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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Tools and Technologies to Fight Financial Crime | ||
| 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: Understanding Risks and Methods of Financial Crime | 30% | - Financial Crime Risks related to gatekeepers - 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 MSBs, PSPs, and ecommerce platforms - Financial Crime Risks related to trusts and company service providers - Financial Crime Risks related to gaming and gambling - Financial Crime Risks related to products within other financial sectors - Financial Crime Risks related to real estate - Financial Crime Risks related to VASPs, cryptoassets, and related products |
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NEW QUESTION # 367
Which money laundering risks are posed by the misuse of trust and asset management services? (Select Three.)
Answer: C,D,E
Explanation:
A, C, D:
"Trust and asset management services can facilitate the concealment of the source of funds (A), provide a layer of anonymity to transactions (C), and obscure the true legal and beneficial owners (D). These are well- established ML/TF risks in the private wealth sector."(CAMS 6th Edition, ML/TF Risks in Trust and Asset Management) B and E are normal aspects of asset management and are not in themselves ML/TF risks unless combined with other suspicious behaviors.
References:
CAMS 6th Edition, Risks in Trust and Asset Management
FATF Recommendations 24, 25
NEW QUESTION # 368
The effectiveness of AML/CFT measures can be best measured by the extent to which systems and controls:
Answer: B
Explanation:
While regulatory compliance, cost efficiency, and operational considerations are important, the primary objective of AML/CFT measures is to reduce and manage the risks and threats of financial crime. FATF emphasizes that effectiveness should be measured by outcomes, not merely by technical compliance.
An AML/CFT framework may fully comply with laws and still be ineffective if it fails to detect, deter, or disrupt money laundering and terrorist financing. Regulators increasingly focus on whether systems and controls actually identify suspicious activity, prevent misuse of the financial system, and support law enforcement efforts.
Minimizing operational burden and controlling costs are secondary considerations and must not compromise risk mitigation. A cost-effective system that fails to detect financial crime would not meet regulatory expectations.
Therefore, the true measure of effectiveness lies in how well systems and controls mitigate financial crime risks and threats in practice.
NEW QUESTION # 369
Which of the following risk factors are commonly associated with money laundering in insurance products?
(Choose two.)
Answer: A,D
Explanation:
Early surrender of a policy can be used to quickly access and integrate illicit funds, while funding an insurance policy with cryptocurrencies or other non-fiat currencies can obscure the source of funds, both of which are recognized money laundering risk factors in insurance products.
NEW QUESTION # 370
Which factors should be prioritized when choosing an anti-financial crime (AFC) tool for an organization? (Select Two.)
Answer: A,E
Explanation:
When selecting an anti-financial crime (AFC) tool, regulators and industry best practices emphasize effectiveness, sustainability, and integration over cost or automation alone.
Compatibility with existing IT infrastructure is critical to ensure seamless data integration, system stability, and governance. Poor integration can lead to data gaps, operational risk, and ineffective monitoring.
Scalability is equally important, as transaction volumes, customer bases, and regulatory requirements grow over time. An AFC tool must be able to handle increased workloads without degradation in performance or effectiveness.
While real-time analytics may be beneficial, they must align with the organization's overall risk strategy and system capabilities. Lowest cost and full elimination of manual processes are not regulatory priorities; human oversight remains essential in AML/CFT programs.
NEW QUESTION # 371
What are the primary advantages of using open-source tools in financial crime investigations? (Choose two.)
Answer: B,E
Explanation:
Open-source tools offer cost-effective access to diverse data sources, making them valuable for financial crime investigations. They also support partial automation of data collection and analysis, reducing manual effort and improving efficiency in identifying suspicious patterns or links.
NEW QUESTION # 372
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