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| Section | Weight | Objectives |
|---|---|---|
| Tools and Technologies to Fight Financial Crime | ||
| Global AFC Frameworks, Governance and Regulations | - AML Regulatory Framework (Elective options: Canada, EU, UK, USA) | |
| 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 gaming and gambling - Financial Crime Risks related to VASPs, cryptoassets, and related products - Financial Crime Risks related to real estate - Financial Crime Risks related to gatekeepers - 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 products within other financial sectors |
| Building an AFC Compliance Program |
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NEW QUESTION # 440
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: A,D,E
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 # 441
According to the Financial Action Task Force (FATF) methodology, which situations would require a financial institution (FI) to consider filing a suspicious activity report?
Answer: C
NEW QUESTION # 442
Which of the following is a benefit of public-private partnerships (PPP)?
Answer: A
Explanation:
Public-private partnerships (PPPs) are a key component of modern AML/CFT frameworks and are strongly encouraged by FATF and national regulators. Their primary benefit lies in enhancing timely and effective information sharing between financial institutions, regulators, law enforcement, and financial intelligence units (FIUs).
Through PPPs, authorities can share typologies, red flags, and emerging threat intelligence, while private institutions contribute operational insights derived from real transaction data. This rapid exchange of information on risks, high-risk activities, and suspicious actors significantly improves the detection and prevention of money laundering and terrorist financing.
PPPs do not exist to source staffing resources, provide salaries, or ensure basic understanding of regulatory concepts such as PEPs, which are already addressed through standard AML requirements. Their true value is the speed, quality, and relevance of shared intelligence, allowing participants to respond more effectively to evolving financial crime threats.
NEW QUESTION # 443
Which of the following activities are identified by the Financial Action Task Force (FATF) as being potentially indicative of money laundering through the real estate sector? (Select Four.)
Answer: B,C,D,F
Explanation:
The real estate sector is recognized by FATF as vulnerable to money laundering due to the high value of transactions and the ability to integrate illicit funds into legitimate assets.
Key red flags include the use of commercial properties in ways inconsistent with the declared business purpose, which may indicate the property is being used to park or disguise illicit funds rather than generate legitimate income.
The use of complex loans or credit financing arrangements can be employed to obscure the true source of funds and create artificial legitimacy. Similarly, corporate vehicles and complex ownership structures are frequently used to conceal beneficial ownership.
Unexplained cash payments are among the most common and serious indicators of money laundering in real estate transactions, particularly when inconsistent with the buyer's profile or local market practices.
The mere use of mortgages or agricultural land does not inherently indicate money laundering risk.
NEW QUESTION # 444
A financial institution is conducting an enterprise-wide risk assessment (EWRA) and has identified a high inherent risk of money laundering associated with its private banking division due to the clientele's high net worth and complex financial structures. However, the institution has implemented robust customer due diligence (CDD) and enhanced due diligence (EDD) procedures, along with sophisticated transaction monitoring systems.
How would these controls impact the assessment of residual risk?
Answer: D
Explanation:
In anEnterprise-Wide Risk Assessment (EWRA),residual riskis the level of risk that remains after applying mitigating controls to theinherent risk(the risk present before controls are applied).
In this scenario, theinherent risk is highdue to the nature of private banking-high net worth clients,cross- border transactions,complex ownership structures, andhigh-value financial products. However, the institution has implementedrobust CDD and EDD, as well asadvanced transaction monitoring systems.
According to the CAMS Study Guide - 6th Edition, wheneffective and properly implemented controlsare in place, they cansignificantly reducethe residual risk-even in high-risk business areas like private banking.
However, no control framework caneliminate all riskentirely.
Option Ais correct: Controls can significantly reduce the residual risk when strong, effective systems and procedures are in place.
Option Bis partially true but suggests inadequacy, which is not indicated here.
Option Cincorrectly assumes residual risk cannot be lowered even with controls.
Option Dis incorrect because residual riskcannot be eliminated entirely.
Reference: ACAMS CAMS Study Guide - 6th Edition, Chapter:Enterprise-Wide Risk Assessment (EWRA)- Section:Inherent Risk vs. Residual Risk and the Role of Controls
NEW QUESTION # 445
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