The MAS Guidelines to Notice 626 on Prevention of Money Laundering and Countering the Financing of Terrorism outline controls that must be implemented to mitigate the risks associated with money laundering/terrorism financing.
Identify a specific MAS regulatory requirement, other than that in Q1, for a firm in a regulated financial services sector with which you are familiar. Prepare a note for the head of compliance which:
- highlights the requirement’s objective
- identifies the business unit(s)/activity the requirement primarily affects
- comments on the measures that need to be taken to achieve the objective.
The term ‘three lines of defense is often used. Explain the term ‘three lines of defense as it relates to the management of compliance risks.
You have received the results of a recent internal audit. The audit team has advised that they discovered a significant failing in the firm’s onboarding process. Specifically, they have stated that the firm’s current practices in identifying and verifying politically exposed persons (PEPs) are not robust. They highlight a number of cases where PEPs were not identified as such and were onboarded and assigned a standard due diligence rating. Your tasks are to:
a) outline the key regulatory requirement(s) that are not being met
b) in light of your answer to a) above, draft a short paragraph for distribution to all relevant staff outlining what action(s) they need to take
c) prepare a short paragraph for inclusion in the overall report to the board of directors that identifies what corrective action/additional controls will be put in place to address the issue.
Hire a Professional Essay & Assignment Writer for completing your Academic Assessments
Native Best Writers Team
- 100% Plagiarism-Free Essay
- Highest Satisfaction Rate
- Free Revision
- On-Time Delivery
QUALITY: 100% ORIGINAL – NO PLAGIARISM
(USA, AUS, UK & CA PhD. Writers)
CLICK HERE TO GET A PROFESSIONAL WRITER TO WORK ON THIS PAPER AND OTHER SIMILAR PAPERS
About Our Service
We are an online academic writing company that connects talented freelance writers with students in need of their services. Unlike other writing companies, our team is made up of native English speakers from countries such as the USA, UK, Canada, Australia, Ireland, and New Zealand.
- At ClassicWritersBay.com, most of our writers are degree-holding native speakers of English who are familiar with various writing styles. Our writers are proficient in many fields, including Economics, Business, Accounting, Finance, Medicine, Chemistry, Literature, Mathematics, Statistics, and many others.
- Making our customers happy is an important part of our service. So do not be surprised if you get your paper well before the deadline!
- We pay a lot of attention to ensuring that you get excellent customer service. You can contact our Customer Support Representatives 24/7. When you order from us, you can even track the progress of your paper as it is being written!
- We are attentive to the needs of our customers. Therefore, we follow all your instructions carefully so that you can get the best paper possible.
- It matters to us who writes for you, and we are serious about selecting the best candidates.
- Our writers are always learning something new, so they are familiar with the latest developments in the scientific world and can write papers with updated information and the latest findings.
- Quality original papers that follow your instructions carefully.
- On time delivery – you get the paper before the specified deadline.
- Attentive Customer Support Representatives available 24/7.
- Complete confidentiality – we do not share you details or papers with anybody else.