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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 gaming and gambling - Financial Crime Risks related to Politically Exposed Persons (PEPs) and high-risk customers - Financial Crime Risks related to real estate - Financial Crime Risks related to gatekeepers - Financial Crime Risks related to MSBs, PSPs, and ecommerce platforms - Financial Crime Risks related to insurance products - Financial Crime Risks related to products within other financial sectors - Financial Crime Risks related to VASPs, cryptoassets, and related products - Financial Crime Risks related to trusts and company service providers |
| Building an AFC Compliance Program |
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NEW QUESTION # 335
The Basel Committee on Banking Supervision (BCBS) is an international body consisting of senior representatives of central banks and banking regulatory authorities. Which of the following statements accurately describe guidance provided by the BCBS? (Select Three.)
Answer: A,B,C
Explanation:
The Basel Committee on Banking Supervision (BCBS) is a global standard-setting body that develops prudential banking standards and supervisory guidance, including key principles relevant to AML/CFT governance.
The BCBS does not have legal enforcement authority. Instead, it relies on the commitment of its member jurisdictions to implement its standards through national laws and supervisory practices.
This cooperative model reflects the committee's role as a standard-setter rather than a regulator.
Basel guidance includes international standards, implementation guidelines, and best practices designed to strengthen banking supervision and risk management frameworks globally. These materials are intended to be adopted and adapted within local legal and regulatory systems.
The Basel Core Principles for Effective Banking Supervision explicitly include guidance on customer identification, acceptance, and ongoing monitoring, aligning closely with AML/CFT expectations.
The committee is composed of central banks and supervisory authorities, not individual banks, and there are no formal penalties such as suspension for non-implementation.
NEW QUESTION # 336
Common risks associated with cryptocurrency and convertible virtual currencies include: (Choose three.)
Answer: B,C,E
Explanation:
Cryptocurrency and convertible virtual currencies present common financial crime risks such as obscuring the origin of illicit funds, being used to layer transactions for money laundering, and facilitating payments for illegal goods and services due to their pseudo-anonymous and borderless nature.
NEW QUESTION # 337
A company is rapidly expanding into several international markets, including jurisdictions considered high risk in terms of regulatory oversight. The board has requested the Money Laundering Reporting Officer (MLRO) to review and adjust the company's anti-financial crime (AFC) compliance framework to align with the evolving regulatory landscape and expansion strategy. During this process, the MLRO identifies vulnerabilities, particularly in markets with AML deficiencies, and updates the framework to mitigate these risks.
Which element of the AFC compliance program does this process describe?
Answer: D
Explanation:
This scenario describes the risk assessment element of an anti-financial crime (AFC) compliance program.
FATF standards require organizations to regularly assess and reassess their money laundering and terrorist financing risks, particularly when there are material changes to business models, geographic exposure, or regulatory environments.
The MLRO's review of the company's expansion into high-risk jurisdictions and identification of vulnerabilities reflects a dynamic and forward-looking risk assessment process. Updating the compliance framework to address identified risks ensures that controls remain proportionate and effective.
Risk assessments form the foundation of the risk-based approach and directly inform decisions on enhanced due diligence, monitoring, governance, and resource allocation. This process is distinct from transaction monitoring, governance arrangements, or training activities, although those elements may be updated as a result of the risk assessment.
NEW QUESTION # 338
Which risks inherent to real estate sector carry the highest AML/CFT risk? (Select Two.)
Answer: A,C
Explanation:
Real estate ML/TF risk is highest where transparency is low or the origin of funds is obscured:
Use of cash to purchase property (A):"All-cash transactions in real estate present a high ML risk, as they bypass traditional financial scrutiny and facilitate the placement of illicit funds." Use of a company for the purchase of property (D):"Purchasing property through companies, especially shell companies, can conceal the beneficial owner and the true source of funds."
NEW QUESTION # 339
Which of the following risk factors are commonly associated with money laundering in insurance products?
(Choose two.)
Answer: A,C
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 # 340
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