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| Section | Objectives |
|---|---|
| AML Compliance Framework | - Regulatory obligations and enforcement expectations - AML compliance program structure - Internal controls and governance |
| Financial Crime Typologies and Risk | - Risk assessment methodologies - Common money laundering typologies across industries - Sanctions and embargo compliance |
| AML and CTF Fundamentals | - Money laundering and terrorist financing concepts - International AML/CTF standards and FATF recommendations - Stages and typologies of money laundering |
| Customer Due Diligence (CDD) and KYC | - Enhanced due diligence for high-risk customers - Beneficial ownership and PEP screening - Customer identification and verification |
| Transaction Monitoring and Reporting | - Suspicious activity detection and monitoring systems - Case management and investigation processes - Suspicious Activity Reports (SAR) / STR filing |
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NEW QUESTION # 145
Which method to launder money through deposit-taking institutions is closely associated with international trade?
Answer: A
NEW QUESTION # 146
Which three areas do FATF's 40 recommendations cover? Choose 3 answers
Answer: B,C,D
Explanation:
The 40 Recommendations provide a complete set of countermeasures against money laundering and terrorist financing, covering
* the identification of risks and development of appropriate policies;
* the criminal justice system and law enforcement;
* the financial system and its regulation;
* the transparency of legal persons and arrangements; and
* international cooperation.
NEW QUESTION # 147
Which two actions should Financial Intelligence Units (FIUs) take when submitting a request to another FIU?
(Choose two.)
Answer: C,D
NEW QUESTION # 148
How does the Financial Action Task Force (FAT F) measure the effectiveness of a country's efforts to combat money laundering and terrorist financing?
Answer: D
Explanation:
The FATF measures the effectiveness of a country's efforts to combat money laundering and terrorist financing through a process known as mutual evaluation. This process involves peer reviews, where experts from other member countries assess the technical compliance and the effectiveness of a country's anti-money laundering and counter-terrorist financing (AML/CTF) framework. The FATF has developed a methodology that identifies 11 key areas, or immediate outcomes, that an effective AML/CTF system should achieve, and uses them as the basis for the mutual evaluation. The FATF publishes the mutual evaluation reports, which provide an in-depth analysis of the strengths and weaknesses of each country's AML/CTF regime, as well as recommendations for improvement.
Reference:
1: An effective system to combat money laundering and terrorist financing, FATF, February 2013.
2: Report on the State of Effectiveness and Compliance with the FATF Standards, FATF, June 2021.
3: Financial Action Task Force (FATF) | Meaning, Functions, Impact, Finance Strategists, September 2023.
4: FATF Recommendations, FATF, October 2020.
NEW QUESTION # 149
A bank received a subpoena regarding one of its clients. The Financial Intelligence Unit (FIU) of the bank should review the subpoena and:
Answer: C
Explanation:
Banks must comply with legal subpoenas while ensuring AML compliance.
Option B (Correct): The bank should review client transactions and respond fully to law enforcement.
Option A (Incorrect): Filing a SAR simply because of a subpoena is not required unless suspicious activity is identified.
Option C (Incorrect): Tipping off the client about the subpoena is illegal under AML laws.
Option D (Incorrect): Risk scores should be reviewed but not automatically adjusted solely based on a subpoena.
NEW QUESTION # 150
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