BP Internal Training - Equizz AML 2023

How long CIF (KYC documentation) and evidence of check should be retained from expiry date of the insurance contract as per current AML guideline?

• 3 years

• 5 years

• 7 years

• 10 years

How many templates of CIF and which are they as per current AML guideline?

• 2 forms in which 1 form is for Corporate Client and 1 form for Individual client

• 2 forms in which 1 form for High AML risk client and 1 form for Low AML risk client

• 3 forms in which 2 forms for Corporate clients (High AML risk and Low AML risk) and 1 forms for Individual Client

• 4 forms in which 2 forms for Corporate clients (High AML risk and Low AML risk) and 2 forms for Individual Clients (High AML risk and Low AML risk)

Which clients below are considered as High AML Risk?

Multiple answers

• An individual Client located in South Korea

• A corporate Client located in North Korea

• Frequent cancellation and refund premiums or assign the insurance contract to a third party are requested by the same client

• The client requests change of designated beneficiaries with a party having no transparent relationship with the insurance policy purchaser

• All above

Which statement is considered as FALSE in AML Risk Assessment?

• All marine cargo insurance (including individual cargo and shipments under an open cargo) to destinations of
  Iran, Syria, Yemen, Sudan, North Korea and Cuba must be declined in principle. If it is detected after processing transaction, conduct EDD (Enhanced Due Diligence). Before booking policy into P400 system, BPD shall be responsibility to cross check the screening result.

• All marine cargo insurance (including individual cargo and shipments under an open cargo) to destination
  of Myanmar should be conducted pre-transaction screening or post-transaction screening. If it is practically impossible to perform pre-transaction screening, conduct EDD (Enhanced Due Diligence). Before booking policy into P400 system, BPD shall be responsibility to cross check the screening result.

• All above

• None of above

What are target insurance/policies that required pre-transaction screening by MSIHO?

Multiple answers

• Marine cargo insurance (excluding inland transits);

• Marine Hull insurance

• Property insurance with premiums of VND 2 billion or more

• Engineering insurance with premiums of VND 2 billion or more

Which cases are subject to KYC?

Multiple answers

• Clients opening businesses for the first time 

• Clients with “suspicious transactions” as defined 

• There are suspicions about the accuracy or completeness of the Clients identification information previously collected

• Clients located in limited sanction countries to perform first business and each renewal business

• Clients located in Comprehensive sanction list 

Which are not correct in case of processing a Cargo Certificate under Cargo Open Policy (MOC) and having an exported shipment to Myanmar?

Multiple answers

• Before accepting the quotation/declaration, MKT to send the detail of the policy holder and the cargo shipment to Compliance Controller (CC) to perform AML screening manually. If hit found, should exclude it from declaration.

• This is a shipment under MOC hence MKT to declare it into monthly declaration and BPD to issue insurance certificate as other shipments

• Before booking to P400 system, BP processor to check MKT to provide AML screening result. If no hit found, BPD to issue insurance certificate as normal.

• On every 6 months: MKT to conduct Enhance Due Diligence (EDD)

• MKT is not required to conduct Enhance Due Diligence (EDD) for this case since it is only applied to suspisous transactions only

Which of the cases below required performing pre AML screening?

Multiple answers

• Renewal of a Marine Cargo Annual having the insured Voyage from worldwide to Vietnam. Be noted that the voyage are unchanged as last year's policy. 

• Due to transferring serving branch from South Division to Global Business Division, the Marine Open Cover No. VN-C0999 of SD is canceled and created a new MOC under GBD internally.

• A new Cargo annual policy covered for inland transit from Cambodia to Vietnam. The conveyance is land conveyance.

• Client A bought one Marine Open Cover from 2022 covered for Exported Cargo and AML pre-screening had been performed before booking in 2022 already. And now this client buy another Marine Open policy to cover for imported route from Japan to Vietnam.

• Client A bought one Marine Open Cover from 2022 covered for Exported Cargo and AML pre-screening had
  been performed before booking in 2022 already. And now this client buy Travel Open Policy (TOC) to cover for all trips from Vietnam to Asia for all staff.

Which of cargo shipment including under MOC should be declined and removed from declaration list to follow
latest AML guideline V.10 and the latest List of sanctioned countries announced by CSD?

Multiple answers

• Shipments imported from Myanmar, Cambodia

• Shipments having destination to Myanmar and having hit result in AML screening

• Shipments having destination to Myanmar and having no hit result in AML screening

• Shipments having destination to North Korea, Iran, Yemen, Sudan, Syria

• Shipments imported from North Korea, Iran, Yemen, Sudan, Syria

Which source of business subject to  CIF (Client Identification form) performed/updated as per KYC rules and
submit to BPD to cross check before issuing policy?

Multiple answers

• Fac-inward source from MKT Divisions/ RID

• Direct business from MKT Divisions

• Broker source from MKT Divsions

• Agent/ Co-inward source from MKT Divisions

• Business source through Direct online; Agent online and Broker online