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CISI UAE Financial Rules and Regulations Exam Sample Questions (Q44-Q49):

NEW QUESTION # 44
Each licence applicant must submit a risk management guide that includes:

A. the mechanisms required to enable the compliance officer to have access to sufficient resources
B. the procedures and mechanisms that ensure that the responsible officer shall have access to all records
C. development and implementation of policies and procedures
D. the procedures and mechanisms required to enable the internal auditor to act independently

Answer: C

Explanation:
In the UAE regulatory framework, every licence applicant is mandated to provide a comprehensive risk management guide. As per CISI UAE Financial Rules and Regulations, this guide must explicitly address the development and implementation of policies and procedures to identify, assess, monitor, and mitigate risks within the licensed entity. This requirement ensures that firms proactively manage financial, operational, and compliance risks, safeguarding market integrity and client interests. While other governance and compliance mechanisms such as compliance officer resources and internal auditor independence are important, the risk management guide specifically focuses on how the firm establishes and enforces risk-related policies and procedures. This foundational element of risk governance demonstrates the applicant's readiness and capability to operate safely within the UAE financial markets.
Reference: CISI UAE Financial Rules and Regulations - Regulatory Infrastructure, Risk Management Requirements, Section 3.2.7 (2023).

NEW QUESTION # 45
Why might employees in one part of a regulated business be permitted to withhold information from employees in another part of the business?

A. To comply with a Chinese wall
B. Prevention of insider trading
C. At the request of the audit function
D. Strict privacy of client information

Answer: A

Explanation:
CISI UAE Financial Rules and Regulations recognize the concept of a Chinese wall, which permits employees in one part of a regulated business to withhold certain information from employees in other parts.
This internal information barrier is designed to prevent conflicts of interest and insider trading by restricting the flow of sensitive or non-public information between departments. By implementing Chinese walls, firms ensure compliance with legal and regulatory requirements, uphold market integrity, and protect client interests. While audit requests and privacy concerns are valid, the primary regulatory rationale for withholding information internally is to maintain effective Chinese walls.
Reference: CISI UAE Financial Rules and Regulations - Regulatory Infrastructure and Information Barriers, Section 3.4.10 (2023).

NEW QUESTION # 46
The effectiveness of a financial institution's internal policies, controls and procedures to combat money laundering must be tested by:

A. regular operational resilience exercises
B. the audit committee
C. an independent audit function
D. external consultants

Answer: C

Explanation:
Under the UAE Anti-Money Laundering (AML) laws and regulations, financial institutions are required to periodically test the effectiveness of their internal policies, controls, and procedures designed to combat money laundering. The independent audit function is specifically responsible for testing and evaluating these AML frameworks. The independent auditor must assess whether the institution's systems and procedures effectively detect, prevent, and report suspicious transactions and activities. This audit ensures that the policies are up-to-date, comprehensive, and compliant with both local and international standards. Regular audits provide an additional layer of scrutiny, ensuring that financial institutions can demonstrate their commitment to preventing money laundering and terrorist financing.
Reference: CISI UAE Financial Rules and Regulations - AML Testing and Audits, Section 9.5.2 (2023).

NEW QUESTION # 47
Where an applicant for a financial activities licence uses a cloud-based server, they must set out provisions to ensure the outsourced party can operate with zero data loss for what stated period?

A. Seven years
B. Three years
C. Ten years
D. Five years

Answer: D

Explanation:
According to CISI UAE Financial Rules and Regulations, applicants utilizing cloud-based servers must demonstrate that their outsourced service providers have provisions in place to guarantee zero data loss for a minimum of five years. This requirement protects the integrity and availability of critical financial data over the regulatory retention period. The five-year timeframe aligns with data retention standards for audit, compliance, and operational continuity in the UAE financial sector, ensuring that regulatory bodies and firms can access historical information for supervisory purposes.
Reference: CISI UAE Financial Rules and Regulations - IT and Data Management Requirements, Section
3.5.7 (2023).

NEW QUESTION # 48
Which of the following acts is considered to constitute the crime of money laundering?

A. Transferring or moving proceeds or conducting any transaction with the aim of highlighting or opening their source to scrutiny
B. Investigating internal reports where concerns of illegal activities are raised by staff
C. Investigating or checking on the true nature, source or location of proceeds as well as the method involving their ownership
D. Acquiring, possessing or using proceeds from an unverified source

Answer: D

Explanation:
Under the UAE's Anti-Money Laundering (AML) laws, acquiring, possessing, or using proceeds from an unverified source constitutes the crime of money laundering. The crime occurs when an individual or entity uses illicitly obtained funds without verifying the legitimate source of those funds. This includes activities such as using proceeds from illegal activities for legitimate business purposes, thereby "laundering" the illicit funds. The UAE AML regulations impose strict penalties for such actions to deter money laundering and its harmful effects on the economy and financial system.
Reference: CISI UAE Financial Rules and Regulations - Money Laundering Definitions, Section 9.1.2 (2023).

NEW QUESTION # 49
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CISI UAE Financial Rules and Regulations Exam Sample Questions (Q44-Q49):

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