ICA KYC & CDD Practice Questions - ICA Certificate In KYC And CDD Exam

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What is the primary statutory objective of the UK Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017)?

To require relevant persons to implement risk-based policies and procedures to prevent financial services from being used for money laundering and terrorist financing To criminalize all failure to pay personal income tax across financial institutions To mandate that all commercial bank accounts require dual signature authorization for daily transfers To replace the Proceeds of Crime Act 2002 with a single administrative fine framework

Correct Answer:

To require relevant persons to implement risk-based policies and procedures to prevent financial services from being used for money laundering and terrorist financing

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