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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Tools and Technologies to Fight Financial Crime | ||
| Topic 2: Building an AFC Compliance Program | ||
| Topic 3: Global AFC Frameworks, Governance and Regulations | - AML Regulatory Framework (Elective options: Canada, EU, UK, USA) | |
| Topic 4: 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 trusts and company service providers - Financial Crime Risks related to gaming and gambling - Financial Crime Risks related to insurance products - Financial Crime Risks related to VASPs, cryptoassets, and related products - Financial Crime Risks related to products within other financial sectors - Financial Crime Risks related to MSBs, PSPs, and ecommerce platforms - Financial Crime Risks related to gatekeepers - Financial Crime Risks related to real estate |
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NEW QUESTION # 137
What is the PRIMARY AML concern regarding prepaid cards?
Answer: A
Explanation:
Prepaid cards can present AML risks because they may facilitate rapid transfer or withdrawal of funds with reduced transparency, especially when customer identification requirements are weak.
Criminals may use prepaid products for structuring, cross-border movement of value, or layering illicit proceeds.
NEW QUESTION # 138
A law firm is involved in setting up complex offshore corporate structures for a client with minimal documentation of the source of funds. The firm does not question the client's transactions or report any suspicious activity. What is the primary money laundering risk associated with this behavior by the law firm?
Answer: B
Explanation:
Law firms are classified as gatekeepers under FATF standards when they provide services such as company formation, trust creation, or management of client funds. These services can be misused to facilitate money laundering if proper due diligence is not conducted.
In this scenario, the law firm is establishing complex offshore structures with minimal documentation of source of funds and without questioning suspicious activity. This behavior directly enables the concealment of beneficial ownership and the layering of illicit proceeds, both core money laundering techniques.
Failing to apply scrutiny or report suspicious activity allows criminals to exploit legal services to move and disguise illicit funds under the appearance of legitimacy. This is a recognized vulnerability across multiple FATF typologies.
The behavior described is not merely aggressive tax planning or routine legal work; rather, it represents facilitation of illicit financial flows through professional services.
NEW QUESTION # 139
The first line of defense is responsible for:
Answer: C
Explanation:
The First Line of Defense (1LoD) consists of customer-facing business units (e.g., relationship managers, front-office staff, and operational teams). Their primary responsibility in financial crime risk management is to implement AML/CFT controls as part of daily operations. This includes Collecting complete customer information.
The First Line of Defense is responsible for conducting Know Your Customer (KYC) and Customer Due Diligence (CDD) during onboarding and throughout the customer relationship.
Ensuring that all relevant customer details (e.g., identity, business purpose, ownership structure) are accurately collected and documented is crucial for mitigating financial crime risks.
NEW QUESTION # 140
In which of the following situations would it be most crucial for the designated AML compliance officer of a company to perform a complete review of the company's AML program, including identifying the risks and commensurate controls?
Answer: B
NEW QUESTION # 141
Which key financial crime risks relate to the remote gambling sector specifically? (Select Three.)
Answer: A,D,E
Explanation:
The remote gambling sector presents unique money laundering and terrorist financing risks due to its online, non-face-to-face nature, as recognized in FATF and national regulatory guidance.
A major risk is that customers are not physically present for identification, which increases impersonation and identity fraud risks and requires robust digital onboarding controls.
Another significant risk is the use of anonymous prepaid cards or other anonymous payment methods. These instruments reduce traceability and can be used to introduce illicit funds into gambling platforms with limited customer identification.
Additionally, numerous low-level transactions may indicate structuring behavior designed to avoid enhanced due diligence thresholds and monitoring controls. This tactic allows criminals to layer transactions while appearing consistent with normal gambling behavior.
Large cash deposits are less relevant in remote gambling, as transactions are typically electronic.
Betting beyond affordability may indicate problem gambling but is not, by itself, a core AML risk indicator.
NEW QUESTION # 142
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