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WorksheetsHLA/HLMT Quiz (Part II)
Total questions: 10
Worksheet time: 7mins
A client decides to purchase a life insurance policy and makes immediate payment for the policy. The client then proceeds to buy several other life insurance policies, naming family members as beneficiaries. In less than a year, the client decides to cash out on the policies, despite the penalties for early withdrawals. You suspect something is not right.
What do you do?
Ignore your hunch. The client is probably rich and is concerned for his family’s well-being.
Share your suspicion with your colleagues. They will help you make a decision on what to do.
Follow your instincts. Early withdrawal from life insurance policies is a tactic used by money launderers. Alert the compliance team on the matter.
Your colleague shares with you that a client is claiming insurance payment for partial disability after suffering a serious injury. Later that week at a party, you meet a close friend who happens to know the client. Your friend informs you that the client sustained a minor injury but is trying to claim insurance payment for a partial disability and your colleague is part of the scheme. Your trust your close friend.
What do you do?
Confront your colleague to check if the allegation is true. You need to know if your close friend is lying.
Do nothing. You do not want to upset your colleague. Besides, it is only an allegation.
You’re concerned. You alert your company’s whistleblowing officer on the allegations about your colleague.
Whistleblowers also have the right to raise concerns with regulators and law enforcement agencies.
True
False
Which of these are 3 common ways criminals use to launder money? (1 or more answers)
Placement: Policies broken up into small value transactions
Layering: Early termination of policies
Integration: Investment in business/buying high values items
Amalgamation: Absorbing smaller companies into larger entities
Which of these activities have been used by terrorists to raise funds for their activities?
Charities
Legitimate businesses
Tax collection
Exploitation of natural resources
All of the above
Tipping off is an offence when: (1 or more answers)
You change the way your client’s account is handled after suspicions arise to throw off investigators
You inform client’s cousin that there are suspicions against client
You call and inform client there are suspicions against them
Your client’s company finds out there are suspicions against client
Why is Business Continuity Management important? (1 or more answers)
It enables an organisation to continue critical business functions in the event of a disaster or major disruption to services
A business needs to protect its operations as natural disasters and political unrests are increasingly frequent
It safeguards an organisation’s development in the future
You collect data on a customer who would like to sign up for HLA FiT. While the data is being processed, the customer contacts you, informing you that they have changed their mind, decided to cancel application of the policy and would like to withdraw consent of processing of their personal information. You…
Inform the customer that it is too late, the information is being processed.
Heed the customer’s request. You inform relevant team members that the customer has withdrawn consent for the processing of information.
We breach the PDPA when we…
sell collected data to marketing companies
disclose data without consent of individuals
retain data long after its use
prevent users from viewing and correcting their data
all of the above
Which of these are our Code of Conduct Principles? (1 or more answers)
Environment
Objectivity
Competence
Efficiency
Progress
