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| Section | Objectives |
|---|---|
| AML Compliance Framework | - Internal controls and governance - Regulatory obligations and enforcement expectations - AML compliance program structure |
| Customer Due Diligence (CDD) and KYC | - Customer identification and verification - Enhanced due diligence for high-risk customers - Beneficial ownership and PEP screening |
| Financial Crime Typologies and Risk | - Risk assessment methodologies - Common money laundering typologies across industries - Sanctions and embargo compliance |
| AML and CTF Fundamentals | - International AML/CTF standards and FATF recommendations - Money laundering and terrorist financing concepts - Stages and typologies of money laundering |
| Transaction Monitoring and Reporting | - Case management and investigation processes - Suspicious Activity Reports (SAR) / STR filing - Suspicious activity detection and monitoring systems |
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NEW QUESTION # 322
Which statement about theextraterritorial reachofU.S. laws and legislationisaccurate?
Answer: B
Explanation:
U).S. AML lawshave significantextraterritorial effectsdue tothe dominance of the U.S. dollar in global finance.
Option C (Correct):Section 319(b) of the USA PATRIOT Actallows theseizure of funds from foreign correspondent bank accountsin the U.S.
Option D (Correct):OFAC sanctionscan affectnon-U.S. entitiesif theyengage in prohibited transactions using U).S. dollars.
Option A (Incorrect):TheTravel Rule applies only to financial institutions under U.S. jurisdiction.
Option B (Incorrect):TheAML Act of 2020strengthensU.S. financial crime enforcement, butdoes not govern all USD transactions worldwide.
Reference:USA PATRIOT Act Section 319(b), OFAC Sanctions Guidelines, FinCEN Travel Rule Compliance.
NEW QUESTION # 323
An individual opens an e-account in an off-shore gambling website using non-documentary verification and creates an e-wallet on a mobile device. In order to add funds to the account, the individual uses a credit card, wire transfers, cryptocurrency, and a money service business. Which source of money represents more risk of money laundering?
Answer: C
Explanation:
Cryptocurrency is a digital or virtual currency that uses cryptography to secure and verify transactions.
Cryptocurrencies are decentralized and operate outside the control of any central authority, such as a government or a bank. This makes them attractive for money launderers, who can use them to transfer funds anonymously, quickly, and globally, without leaving a trace or being subject to regulation. Cryptocurrencies pose more risk of money laundering than other sources of money, such as wire transfers, credit cards, or money service businesses, which are subject to more oversight, verification, and reporting requirements.
CAMS Study Guide, 6th Edition, Chapter 1, Section 1.9, page 37
CAMS eLearning Course, Module 1, Lesson 9
ACAMS Crypto Hub
Reference: https://complyadvantage.com/knowledgebase/money-laundering-crypto-exchanges/
NEW QUESTION # 324
How should law enforcement obtain documentation from an institution when suspicious activity was identified? (Choose two.)
Answer: A,C
Explanation:
Law enforcement should obtain documentation from an institution when suspicious activity was identified by either requesting copies of the relevant documents from the accountable institution or acquiring a search warrant to obtain the documents. These are the legal and proper ways to access the supporting documentation that the institution is required to maintain for five years after filing a suspicious activity report (SAR). The institution must provide the documentation upon request by FinCEN or an appropriate law enforcement or supervisory agency, and should verify the identity and authority of the requestor. Law enforcement can also obtain a search warrant from a court if they have probable cause to believe that the documents contain evidence of a crime.
References:
* Suspicious Activity Report Supporting Documentation
* Answers to Frequently Asked Questions Regarding Suspicious Activity Reporting and Other Anti- Money Laundering Considerations, Question 1.
* Obtaining Documentation from an Institution: Law Enforcement Procedures Reference: https://www.federalregister.gov/documents/2010/12/03/2010-29869/financial-crimes-enforcement- network-confidentiality-of-suspicious-activity-reports
NEW QUESTION # 325
Combating the Financing of Terrorism (CFT)]
Which of the following is considered a shell bank as defined by the USA PATRIOT Act?
Answer: A
Explanation:
According to the USA PATRIOT Act, a shell bank is defined as "a bank that has no physical presence in any country" (Section 313(a)(1)). A physical presence means "a place of business that is maintained by a bank and is located at a fixed address, other than solely a post office box or an electronic address, in a country in which the bank is authorized to conduct banking activities, at which location the bank employs one or more individuals on a full-time basis and maintains operating records related to its banking activities" (Section 313 (a)(2)). Therefore, option A is the correct answer, as it describes a bank that has no physical presence or employees in any country. Options B, C, and D are not correct, as they describe banks that have some form of physical presence or affiliation with another bank in a country.
1: USA PATRIOT Act, Title III, Subtitle A, Section 313, Prohibition on United States Correspondent Accounts with Foreign Shell Banks, 1.
2: ACAMS Study Guide for the Certified Anti-Money Laundering Specialist (the 6th edition), Chapter 4:
International Standards and Global Initiatives, page 103.
NEW QUESTION # 326
How can a 'free-look provision' as part of a life insurance policy help criminals to launder money?
Answer: D
NEW QUESTION # 327
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