Who holds ultimate responsibility for the effectiveness of an exchange house’s AML/CFT compliance program?

AML/CFT Compliance Senior Management Quiz

Quiz
•
Professional Development
•
Professional Development
•
Easy
Qamar Ak
Used 5+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Compliance Officer
Senior Management
Internal Audit
Regulatory Authorities
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary role of senior management in an AML/CFT program?
Approving suspicious transaction reports (STRs)
Delegating compliance tasks entirely to the compliance officer
Ensuring adequate resources and oversight for compliance programs
Performing transaction monitoring reviews
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
As per the CBUAE guidelines, how often should senior management receive reports on AML/CFT program performance?
Annually
Biannually
Quarterly
Monthly
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Senior management must ensure that the exchange house complies with which regulatory requirement related to sanctions?
Creation of internal policies
Customer service reviews
Ongoing sanctions screening against CBUAE lists
Financial forecasting
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What action should senior management take if they identify gaps in the AML/CFT compliance program?
Delay addressing the issue until the next review cycle
Address gaps immediately with appropriate corrective measures
Refer the issue solely to the compliance officer
Ignore the gaps if they are minor
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary objective of senior management in combating AML/CFT risks?
Maximizing profit while reducing compliance spending
Ensuring business continuity at any cost
Promoting a strong compliance culture across the organization
Delegating responsibility to external consultants
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to the CBUAE, senior management must approve which of the following documents related to AML/CFT?
Marketing strategies
Annual compliance reports
Employee leave policies
IT system manuals
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