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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Tools and Technologies to Fight Financial Crime | ||
| Topic 2: Building an AFC Compliance Program | ||
| Topic 3: Understanding Risks and Methods of Financial Crime | 30% | - Financial Crime Risks related to real estate - Financial Crime Risks related to VASPs, cryptoassets, and related products - Financial Crime Risks related to gatekeepers - Financial Crime Risks related to insurance products - 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 trusts and company service providers - Financial Crime Risks related to Politically Exposed Persons (PEPs) and high-risk customers - Financial Crime Risks related to gaming and gambling |
| Topic 4: Global AFC Frameworks, Governance and Regulations | - AML Regulatory Framework (Elective options: Canada, EU, UK, USA) |
>> Relevant CAMS7 Exam Dumps <<
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NEW QUESTION # 387
Which money laundering risks are posed by the misuse of trust and asset management services? (Select Three.)
Answer: A,C,E
Explanation:
* A, C, D:
* "Trust and asset management services can facilitate the concealment of the source of funds (A), provide a layer of anonymity to transactions (C), and obscure the true legal and beneficial owners (D). These are well-established ML/TF risks in the private wealth sector."(CAMS 6th Edition, ML/TF Risks in Trust and Asset Management)
* B and E are normal aspects of asset management and are not in themselves ML/TF risks unless combined with other suspicious behaviors.
References:
CAMS 6th Edition, Risks in Trust and Asset Management
FATF Recommendations 24, 25
NEW QUESTION # 388
A bank has joined a public-private partnership (PPP) to work with law enforcement and regulators on combating financial crime. However, the bank's data protection officer is concerned about sharing sensitive customer data, and the compliance officer is worried about potential delays in receiving useful information from the government.
Which of the following best describes a benefit of PPPs in fighting financial crime?
Answer: C
NEW QUESTION # 389
A company is rapidly expanding into several international markets, including jurisdictions considered high risk in terms of regulatory oversight. The board has requested the Money Laundering Reporting Officer (MLRO) to review and adjust the company's anti-financial crime (AFC) compliance framework to align with the evolving regulatory landscape and expansion strategy. During this process, the MLRO identifies vulnerabilities, particularly in markets with AML deficiencies, and updates the framework to mitigate these risks.
Which element of the AFC compliance program does this process describe?
Answer: D
Explanation:
This scenario describes the risk assessment element of an anti-financial crime (AFC) compliance program.
FATF standards require organizations to regularly assess and reassess their money laundering and terrorist financing risks, particularly when there are material changes to business models, geographic exposure, or regulatory environments.
The MLRO's review of the company's expansion into high-risk jurisdictions and identification of vulnerabilities reflects a dynamic and forward-looking risk assessment process. Updating the compliance framework to address identified risks ensures that controls remain proportionate and effective.
Risk assessments form the foundation of the risk-based approach and directly inform decisions on enhanced due diligence, monitoring, governance, and resource allocation. This process is distinct from transaction monitoring, governance arrangements, or training activities, although those elements may be updated as a result of the risk assessment.
NEW QUESTION # 390
The primary objectives of the Financial Action Task Force (FATF) are to: (Choose two.)
Answer: A,D
Explanation:
The Financial Action Task Force (FATF) develops and promotes international standards to combat money laundering and terrorist financing, and it evaluates and monitors countries' compliance with these standards while providing recommendations for improvement.
NEW QUESTION # 391
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: B,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 # 392
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