report

• IC’s copy

Grey List Countries, Blacklist Countries, Whitelist Country, PEP & RCA.

ALL the above is categories of High-Risk Customer (HRC).

• TRUE

• FALSE