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| Section | Objectives |
|---|---|
| Topic 1: AML Compliance Framework | - AML compliance program structure - Internal controls and governance - Regulatory obligations and enforcement expectations |
| Topic 2: AML and CTF Fundamentals | - Stages and typologies of money laundering - International AML/CTF standards and FATF recommendations - Money laundering and terrorist financing concepts |
| Topic 3: Transaction Monitoring and Reporting | - Case management and investigation processes - Suspicious activity detection and monitoring systems - Suspicious Activity Reports (SAR) / STR filing |
| Topic 4: Financial Crime Typologies and Risk | - Common money laundering typologies across industries - Risk assessment methodologies - Sanctions and embargo compliance |
| Topic 5: Customer Due Diligence (CDD) and KYC | - Enhanced due diligence for high-risk customers - Customer identification and verification - Beneficial ownership and PEP screening |
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NEW QUESTION # 142
According to the Financial Action Task Force 40 Recommendations, simplified customer due diligence or reduced measures could be acceptable for which three types of products or transactions? Choose 3 answers
Answer: A,B,C
NEW QUESTION # 143
A compliance officer for a casino may suspect money laundering if an individual:
Answer: D
Explanation:
purchasing a low volume of chips with cash and turning them in for a casino check is a common technique of money laundering in casinos. This method allows the launderer to convert "dirty" money into physical casino chips, which are then played with for a short while, and then cashed out as "clean" money in the form of a check. This way, the launderer can avoid the reporting requirements and the traceability of cash transactions.
:
ACAMS CAMS Certification Video Training Course - Exam-Labs1
Understanding Money Laundering in Casinos | ComplyAdvantage2
Casino Money Laundering: Red Flag Indicators - Alessa3
Reference: https://www.americangaming.org/wp-content/uploads/2018/12/Best-Practice-2017.pdf
NEW QUESTION # 144
An organization uses an automated surveillance system that generates a very large volume of anti-money laundering alerts. The monthly volume of alerts has increased over the last year causing the compliance staff to fall significantly behind reviewing the alerts. As a result, the system settings are under review to determine if they are appropriate.
Which action should be included in the evaluation of system settings?
Answer: A
Explanation:
Reviewing parameter settings based on the latest risk assessment should be included in the evaluation of system settings for anti-money laundering alert surveillance. This is because parameter settings determine the thresholds and criteria for generating alerts based on the risk profile of the customers, products, services, channels, and jurisdictions involved in the transactions. A risk assessment is a periodic and comprehensiveanalysis of the potential money laundering and terrorist financing risks faced by an organization, and it should inform the design and implementation of an effective anti-money laundering program, including the alert surveillance system. By aligning the parameter settings with the risk assessment, an organization can ensure that the system is capturing the most relevant and high-risk transactions, and reducing the number of false positives or irrelevant alerts.
:
CAMS Study Guide 6th Edition, page 37-38.
Implementing AML Transaction Monitoring Systems: Critical Considerations, page 2-3.
3 techniques to improve AML transaction monitoring strategies, page 2.
NEW QUESTION # 145
Which two aspects of precious metals pose the highest risk of money laundering? (Choose two.)
Answer: A,C
Explanation:
Precious metals, such as gold and silver, pose a high risk of money laundering because they have some features that make them attractive to criminals. According to the FATF Guidance on the Risk-Based Approach for Dealers in Precious Metals and Stones1, these features include:
Some precious metals can be formed into other objects, making easier to transport. For example, gold can be melted and shaped into jewellery, coins, bars, or other items that can be easily concealed and moved across borders. This makes it difficult for law enforcement and customs authorities to detect and seize the illicit proceeds of crime.
Precious metals have high intrinsic value in a relatively compact form and are easy to convert into currency. For example, gold has a stable and universal value that can be exchanged for cash or other assets in any market. This makes it easy for criminals to store, transfer, and launder their illicit funds without leaving a trace in the formal financial system.
The other two options, C and D, are not as relevant to the risk of money laundering. The value of precious metals is determined by the market forces of supply and demand, and it is not easy to inflate or manipulate it. Precious metals can be used in many high-tech commercial applications, but this does not necessarily make them more valuable or more prone to money laundering.
Reference:
1: FATF Guidance on the Risk-Based Approach for Dealers in Precious Metals and Stones, 2008, https://www.fatf-gafi.org/en/publications/Fatfrecommendations/Fatfguidanceontherisk-basedapproachfordealersinpreciousmetalsandstones.html
2: Money laundering and terrorist financing risks and vulnerabilities associated with gold, 2015, https://www.fatf-gafi.org/en/publications/Methodsandtrends/Ml-tf-risks-and-vulnerabilities-gold.html
3: The anti-money laundering framework for precious stones and metals dealers in Singapore, 2021, https://www.emerald.com/insight/content/doi/10.1108/JMLC-07-2021-0074/full/html
4: Gold and Money Laundering, 2019, https://www.moneylaunderingnews.com/2019/04/gold-and-money-laundering/
NEW QUESTION # 146
What must be materially true regarding transactions for United States (U.S.) sanctions laws to have jurisdiction?
Answer: B
Explanation:
Reference:
''Who must comply with OFAC regulations?U.S. persons must comply with OFAC regulations, including all U.S. citizens and permanent resident aliens regardless of where they are located, all persons and entities within the United States, all U.S. incorporated entities and their foreign branches. In the cases of certain programs, foreign subsidiaries owned or controlled by U.S. companies also must comply. Certain programs also require foreign persons in possession of U.S.-origin goods. please refer to: https://home.treasury.gov/policy-issues/financial-sanctions/frequently-asked-questions/ofac-consolidated-frequently-asked-questions
NEW QUESTION # 147
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