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Question: scenario antimoney laundering amp counter terrorism financing sam knight...

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SCENARIO – Anti-money laundering & counter terrorism financing

Sam Knight contacted you about obtaining a car loan and, as part of providing documents, he sent you uncertified copy of his driver’s licence. 

  1. What are your obligations under AML/CTF legislation in reference to Sam’s identification? Explain the requirements of the customer identification and verification process.

 

  1. Sam has also provided his tax assessment notice as evidence of his income for the loan application. As you have another Sam Knight (Samantha) on your books, you are wondering whether you could perhaps file each of the “Sam’s” by their tax file number for easy identification in the future. provide an explanation as to whether this is acceptable practice.  

 

Maddison and Andrew (clients of yours) entered into a consumer loan with ABank. They have just been advised that Maddison is very unwell and has had several months off work. Her employer recently advised that they could no longer hold her job. As a result the couple have been struggling to meet their mortgage repayments and have fallen into default many times. They have provided a hardship application to the lender. 

 

 

  1. Explain what the lender must do within 21 days of receiving the hardship application. 
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