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What are some of the obligations laid down by regulatory factors? (select all, if any, that apply)Group of answer choicesVerify ID, CDD, ECDD, Ongoing CDD of customersMaintain the records of customers’ transactions, identification, electronic funds transfer instructions and details of AML/CTF programsReport transactions to FIU/regulatorAppoint AML/CTF compliance officerEnrolment with government regulatorConduct ML/TF risk assessment of customers, their businesses, and relationshipsEstablish AML/CTF risk management programs

Question

What are some of the obligations laid down by regulatory factors? (select all, if any, that apply)Group of answer choicesVerify ID, CDD, ECDD, Ongoing CDD of customersMaintain the records of customers’ transactions, identification, electronic funds transfer instructions and details of AML/CTF programsReport transactions to FIU/regulatorAppoint AML/CTF compliance officerEnrolment with government regulatorConduct ML/TF risk assessment of customers, their businesses, and relationshipsEstablish AML/CTF risk management programs

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Solution

All of the options listed apply as obligations laid down by regulatory factors. These include:

  1. Verify ID, CDD, ECDD, Ongoing CDD of customers: This involves verifying the identity of customers and conducting due diligence checks, both initially and on an ongoing basis.

  2. Maintain the records of customers’ transactions, identification, electronic funds transfer instructions and details of AML/CTF programs: This involves keeping detailed records of all customer transactions and any relevant identification information.

  3. Report transactions to FIU/regulator: This involves reporting any suspicious transactions to the relevant financial intelligence unit or regulator.

  4. Appoint AML/CTF compliance officer: This involves appointing a dedicated officer to ensure compliance with anti-money laundering and counter-terrorism financing regulations.

  5. Enrolment with government regulator: This involves registering with the relevant government regulator.

  6. Conduct ML/TF risk assessment of customers, their businesses, and relationships: This involves conducting a risk assessment to identify any potential money laundering or terrorism financing risks associated with customers and their businesses.

  7. Establish AML/CTF risk management programs: This involves establishing a program to manage and mitigate any identified risks.

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