Certified Information Privacy Professional – Asia (CIPP/A) — Question 22

Which control is NOT included in the requirements established by the Monetary Authority of Singapore (MAS) for financial institutions in order to deter money-laundering and financial aid to terrorism (AML/CFT)?

Answer options

• A. Identifying and knowing customers.
• B. Sharing personal information with the PDPC.
• C. Conducting regular reviews of customer accounts.
• D. Monitoring and reporting suspicious financial transactions.

Correct answer: A

Explanation

The correct answer is A because identifying and knowing customers is a fundamental requirement for AML/CFT compliance. Options B, C, and D are relevant controls that financial institutions must adhere to for effective risk management in the context of money laundering and terrorist financing.