Chapter 7- Regulatory process, systems and controls

Question 1

Solvency II

Answer 1

Risk based solvency requirement
Protection and market competition
Location, tax, direct or reinsurance logged

Question 2

UK/EU/Un sanctions

Answer 2

Asset freezing unit in HM treasury
Financial sanctions in the UK
Terrorism, state regimes, weapons of mass destruction

Question 3

Cuba

Answer 3

No accounting, marketing, sales to Cuba

Question 4

Data protection 1984

Answer 4

Protects loss of data and disclosure without consent

Question 5

Data protection 1988

Answer 5

Replacement act

Question 6

8 principles of EU data protection directive

Answer 6

Fair and lawful
Specified purpose
Nit excessive
Accuracy
Processing
Data subject rights
Protection
Transfer

Question 7

Money laundering 3 stages

Answer 7

Placement
Layering
Integration

Question 8

Criminal justice acts 1988 and 1993

Answer 8

First just drugs and terrorism. Now all crime proceeds

Question 9

JMLSG

Answer 9

Joint money laundering steering group
Must have MLRO
Looks at breaches by FSA

Question 10

Bribery act 2010

Answer 10

Bribing another, being bribed, bribing foreign offical and failure to report