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Answer all the questions.
You are a senior customer due diligence (CDD) analyst for ICT Bank. Your manager has asked you to produce a document to assist with the training of new starters within the CDD Team. You decide to use the Engi-Gassco Ltd structure as a case study within the training programme
Explain the functions of the KYC file, as part of the CDD process. Identify the items I C T Bank would have included within the KYC file, specifically in relation to the Engi-Gassco Ltd case study. Select and comment upon 3 pieces of information used within the Engi-Gasso Ltd case to build knowledge about potential risk.
From the Engi-Gasso Ltd case study, identify and evaluate the risks associated with:
- • Ms Keluarga Joko Widodo – Director, and the sectorial and geographical exposure of the company.
- • Explain how the risks identified were mitigated by ICT bank.
To: Lily Harwood From: David Robinson
Subject: Engi-Gassco Ltd
I’ve just been speaking to Annette Stevens, the company secretary for Engi-Gassco Ltd, as part of my regular reviews, and there has been a change to the company structure that we need to look into.
She has advised that the board recently agreed a change in the company structure that sees Grant Murray moving to become president of Engi-Gassco Ltd, overseeing several large projects to broaden the company’s risk profile and increase profits. The first major project will be to oversee the acquisition of Fin-Scard, a Finnish boiler manufacturer. This project will be a joint venture with Fin-Scard that will see Engi-Gassco Ltd diversifying into the commercial biomass energy sector. David Burakowski, the chief executive officer for Engi-Gassco Ltd, has stated that, ‘While there may be some global uncertainty within the oil and gas industry, seeking new projects will allow Engi-Gassco Ltd to broaden its horizons.
’Fin-Scard is a family-run business, headed by Henrik Laakkonen, with recent funding provided from the Finnish government. Laakkonen was a special adviser for the Ministry of Agriculture and the Environment from 2017-2021, before buying the boiler-manufacturing plant from his father in 2021.
There is also a new chief finance officer for Engi-Gassco Ltd, Barry Schneider, who has been an oil and gas finance specialist consultant for the last 20 years and has assisted with
mergers and acquisitions and financial aspects for many companies, across a variety of jurisdictions, including Russia, Canada, Central and South America and Australia. Barry has worked with many industry sectors, but predominately the mining and oil and gas industries. He is married to Rita Schneider, Engi-Gassco Ltd’s head of HR, and is based in Aberdeen.
Relationship Manager, ICT Bank
- a) Identify and evaluate TWO potential risk factors that the new acquisition might present for Engi-Gassco Ltd.
- b) Outline the steps that Lily might choose to consider, having read the news contained within the email from David Robinson.
The following news story has been sent through to the Relationship Manager, David Robinson, from Engi-Gassco Ltd. David forwards the news report to Lily, from the client on-boarding team, for further consideration.
ICANEWS24 – 1June 2022
The Board of Engi-Gassco Ltd would like to welcome Anya Skeroloski as the director of NetZero Pro-Oil Ltd. NetZero Pro-Oil Ltd is new to the market and will concentrate on ensuring Engi-Gassco Ltd will demonstrate industry leadership by pursuing its net-zero carbon emission target.
Anya has over 25 years within the oil and gas industry, spending the last 10 years reducing indirect greenhouse gas emissions as a consultant to several governments. Her most recent advisory position was working alongside New Zealand’s Prime Minster Jacinda Ardern.
NetZero Pro-Oil Ltd will sit within the structure of Engi-Gassco Ltd and Anya has been given 10% of David Burakowski’s personal shares.
NetZero Pro-Oil Ltd will tender for global business, for established oil/gas sites, as well as new drilling opportunities. Experienced consultants will be available for ongoing business ventures in dedicated overseas divisions, e.g. Malaysia, USA, Nigeria, Venezuela, China, etc.
Engi-Gassco Ltd is committed to lowering its own carbon footprint and assisting other firms within the industry to commit to the same. The decision to launch the new firm offers excellent increased business opportunities.
- a) Identify and explain three key steps that Lily should consider with regard to the content of the news story from Engi-Gassco Ltd.
- b) Would Anya Skeroloski be classed as a PEP? Present an analysis to support your decision.
Total 100 marks