It has been a busy year globally at Custody & Trustee Bank (CTB) with Assets Under Custody increasing by over 60%. This was a phenomenal level of growth but created a difficult period from a recruitment viewpoint for the
hiring team at CTB’s EMEA Head Office in Dublin. They had to onboard over 300 extra employees in the previous six months. Not all of the new recruits were as experienced as could be hoped. This put pressure on the Learning & Development (L&D) team, which you lead.
You have particular responsibility for members of the Transfer Agency (TA) Department of CTB EMEA and have had to get very hands‐on in the last period due to the size of the intake. This meant pulling together a series of presentations and training modules for the newcomers.
Much of the training was delivered by an experienced and trusted external contractor but there were a number of areas where it was felt that delivery by someone internal would also be beneficial. With a previous background in compliance, you have been asked to pull together a briefing note on a particular area and subsequently deliver an overview to the incoming TA group.
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The group has also been introduced to the concept of calculating multiple lot Contingency Deferred Sales Charges (CDSC) and you have been asked to work through an example and to give clear feedback on each part attributable within the workings.
Clearly outline your understanding of Money Laundering, the stages of this activity, and the European Directives in place to counter such activities. Refer to the work of the Financial Action Task Force (FATF) in the global efforts to combat money laundering and in Countering the Financing of Terrorism (CFT).
Using a set of sample data you must lead the group through the calculations and descriptions of a Contingency Deferred Sales Charge (CDSC) and Redemption Proceeds. Please explain why funds would use such a mechanism and what alternatives they may consider.
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