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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Understanding Risks and Methods of Financial Crime | 30% | - Financial Crime Risks related to VASPs, cryptoassets, and related products - Financial Crime Risks related to MSBs, PSPs, and ecommerce platforms - Financial Crime Risks related to insurance products - Financial Crime Risks related to gaming and gambling - Financial Crime Risks related to real estate - Financial Crime Risks related to gatekeepers - Financial Crime Risks related to products within other financial sectors - Financial Crime Risks related to Politically Exposed Persons (PEPs) and high-risk customers - Financial Crime Risks related to trusts and company service providers |
| 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 # 401
The Money Laundering Reporting Officer (MLRO) of a life insurance company is reviewing the product risk assessment methodology. Which of the following attributes of life insurance products would be attributed a higher risk rating? (Select Three.)
Answer: B,C,D
Explanation:
Life insurance products vary significantly in their exposure to money laundering risk. FATF guidance and insurance-sector AML standards emphasize that flexibility, liquidity, and cross- border features increase product risk.
Products that allow changes to beneficiaries after policy inception present higher risk because criminals may initially name a legitimate beneficiary and later substitute another party to obscure the true recipient of funds. This flexibility can be exploited to disguise beneficial ownership.
Products with cash surrender values are particularly vulnerable to money laundering. Criminals may place illicit funds into policies and later redeem them, creating an appearance of legitimate insurance proceeds. This characteristic is widely recognized as a high-risk factor.
International coverage, including cross-border health insurance features, increases geographic risk exposure, particularly when funds or claims involve higher-risk jurisdictions with weaker AML controls.
By contrast, annuities with deferred income streams typically limit liquidity, reducing laundering risk. Products that restrict fund transfers further reduce misuse potential and are considered lower risk.
NEW QUESTION # 402
Which action BEST demonstrates ongoing customer due diligence?
Answer: A
Explanation:
Customer due diligence is not limited to onboarding. Ongoing monitoring ensures institutions identify changes in customer behavior, ownership, geographic exposure, or transactional activity.
Periodic reviews help maintain accurate customer profiles and strengthen the institution's ability to detect suspicious conduct over time.
NEW QUESTION # 403
Which red flag is most relevant to money laundering through capital markets?
Answer: D
NEW QUESTION # 404
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: A
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 # 405
According to PinCEN. when a financial institution (PI) identities a suspicious activity that necessitates suspicious activity report (SAR) filing, the SAR supporting documentation should (Select Two.)
Answer: A,B
NEW QUESTION # 406
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