Under the Anti Money Laundering and Counter- Terrorism Financing Act,a

question 7

Multiple Choice

Under the Anti Money Laundering and Counter- Terrorism Financing Act,a financial institution is prohibited from entering into a 'correspondent banking relationship' with another financial institution unless:

• A)it ensures the correspondent bank is a bona fide shelf bank.
• B)it carries out a due diligence assessment of the possible AML/CTF risks.
• C)It establishes a prospero account on behalf of a foreign financial institution.
• D)all of the above occur.

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Definitions:

Pigment

A substance that imparts color to other materials by absorbing a spectrum of light and reflecting certain wavelengths.

Dermatitis

Inflammation of the skin characterized by redness, itching, and often blistering.

Eczema

A condition that causes inflamed, itchy, cracked, and rough skin.

Melanosomes

Organelles within cells responsible for the synthesis, storage, and transport of melanin, the pigment in skin and hair.