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| Section | Objectives |
|---|---|
| Topic 1: AML Compliance Framework | - Regulatory obligations and enforcement expectations - AML compliance program structure - Internal controls and governance |
| Topic 2: AML and CTF Fundamentals | - Stages and typologies of money laundering - Money laundering and terrorist financing concepts - International AML/CTF standards and FATF recommendations |
| Topic 3: Financial Crime Typologies and Risk | - Common money laundering typologies across industries - Sanctions and embargo compliance - Risk assessment methodologies |
| Topic 4: Transaction Monitoring and Reporting | - Suspicious activity detection and monitoring systems - Case management and investigation processes - Suspicious Activity Reports (SAR) / STR filing |
| Topic 5: Customer Due Diligence (CDD) and KYC | - Enhanced due diligence for high-risk customers - Beneficial ownership and PEP screening - Customer identification and verification |
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NEW QUESTION # 517
Which three measures are contained in Financial Action Task Force 40 Recommendations for reporting suspicious activity? (Choose three.)
Answer: B,D,E
NEW QUESTION # 518
Which payment method for purchasing luxury items is a red flag for potential money laundering?
Answer: B
Explanation:
According to the Financial Action Task Force (FATF), the use of large amounts of cash is a common method for money launderers to move illicit funds [1]. Purchasing luxury items with cash can indicate an attempt to convert illegal funds into tangible assets that can be easily resold or moved across borders. As a result, businesses that deal with luxury items are required to implement enhanced due diligence measures, including monitoring transactions involving large amounts of cash [1].
NEW QUESTION # 519
A school teacher recently opened a private banking account with a major bank. The customer indicated annual income of EUR 45,000 and listed her source of wealth as a EUR 1.5 million inheritance from relatives. The customer plans to invest EUR 12,000 to 15,000 earned annually from bearer bonds. The relationship manager verified the client's identity and documented all of the above information in the account file before opening the account. During a routine review of the account, several electronic fund transfers in excess of EUR 5 million each were made from a diamond distributor. The relationship manager also noticed that in each instance, the customer immediately transferred the funds to bank accounts in Hong Kong. Which of the following is appropriate for the anti-money laundering specialist to recommend?
Answer: D
Explanation:
The customer's profile and transactions are highly suspicious and indicative of possible money laundering.
The customer's income, source of wealth, and investment plans do not match with the large and frequent transfers from a diamond distributor, which is a high-risk business sector for money laundering. The customer' s transfers to Hong Kong, which is a high-risk jurisdiction for money laundering, also raise red flags. The anti- money laundering specialist should recommend contacting the competent authority and local law enforcement to report the suspicious activity and cooperate with any investigation. This is in accordance with the FATF Recommendation 20, which states that "If a financial institution suspects or has reasonable grounds to suspect that funds are the proceeds of a criminal activity, or are related to terrorist financing, it should be required, by law, to report promptly its suspicions to the financial intelligence unit (FIU)"1. The other options are not appropriate, as they do not address the urgency and severity of the situation.
References: 1: FATF (2012), International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation, FATF, Paris, France, www.fatf-gafi.org/recommendations.html, p. 19.
NEW QUESTION # 520
A prospective AML officer comes highly recommended by a banks up-stream correspondent institution of similar size and make-up, located in a different city in the same country. The bank is interested in hiring the individual. What should be the next step taken by the Board of Directors?
Answer: C
Explanation:
Explanation
"A Know Your Employee (KYE) program means that the institution has a program in place that allows it to understand an employee's background, conflicts of interest and susceptibility to money laundering complicity"
NEW QUESTION # 521
You are developing a mobile application that will perform optical character recognition (OCR) from photos.
The application will annotate the photos by using metadata, store the photos in Azure Blob storage, and then score the photos by using an Azure Machine Learning model.
What should you use to process the data?
Answer: B
NEW QUESTION # 522
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