True or False?
Cyprus is a high risk birth country that automatically triggers an EDD ticket to be created
False
What is the excel file we use to review the type of entity, determine risk, and must be typed out fully for which client?
Sapphire, "Risk Assessment - ...."
This is the term for a non-profit’s stated purpose or reason for existing.
What is the mission statement/nature of business
This document governs the operation of an ERISA plan.
What is the plan document
Kanye's first big hit sends funds electronically
Through the wire transfer
When reviewing for share classes, voting rights signify beneficial ownership?
True
This client has an old conversion AML letter usually attached with each investor. Since it's expired, we can't use it, but if we ID the UBO's and TLO them we should be good
ACK
These are the legal documents that we would collect for a non US non profit entity
Copy of Government Issued Certificate of Incorporation, Government Issued Certificate of Good Standing, Memorandum and Articles of Incorporation
This type of organization may be exempt from ERISA if it meets certain criteria.
What is a church or government entity
The primary entryway to your property that doubles as a notary, accountant, auditor or lawyer
What is a front gatekeeper?
When bridger produces a PEP/RCA hit on a controlling person of a regulated/government entity, we can clear it as True Positive, but we do not need to track as they are signing in their official capacity
True
This client has its very own special risk assessment, and is a constant thorn in Taylor's side, specifically
PIMCO
What is guidestar/candid?
ERISA plans must file this annual report with the Department of Labor. (Bonus 300 points if you can name the form that maintains a non profit’s tax exempt status)
What is Form 5500 (Bonus: Form 990)
When the mandatory process financial institutions use to verify identity and assess risks advises service staff to give a high priority to public satisfaction
Know your customer is always right
For Australian investment trusts, we do NOT need to collect AML for the appointer
False
For this client, the page under "investor info" in the sub doc can be used to clear the standalone ASL point, as long as the "authorized signer" box is checked off. We still would want to request a controlling persons doc if not already provided
DYAL
This is the annual information return that most nonprofits must file with the IRS showing transparency and compliance
What is a form 990?
Other than address, TIN and list of authorized signers, what is required AML for both ERISA and pension plans based on the risk assessment?
Copy of plan document or copy of IRS letter
When an individual or entity that has the ability to direct the financial and operating policies of another entity goes off the tracks
For foreign foundations, some are dissimilar to US foundations, and are more in line with the type of AML we would collect for LPA's
False - Corporations
Since so many of the investors are government owned subsidiaries, there is a repository dedicated in the M: drive for all of their documents
Mubadala
This is the government status granted to non-profits that makes them tax exempt
What is 501(c)(3)?
These can overlap with pension plans, and we can use Form 5500 to verify the EIN. A good indication is if there is a state or country in the investor name
When a strategy for making decisions by prioritizing threats and allocating resources to the areas that pose the greatest danger has to speak to a judge
What is risk-based approach the stand