Please mention the given statement is true / false and give explanation for each.

1. Safekeeping of valuables is a traditional service provided by banks in which the banks store the valuables of their customers and certify their true value.

2. Getting currency into the financial system so as to convert illicit fund from cash straight into a financial instrument or bank account is called layering.

3. Immersion or soaking of illicit fund is also refer integration.

4. Risk management is one of the core elements of Know-Your-Customer policy.

5. Labuan was declared as an International Offshore Financial Center in 1996.

6.The letter "S" in the CAMELS rating system for banks in the U.S. refers to the "security" of a bank.

7. Offshore banks are generally allowed to take deposits in Ringgit Malaysia.

8.Offshore jurisdictions often imposed little or no taxation to investors."

9. Banks in international financial centers can only operate as subsidiary company.

10.Labuan International Business and Financial Centers (LIBFC) are being regulated by independent laws and regulations.

11.Malaysians invested by using LIBFC are considered to be foreigners or non-residents.

12. The Financial Action Task Force (FATF) is an inter-governmental body established by the Ministers of its member jurisdictions to provide inter-bank loans."

13. The Head of Administration of LIBFC is called Governor of Bank Negara."

14. LIBFC main function is to regulate jurisdictions.

15. Banks profit is generally associated with taking risks.