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| Section | Weight | Objectives |
|---|---|---|
| Understanding Risks and Methods of Financial Crime | 30% | - Financial Crime Risks related to real estate - 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 Politically Exposed Persons (PEPs) and high-risk customers - Financial Crime Risks related to insurance products - Financial Crime Risks related to trusts and company service providers - Financial Crime Risks related to gaming and gambling - Financial Crime Risks related to gatekeepers - Financial Crime Risks related to VASPs, cryptoassets, and related products |
| Tools and Technologies to Fight Financial Crime | ||
| Global AFC Frameworks, Governance and Regulations | - AML Regulatory Framework (Elective options: Canada, EU, UK, USA) | |
| Building an AFC Compliance Program |
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NEW QUESTION # 218
Risks associated with real estate transactions include: (Choose two.)
Answer: A,D
Explanation:
Cross-border purchases increase complexity and risk due to differing regulations and potential anonymity.
Non-financed purchases, especially in cash, can facilitate money laundering by avoiding traditional financial scrutiny.
NEW QUESTION # 219
The Money Laundering Reporting Officer (MLRO) of a life insurance company is reviewing the product risk assessment methodology.
Which of the following attributes of life insurance products would be attributed a higher risk rating?
(Select Three.)
Answer: B,C,D
Explanation:
Life insurance products vary significantly in their exposure to money laundering risk. FATF guidance and insurance-sector AML standards emphasize that flexibility, liquidity, and cross-border features increase product risk.
Products that allow changes to beneficiaries after policy inception present higher risk because criminals may initially name a legitimate beneficiary and later substitute another party to obscure the true recipient of funds. This flexibility can be exploited to disguise beneficial ownership.
Products with cash surrender values are particularly vulnerable to money laundering. Criminals may place illicit funds into policies and later redeem them, creating an appearance of legitimate insurance proceeds. This characteristic is widely recognized as a high-risk factor.
International coverage, including cross-border health insurance features, increases geographic risk exposure, particularly when funds or claims involve higher-risk jurisdictions with weaker AML controls.
By contrast, annuities with deferred income streams typically limit liquidity, reducing laundering risk.
Products that restrict fund transfers further reduce misuse potential and are considered lower risk.
NEW QUESTION # 220
When a financial institution (FI) is considering providing traditional banking services to a virtual asset service provider (VASP), consideration should be given to whether the FI: (Select Two.)
Answer: A,B
Explanation:
A: FIs should ensure they have a general understanding of virtual assets and VASP operations to assess risks accurately.
C: Enhanced KYC measures are recommended for VASPs due to their higher ML/TF risk profile.
"FIs must understand the business model and risk of VASPs and apply enhanced due diligence as required by FATF and regulatory guidance."
NEW QUESTION # 221
How can public-private partnerships (PPPs) foster collaboration in the fight against financial crime? (Choose two.)
Answer: A,D
Explanation:
Public-private partnerships help develop a culture of compliance across sectors and improve the quality and quantity of data through information sharing, enhancing the collective ability to detect and prevent financial crime.
NEW QUESTION # 222
Interactions between the compliance department and other functions or departments within an organization contribute to making the anti-financial crime (AFC) compliance program more robust by addressing specific risk areas.
Which departments play a crucial role in enhancing the AFC compliance program of an organization? (Select Two.)
Answer: C,D
Explanation:
* A (ISO): Ensures information security controls are aligned with AFC efforts, protecting sensitive data and reducing the risk of cyber-enabled financial crime.
* D (DPO): Helps ensure compliance with data privacy laws and enables secure, lawful information- sharing for AML purposes.
* "Collaboration with the ISO and DPO is critical to maintaining data security and privacy within AFC compliance frameworks."(CAMS 6th Edition, Governance and Cross-Functional Collaboration) References:
CAMS 6th Edition, Governance and Controls
FATF Guidance on Data Protection and Information Sharing
NEW QUESTION # 223
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