During a risk assessment of its customer onboarding process, a financial institution identifies a lack of adequate procedures for verifying the beneficial ownership of corporate clients. What is the most appropriate action for the institution to take to address this deficiency?

• A. Disregard the issue as long as corporate clients pass other due diligence checks.
• B. Immediately suspend all new customer onboarding activities until the procedures are updated.
• C. Revise the customer onboarding procedures to incorporate requirements for verifying beneficial ownership.
• D. Implement enhanced monitoring for transactions involving corporate clients with unidentified beneficial owners.

You have been askedtoreview Ihe annual report lor astartupcompanythatprovides digital identity verification services to online merchants. The company's founder has recently approached several groups of investors to sell a portion of his shares in the company, but after reviewing financial statements the investors had concerns over potential improper accounting to misrepresent the company's position and have asked you to review further.
Based on Ihe annual report it appears the company's total net position has increased each quarter for the past year Looking at sales records you determine a significant portion of the company's revenue comes from one client, a contract with a software development firm for $800,000 each quarter.
Whichfurtherfinding from the annual report and financial statements is Ihe BEST focus for your investigation?

• A. The company incurred a tax charge this year of over $120,000
• B. The company s largest expense is a quarterly payment of $790,000 for coding services
• C. The company has a 10% increase in accounts payable year over year
• D. The company lists an increase in expenses this year due to changes in overtime payment policies

During a sanctions compliance audit, it is discovered that ABC Company, a corporate client of a financial institution, has subsidiaries operating in countries subject to comprehensive sanctions. What is the financial institution's obligation regarding its business relationship with ABC Company?

• A. Continue business relationships with ABC Company while monitoring transactions involving its subsidiaries.
• B. Conduct enhanced due diligence on ABC Company and its subsidiaries to assess sanctions risk.
• C. Immediately terminate all business relationships with ABC Company and its subsidiaries.
• D. Seek approval from senior management before taking any action regarding the business relationship.

Many IT users require privileged user rights to perform their job tasks.
Which is the BEST action to help ensure data security with respect to privileged users?

• A. Rotate both the public and private encryption keys
• B. Implement database activity monitoring to identify high risk or unusual database activity
• C. Review IP addresses of users access to identify offsite systems access
• D. Eliminate privileged access for anyone below manager level

Your client has been targeted by a payments scam that has resulted in him remitting significant sums of money to the entity perpetrating the fraud Your client has traced the payments which revealed that the ultimate beneficiary of the fraud is Company A that appears to be operating from the British Virgin Islands (BVI) Before taking any further action your client would like to confirm if Company A Ltd is incorporated in the BVI.
How can they do this?

• A. Contact Company A directly
• B. Request the details from the BVI Chamber of Commerce
• C. Contact the Commercial Division of the High Court of the BVI
• D. Conduct a search of the Registry of Corporate Affairs in the BVI