Chapter 7 Flashcards
Who regulates the use of personal data within the UK
The information Commissioner
If I Lloyds broker has suspicions about money laundering who must they report it to
The money laundering reporting officer
Under UK data protection legislation A policyholder is known as a data…
Subject
How is solvency defined
The balance between assets and liabilities
What is the name of the Lloyds system that stores information about sanctions in foreign countries
Crystal
Under data protection regulations what is the maximum penalty that the information Commissioner can levy on a UK insurer
€20m (or £ equivalent) or 4% of global revenue
What is the maximum potential prison sentence for failing to report activity in relation to money laundering
5 years
What are the three stages in money laundering
Placement, layering and integration
What are the offences under the bribery act 2010?
Taking a bribe, bribing others, bribing a public official overseas and failing to prevent bribery
What are the two main types of sanctions affect insurers
Financial and trade
What is OFAC
The part of the US government that issues functions related guidance
What is the key requirement in order to hold personal data under GDPR
Permission from the person concerned
