1. Which of the following is incorrect for the description of a Trust:

1. Trust is a legal entity owned by the settlor
2. Trust is governed by the Trust Deed
3. Fixed Asset can be put under a Trust
4. High Net Worth individual can use trust to safe Estate Tax
5. Trust can be perpetual

19. Which of the following is not a Common Red Flags for Suspicious Transaction Reporting under AML

1. Large cash payment for outstanding credit card balance
2. Cash Advances from a credit card account to purchase money order or drafts
3. Customer has no employment history who makes frequent large transactions
4. Unrelated individuals make payment to one account without rational explanation
5. Gives power of attorney to a non-relative to conduct investment transactions