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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Understanding Risks and Methods of Financial Crime | 30% | - 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 VASPs, cryptoassets, and related products - Financial Crime Risks related to trusts and company service providers - Financial Crime Risks related to gatekeepers - Financial Crime Risks related to gaming and gambling - 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 real estate |
| Topic 2: Global AFC Frameworks, Governance and Regulations | - AML Regulatory Framework (Elective options: Canada, EU, UK, USA) | |
| Topic 3: Building an AFC Compliance Program | ||
| Topic 4: Tools and Technologies to Fight Financial Crime |
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NEW QUESTION # 249
An AML compliance officer for a large bank has recently received an internal audit report on the private banking unit. The report revealed that the unit staff were not following risk-based due diligence procedures, so that the unit was not operating effectively. Which immediate actions should the AML compliance officer consider to address these findings? (Select Two.)
Answer: D,E
NEW QUESTION # 250
A basic principle of the Egmont Group is to:
Answer: A
Explanation:
The Egmont Group is an international network of Financial Intelligence Units (FIUs) established to promote cooperation and information exchange in the fight against money laundering and terrorist financing. One of its core principles is to facilitate secure, timely, and lawful information sharing between FIUs.
The Egmont Group provides a framework, standards, and secure channels-such as the Egmont Secure Web-that allow FIUs to exchange intelligence related to suspicious transactions, typologies, and emerging financial crime risks across borders. This cooperation is essential given the transnational nature of money laundering and terrorist financing.
The Egmont Group does not publish reporting standards, act as a regulator, or publicly disclose investigation outcomes. Its role is operational and intelligence-focused, supporting FIUs while respecting confidentiality and national legal frameworks.
Therefore, arranging information-sharing protocols between FIUs is a fundamental principle of the Egmont Group.
NEW QUESTION # 251
Which payment type presents the highest financial crime risk?
Answer: A
NEW QUESTION # 252
An insurance company receives an application for a high-value life insurance policy from a new non- resident client. The payout instruction is linked to an offshore trust in another jurisdiction to which the client has no obvious connection. The client insists on paying premiums via multiple transactions to
"avoid bank charges." The client is reportedly unemployed with minimal assets, which is inconsistent with the policy value.
Which financial crime risk should the insurance company be most concerned with?
Answer: B
Explanation:
This scenario presents multiple classic money laundering red flags, particularly within the life insurance sector, which is recognized by FATF as vulnerable to misuse due to its investment and payout features.
The use of an offshore trust in a jurisdiction with no clear link to the customer raises concerns about concealment of beneficial ownership and layering. Criminals frequently use trusts and offshore structures to obscure the origin and destination of illicit funds.
The client's request to split premium payments into multiple transactions to avoid bank charges is indicative of structuring, a known money laundering technique used to evade monitoring and reporting thresholds.
Furthermore, the lack of a legitimate source of wealth or income consistent with the high-value policy is a significant red flag. Purchasing high-value insurance products with no apparent financial means is a common placement method for laundering illicit proceeds.
While fraud or sanctions evasion could be relevant in other contexts, the combination of structuring, unexplained wealth, offshore structures, and non-residency most strongly indicates money laundering risk.
NEW QUESTION # 253
A prospective client walks into an accounting firm wanting to incorporate a company. The accountant feels uncomfortable after the meeting. Which two of the accountant's observations warrant escalation to the compliance officer? (Select Two.)
Answer: B,E
NEW QUESTION # 254
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