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| Section | Objectives |
|---|---|
| Customer Due Diligence (CDD) and KYC | - Enhanced due diligence for high-risk customers - Beneficial ownership and PEP screening - Customer identification and verification |
| AML Compliance Framework | - Internal controls and governance - Regulatory obligations and enforcement expectations - AML compliance program structure |
| AML and CTF Fundamentals | - Money laundering and terrorist financing concepts - Stages and typologies of money laundering - International AML/CTF standards and FATF recommendations |
| Financial Crime Typologies and Risk | - Common money laundering typologies across industries - Risk assessment methodologies - Sanctions and embargo compliance |
| Transaction Monitoring and Reporting | - Suspicious Activity Reports (SAR) / STR filing - Suspicious activity detection and monitoring systems - Case management and investigation processes |
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NEW QUESTION # 675
Which statement is true about when an institute becomes aware that a particular employee is under investigation by law enforcement as a result of a subpoena or warrant?
Answer: B
Explanation:
According to the CAMS Study Guide, page 173, "If an independent investigation provides grounds to interview the employee, the employee can be interviewed and, if necessary, terminated, but not advised that he or she is under investigation by law enforcement." This is because informing the employee of the law enforcement investigation could compromise the integrity of the case and potentially expose the institution to legal liability. Therefore, option B is the correct answer.
References:
CAMS Study Guide, page 1731
CAMS Exam Questions and Free Practice Test, Question 2872
NEW QUESTION # 676
Which red flags could indicate increased terror financing and money laundering risks related to cultural objects? (Select Three.)
Answer: A,D,E
Explanation:
The art and antiquities market is frequently exploited for money laundering and terrorist financing.
Option A (Correct): Art storage facilities in tax-free zones allow anonymous transactions, creating high AML risk.
Option C (Correct): Third-party art advisors can be used as intermediaries to obscure true ownership.
Option D (Correct): Selling art on social media without proper vetting allows for anonymous transactions.
Option B (Incorrect): Paying fair market value does not indicate suspicious activity.
Option E (Incorrect): Authenticity verification does not increase AML risk.
NEW QUESTION # 677
The line of business is responsible for creating, implementing and maintaining policies and procedures, as well as communicating these to all personnel. It must also establish processes for screening employees to ensure high ethical and professional standards and deliver appropriate training on AML policies and procedures based on roles and functions performed so employees aware of their responsibilities. To facilitate this, employees should be trained as soon as possible after being hired, with refresher training as appropriate.
To guard against acquisition or control of a financial institution by money launderers or their associates, what should supervisory agencies require?
Answer: D
NEW QUESTION # 678
Which trading pattern may be indicative of money laundering in capital markets?
Answer: B
Explanation:
free of payment asset transfer is a trading pattern that may be indicative of money laundering in capital markets. Free of payment asset transfer is a method of transferring securities without any corresponding payment, which can be used to avoid detection of the origin or destination of the funds. This can facilitate the layering or integration stages of money laundering, as the launderer can move the assets across different accounts, jurisdictions, or institutions without leaving a clear audit trail. Free of payment asset transfer can also be used to evade taxes, sanctions, or other regulatory requirements.
References:
ACAMS Study Guide 6th Edition, Chapter 1, Section 1.8, page 28: "Methods to launder money using broker-dealers, investment advisors, and the capital markets (e.g., securities, futures)".
ExamTopics, Question 476: "Which trading pattern may be indicative of money laundering in capital markets?" Reference:
https://www.fatf-gafi.org/media/fatf/documents/reports/ML%20and%20TF%20in%20the%20Securities%20Sect
NEW QUESTION # 679
A bank located in Arizona is considering a loan application for a new client. The collateral for the loan is a property in Florida.
The loan will be in the name of a limited liability company (LLC) whose ownership is not disclosed to the bank.
The LLC was established by a New York-based attorney.
The loan will be repaid by the LLC in monthly wire transfers of $9,000 which is more than the required monthly payment.
Which aspect indicates the potential for money laundering?
Answer: B,D
NEW QUESTION # 680
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