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| Section | Weight | Objectives |
|---|---|---|
| Understanding Risks and Methods of Financial Crime | 30% | - Financial Crime Risks related to gatekeepers - Financial Crime Risks related to MSBs, PSPs, and ecommerce platforms - Financial Crime Risks related to products within other financial sectors - Financial Crime Risks related to gaming and gambling - Financial Crime Risks related to VASPs, cryptoassets, and related products - Financial Crime Risks related to Politically Exposed Persons (PEPs) and high-risk customers - Financial Crime Risks related to real estate - Financial Crime Risks related to trusts and company service providers - Financial Crime Risks related to insurance products |
| Global AFC Frameworks, Governance and Regulations | - AML Regulatory Framework (Elective options: Canada, EU, UK, USA) | |
| Building an AFC Compliance Program | ||
| Tools and Technologies to Fight Financial Crime |
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NEW QUESTION # 386
Which of the following actions is specifically permitted or required under FinCEN section 314(b) for financial institutions (FIs) to enhance their efforts in combating money laundering and terrorist financing?
Answer: D
Explanation:
Under FinCEN Section 314(b), financial institutions are permitted to share information with other financial institutions about suspected money laundering or terrorist financing activities. This collaboration helps identify and report suspicious transactions while complying with legal safeguards and privacy requirements.
NEW QUESTION # 387
Cryptocurrency-related technologies that can be exploited by money launderers include: (Select Two.)
Answer: B,C
Explanation:
* C: Privacy coins (like Monero, Zcash) are designed to obscure transaction details, making tracing difficult.
* D: Crypto-mixers (or tumblers) mix potentially identifiable cryptocurrency funds with others, obscuring the source.
* "Privacy coins and mixing services are specifically cited as high ML/TF risk tools, enabling greater anonymity."(CAMS 6th Edition, Cryptoassets ML/TF Risks; FATF, Virtual Assets Guidance) References:
CAMS 6th Edition, Virtual Assets, Privacy Coins, and Mixing Services
FATF, Virtual Assets and VASPs Guidance
NEW QUESTION # 388
Why is the prevention of financial crime so important?
Answer: A
Explanation:
Preventing financial crime is essential because it protects society by maintaining market integrity and public confidence, reducing the harm caused by illicit activities such as money laundering, fraud, and corruption.
NEW QUESTION # 389
Which of the following statements is true regarding Office of Foreign Assets Control (OFAC) sanctions? (Select Two.)
Answer: B,D
Explanation:
OFAC sanctions are a key element of the U.S. AML/CFT framework. According to the CAMS 6th Edition and OFAC regulations:
Blocked funds must be placed into an interest-bearing account on a financial institution's books (B):"Blocked property must be held in a separate interest-bearing account on the books of the U).S. financial institution." Sanctions can be either comprehensive or selective using the blocking of assets and trade restrictions (C):"OFAC administers both comprehensive and targeted (selective) sanctions programs to fulfill U.S. foreign policy and national security goals."
NEW QUESTION # 390
Financial crime risk related to the use of "hawalas" can stem from: (Select Two.)
Answer: A,E
Explanation:
A: "Hawala and similar informal value transfer systems are difficult to monitor, making it challenging to identify the originator, recipient, and source of funds." D: "Hawala operates through informal networks for cross-border transfers, often outside the formal banking system, increasing AML/CFT risk."
NEW QUESTION # 391
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