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| Section | Weight | Objectives |
|---|---|---|
| Building and Managing Anti-Financial Crime Compliance Programs | 28% | - Training, awareness and internal communication - Program framework and policies
|
| Understanding Risks and Methods of Financial Crime | 26% | - Sanctions regimes and compliance risks
|
| Tools, Technologies and Investigations | 22% | - Investigation processes and evidence handling
|
| Global Anti-Financial Crime Frameworks, Governance and Regulations | 24% | - International standards and bodies
|
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NEW QUESTION # 42
Which measures should be implemented to facilitate collaboration among different risk management functions to enhance an organization's anti-financial crime (AFC) program? (Select Three.)
Answer: A,C,D
Explanation:
An effective anti-financial crime (AFC) program relies on strong collaboration across risk management functions, including AML, fraud, sanctions, cybersecurity, and operational risk. Regulatory guidance encourages integrated approaches to managing financial crime risk.
A framework for continuous threat intelligence sharing allows different functions to exchange insights on emerging risks, typologies, and vulnerabilities, improving the organization's ability to detect and respond to threats holistically.
Cross-functional training programs help ensure that staff across risk functions understand AFC risks, regulatory expectations, and the tools used to manage them. This fosters consistency and breaks down silos within the organization.
Developing common metrics and key performance indicators (KPIs) aligns objectives across functions and enables management to assess program effectiveness consistently.
While senior management accountability is essential for governance, it does not directly facilitate collaboration among risk functions. Reward programs are not standard or recommended measures in regulatory guidance for enhancing AFC collaboration.
NEW QUESTION # 43
The new KYC lead at a bank is particularly focused on enhancing the risk management component of its KYC program and refers to the Basel Committee's customer due diligence (CDD) principles. Which of the following describe key improvements to a KYC program established in the Basel Committee's CDD principles? (Select Two.)
Answer: C,D
NEW QUESTION # 44
Which situation involving a vendor presents increased AML and/or sanctions risk to an organization?
Answer: D
NEW QUESTION # 45
Which of the following are important AML controls for a compliance manager of a regulated asset management company in the European Union to implement? (Select Two.)
Answer: A,D
Explanation:
Understanding the source and origin of assets (C):According to the CAMS 6th Edition (Chapter: Customer Due Diligence and Enhanced Due Diligence) and the EU 4th & 5th AML Directives, regulated entities are required to take adequate measures to understand the source of funds and the origin of assets of their customers, especially when there are higher risk factors such as large transactions or PEPs."Firms must identify the source and origin of assets to ensure they are not the proceeds of crime or corruption, particularly for higher-risk customers."(CAMS 6th Edition, CDD/EDD Requirements; EU Directive 2015/849, Article 20) Performing negative news checks of prospective customers (D):Adverse media screening is an essential part of the onboarding process for identifying potential risks related to money laundering, terrorist financing, or reputational harm."Negative news or adverse media checks form a vital component of the due diligence process, helping organizations detect links to criminal or suspicious activities."(CAMS 6th Edition, CDD
/EDD Requirements)
Incorrect Options:
A: Onboarding interviews may be part of EDD, but are not a standard or required AML control.
B: PEPs are not to be automatically rejected; instead, enhanced due diligence should be applied.
E: Producing financial stability reports is not an AML control, but may be relevant for credit or investment assessment.
References:
CAMS Study Guide 6th Edition, Customer Due Diligence
EU 4th AML Directive (Directive 2015/849/EU)
EU 5th AML Directive (Directive 2018/843/EU)
NEW QUESTION # 46
Arecruitment manager in the human resources departmentof a bank hasshortlisted a candidate for the position of relationship manager in its private banking division.
Thebank's compliance policyrequiresproper background checksto protect againstfraud and money laundering risks.
Whichresourceswould bemost usefulfor identifying potential negative information regarding the shortlisted candidate? (Select Three.)
Answer: A,C,D
Explanation:
Financial institutions must conduct thorough background checks on employees in sensitive roles (e.g., private banking) to mitigate fraud, insider trading, and money laundering risks.
Option A (Correct):Past employment records help verify work history and identify any red flags related to prior financial misconduct.
Option D (Correct):Internet and media searches reveal any negative press, regulatory issues, or connections to illicit activity.
Option E (Correct):Criminal history searches help screen for prior convictions related to financial crimes.
Why Other Options Are Incorrect:
Option B (Incorrect):Personal references are less reliable and may not uncover objective risk factors.
Option C (Incorrect):A resume is self-reported and should be verified using independent sources.
Best Practices for Employee Background Screening:
Conduct enhanced due diligence for high-risk roles (e.g., private bankers, compliance officers).
Use reliable background screening tools and legal databases.
Verify employment history and check against regulatory blacklists.
Reference:
FATF Recommendation 18 (Internal Controls & Employee Screening)
Wolfsberg Group Guidance on AML Employee Background Checks
6th EU AML Directive (6AMLD) on Employee Due Diligence
NEW QUESTION # 47
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