UTR
UTR is...
What is Usual Transaction Report?
Individuals in foreign or local who are (or) have been entrusted with prominent public functions.
Who are Political Exposed Persons?
Understanding where the actual deposits are coming from.
What is Source of Funds?
Transactions/Activity that are outside of this profile/anticipated and documented normal/acceptable pattern of activity.
What are unusual?
Owns, executes and manages day to day risk
What is first line?
Client over justifies or explains the transaction
Client presents confusing details about the transaction, has vague knowledge of the value or knows few details about its purpose
Client is involved in activity which is out-of-line for that individual or business
What are red flags?
Relationship Managers ensures _________ are completed.
What is CDD and EDD?
Obtaining additional information that corroborates the one gathered from the client.
What is verifying the information?
The process to effectively control and reduce risk, so that the unit can have a clear understanding of the normal and reasonable account activity of the customers.
What is Ongoing Monitoring?
Always get your customer's ____________
What is consent?
Transactions which are fully explained and supported by documentation.
What is does not warrant a UTR?
Required to be performed in advance of the account opening when onboarding an high risk relationship.
What is World Check
Understanding how the client earned the assets they own.
What is Source of Wealth?
Amounts indicated for future transaction/business with the entity.
What is expected or anticipated activity?
Instances where the Business Line is made aware of a material change to the Client’s information that may impact the Risk Rating.
What are Trigger Events?
Submits a UTR when you have determined that the transaction or account activity is unusual/suspicious.
What is no more than five (5) days after?
Determines the level of authority to on-board the relationship.
What is risk level?
We collect information on our clients to...
What is to know them and to better serve their needs.
Transaction are required to be monitored by?
Who is 1 line
Used to hold individual funds and investments, and ownership can be vested through bearer shares or registered shares.
What are Private Investment Companies
Requires all Financial Institution to report suspicious transactions or account activity to the Designated Authority.
What is The Proceeds of Crime Act ("POCA")?
Used to determine the level of risk associated with each relationship?
What is Enhanced Know Your Client (KYC) - CA93
How many ID's are required to open a new account for a personal/individual customer?
What is one?
State three transaction that we monitor daily.
Wire Transfer
Deposit /investments
Withdrawal/redemptions
Type of customer we will work with, and the type and amount of business we will do with them.
What is Risk Appetite?