Download CGSS Exam Questions With 100% Correct Answers | Verified | Updated 2024 and more Exams Advanced Education in PDF only on Docsity! CGSS Exam Questions With 100% Correct Answers | Verified | Updated 2024 Alert - Correct Answer-A review based on underlying red flags that requires analyst attention. With KYC procedures, alerts are potential discrepancies that are flagged, either manually or through an automated screening system, based on red flags and underlying typologies. With sanctions, an alert is a hit(s) on a screening list. If they cannot be resolved easily that start an investigation Asset Blocking - Correct Answer-Practice of removing an individual or legal entity access to assets during or as a result of an investigation into a sanctions violation Asset Confiscation - Correct Answer-The practice of taking ownership of an individual or legal entities assets during or as a result of an investigation Asset Flight - Correct Answer-Illegal practice of moving assets from one jurisdiction to another for the purpose of avoiding fines, confiscation, or penalties pg. 1 professoraxe l Asset Mingling - Correct Answer-The illegal practice of purchasing assets, such as real estate properties, using a blend of illegal and legal assets as a mean of making matches more complicated. Automated Screening Tool - Correct Answer-Software system by large Fish to facilitate the screening process, as opposed to manual screening. AST are dinged to be screen against sanctions list. AST generate hits against sanctions list that may be consolidated into alerts based on, for examples , a customer record. For one customer records there may be multiple hits against sanctions list that are consolidated under one Autonomous sanctions - Correct Answer-A single entity, whether a government or a coalition of government, such as the EU, acting to implement and enforce a sanctions regime. Back to Back Letters of Credit - Correct Answer-A form of financing in which Bank A issues a letter.of credit as collateral to Bank B in order to issue a separate letter of credit to the beneficiary. This often happens when the underlying agreement between the applicant and beneficiary contains restrictions about the credit quality of the bank that is issuing pg. 2 professoraxe l Bureau of Industry and Security (BIS) - Correct Answer-A section of the US Department of Commerce responsible for ensuring that trade sanctions are properly understood, implemented, and enforced in the United States. Among other task, the bIS regulates the import and export of sensitive, dual-use, and control goods/materials. The mission of BIS is to advance US national security, foreign policy, and economic objectives by ensuring an effective export control and treaty compliance system and promoting continued US strategic technology leadership Comprehensive Sanctions - Correct Answer-Sanctions that prohibit all transaction and activity with a sanctioned country by the sanctioning country except in rare, specific instances Consolidation of Goods - Correct Answer-Method of sanctions evasion in which a person or organization either groups small shipments into one large shipment or mixes restricted items with other goods and does not declare those goods restricted items in shipping documents Correspondent Banking - Correct Answer-The provision of banking services by one bank (the "correspondent bank") to another bank (the "respondent bank"). Large international banks typically act as correspondents for thousands of other pg. 5 professoraxe l banks around the world. Respondent banks may be provided with a wide range of services, including cash management (e.g., interest-bearing accounts in a variety of currencies), international wire transfers of funds, check clearing services, payable-through accounts and foreign exchange services. pg. 6 professoraxe l
