Question 1
Outline the meaning of the terms identification and verification as a part of CDD. Explain, with examples, how a lack of comprehensive documentation of customer information may affect other AML/CFT controls and the inability to identify and mitigate potential money laundering/terrorism financing risks effectively.
Question 2
Illustrate with examples the different types of PEPs as defined by the FATF. What are the risks associated with PEPs and what steps firms should take in order to effectively mitigate such risks?
Question 3
Question 4
The FATF is the global money laundering and terrorist financing watchdog, and in performing its role, it must act quickly and pragmatically. For example, on 16th November 2023, it issued a report “Best Practices on Combating the Abuse of Non-Profit Organisation”.
https://www.fatf-gafi.org/en/publications/Financialinclusionandnpoissues/Bpp-combating-abuse-npo.html
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