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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Detecting and Preventing Financial Crime | 20% | - Investigations and enforcement
|
| Topic 2: AML Compliance Framework | 25% | - Compliance program components
|
| Topic 3: Money Laundering and Terrorist Financing Concepts | 30% | - Definitions and stages of money laundering
|
| Topic 4: Risk Management and Due Diligence | 25% | - Customer Due Diligence (CDD/KYC)
|
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NEW QUESTION # 350
Which key metric would provide the most valuable data to the senior management of a financial institution about the effectiveness of its AML controls?
Answer: B
NEW QUESTION # 351
A committee should have a clear and precise definition of its mandate to ensure effective function and governance, set out in a document often referred to as the Terms of Reference (ToR).
Which key features are generally included in the Terms of Reference? (Select Three.)
Answer: A,B,C
Explanation:
Terms of Reference (ToR) are a fundamental governance document that define how a committee operates, makes decisions, and fulfills its responsibilities. Regulatory guidance and corporate governance best practices emphasize clarity and accountability in committee mandates.
The extent of power and decision-making authority must be clearly defined to ensure members understand what decisions they are authorized to make and where escalation is required. This prevents overlaps or governance gaps.
The composition and structure of the committee, including membership criteria and roles, ensures appropriate expertise and representation. This is essential for effective oversight, particularly in AML/CFT and risk committees.
Delegation of authority outlines how responsibilities may be assigned or escalated, supporting efficient decision-making while maintaining accountability.
Organization charts and company culture statements are not typically core components of a ToR, as they do not define operational authority or governance mechanics.
NEW QUESTION # 352
Money services business (MSB) customers present the greatest financial crime risks to mitigate if they:
(Select Two.)
Answer: A,C
Explanation:
Money services businesses (MSBs) are considered higher-risk customers under AML/CFT frameworks due to their role in facilitating payment flows and fund transfers. FATF guidance highlights specific characteristics that elevate financial crime risk.
One significant risk arises when MSBs process the activity of their customers' customers. This indirect exposure reduces transparency and makes it more difficult for the financial institution to identify the true originators and beneficiaries of transactions, increasing vulnerability to money laundering and terrorist financing.
Another major risk is frequent cross-border transfers. International transactions introduce geographic risk, particularly when funds move through or to jurisdictions with weaker AML controls or higher financial crime prevalence.
While high volumes of low-value transactions can present monitoring challenges, this characteristic alone does not necessarily represent the greatest risk without additional factors. Registration requirements are a regulatory control, not a risk indicator.
NEW QUESTION # 353
According to the Financial Action Task Force's (FATF's) "Guidance for a Risk-Based Approach Life Insurance Sector," which of the following are money laundering red flags relating to the involvement of a third party in a life insurance product? (Select Two.)
Answer: A,D
Explanation:
FATF and CAMS 6th Edition highlight certain third-party activities as red flags for money laundering in the life insurance sector:
* Payments are regularly received from third parties that have no apparent relationship with the policy holder (C):"Red flags include payments made by third parties, especially where there is no apparent connection between the third party and the policy holder."(FATF, Risk-Based Approach for Life Insurance Sector, Section IV: Red Flags; CAMS 6th Edition, Customer Due Diligence for Life Insurance)
* A customer names an apparently unrelated third party as a beneficiary (D):"Another warning sign is when beneficiaries have no apparent relation to the policyholder."(FATF, Ibid; CAMS 6th Edition, Life Insurance ML/TF Red Flags) Incorrect Options:
* A: Consulting an attorney is not, by itself, a red flag.
* B: Policy transfer may warrant review but is not specifically a red flag for third-party involvement.
References:
CAMS 6th Edition, Life Insurance ML/TF Risks
FATF, Guidance for a Risk-Based Approach for the Life Insurance Sector (October 2018)
NEW QUESTION # 354
Which of the following scenarios describe common risk indicators of money laundering faced by operators of legitimate money services businesses (MSBs)? (Select Three.)
Answer: B,C,E
NEW QUESTION # 355
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