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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: The Regulatory Infrastructure | 17% | - Corporate Governance (Law No. 3 issued Jan 2020) - Federal Law No. 4 of 2000 - License categories and requirements (Decision No. 13/Chairman issued 2021) - Codes of Conduct - Accounting system controls (Decision No. 13/Chairman issued 2021) - Securities & Commodities Authority (SCA) - SCA Resolutions |
| Topic 2: Investment Funds | 11% | - Provisions specific to certain public funds - The local fund |
| Topic 3: Dubai Financial Market (DFM) | 11% | |
| Topic 4: Licensed Bodies | 14% | - Licensing financial activities - General provisions - Requirements of capital market institutions |
| Topic 5: Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations | 14% | - Federal Law No. 20 of 2018 |
| Topic 6: Client Protection | 10% | |
| Topic 7: Markets | 11% | - Disclosure and Transparency - General background |
| Topic 8: Trading | 11% |
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NEW QUESTION # 80
When an application is made to list a crypto asset on a crypto asset exchange, the documentation provided to the Authority must include details of:
Answer: A
Explanation:
A crypto asset exchange seeking to list a crypto asset must provide the Authority with sufficient information to assess both the asset and the technology supporting it. Under the CISI UAE Financial Rules and Regulations, the listing application must include the initial and continuing criteria used to select the crypto asset for listing and trading, details of the relevant distributed ledger technology or protocol, fees or other compensation associated with the listing, and any hacking vulnerabilities affecting the technology underlying the crypto asset. The documentation must also address traceability of the crypto asset and the capability to apply controls designed to combat money laundering and terrorism financing. Disclosure of hacking vulnerabilities is particularly important because weaknesses in the underlying distributed-ledger technology can expose investors, custodians and markets to theft, unauthorised transfers and operational disruption. The specific listing requirements do not identify a software confidentiality agreement, historical losses of the applicant, or disaster-recovery methodology as the required item tested by this question. Therefore, option C directly reflects the CISI requirement.
NEW QUESTION # 81
Where a manager employed by a legal person is found to have committed a money laundering crime for its account, the minimum fine that can be imposed is:
Answer: A
Explanation:
The UAE AML framework distinguishes between criminal penalties imposed on natural persons and financial liability imposed on legal persons. Under the CISI UAE Financial Rules and Regulations treatment of Federal Law No. 20 of 2018, where representatives, managers or agents of a legal person commit money laundering, financing of terrorism or financing of illegal organisations for the legal person's account or in its name, the legal person may be fined. The prescribed fine is not less than AED 500,000 and not more than AED 50 million . The question asks only for the minimum amount, which is therefore AED 500,000. The liability is expressed as a statutory monetary range, not as 1% or 2% of annual turnover. AED 250,000 is also below the minimum prescribed for the legal person in this circumstance. Separate penalties can apply directly to the natural person who actually committed the underlying offence, but that does not change the minimum fine applicable to the legal entity itself. Accordingly, option D is correct.
NEW QUESTION # 82
The offence of tipping off leads to:
Answer: D
Explanation:
Within the CISI UAE Financial Rules and Regulations AML syllabus, tipping off occurs when a person notifies or warns another person about suspicions relating to money laundering or reveals that a transaction is being reviewed or investigated because of such suspicions. Disclosure of this information can undermine an investigation by allowing the subject to conceal assets, destroy evidence, alter transaction patterns or otherwise obstruct enforcement action. The CISI study guide states that the offence of tipping off is punishable by imprisonment for no less than six months and/or a financial penalty of no less than AED
100,000 and no more than AED 500,000. This combination corresponds exactly to option D. The considerably longer imprisonment periods or higher financial penalties appearing in the other alternatives relate neither to the specific CISI tipping-off provision nor to the sanction tested by this question. Staff dealing with suspicious transactions must therefore preserve strict confidentiality concerning reports, investigations and related information while ensuring that suspicions are escalated through the prescribed AML reporting process.
Comparison basis: List A and List B .
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NEW QUESTION # 83
Designated non-financial businesses and professions are banned under the regulations from dealing with which type of organisation?
Answer: B
Explanation:
UAE anti-money laundering regulations impose an explicit prohibition on financial institutions and designated non-financial businesses and professions (DNFBPs) dealing with shell banks. A shell bank is particularly problematic from an AML/CFT perspective because it typically lacks a meaningful physical presence and may not form part of an adequately regulated financial group. Such institutions can therefore be exploited to disguise beneficial ownership, obscure the movement of criminal proceeds or facilitate transactions outside effective regulatory supervision. The applicable UAE rules require relevant institutions to refrain from dealing with shell banks in any manner, including opening accounts for them or accepting funds or deposits from them. The prohibition does not apply merely because an organisation is structured as a mutual co-operative, benefit corporation or legitimate non-profit organisation; such entities may instead be subject to their own risk-based customer due diligence and monitoring requirements. The distinguishing regulatory prohibition in this question is therefore the dealing ban applicable to shell banks. Accordingly, option A is correct.
NEW QUESTION # 84
The Corporate Governance Guide automatically allows board members of public joint-stock companies to accept gifts up to what maximum stated value?
Answer: C
Explanation:
According to the Corporate Governance Guide for public joint-stock companies, board members are automatically allowed to accept gifts up to a maximum value of AED 300. This limit is set to ensure that the acceptance of gifts does not raise concerns about conflicts of interest or unethical conduct. By establishing a cap on the value of acceptable gifts, the guide aims to promote transparency and prevent any undue influence on the decision-making process of board members. This helps maintain the integrity of the corporate governance framework and fosters trust among stakeholders.
Reference: CISI UAE Financial Rules and Regulations - Corporate Governance and Gift Acceptance, Section 10.4.5 (2023).
NEW QUESTION # 85
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