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| Section | Weight | Objectives |
|---|---|---|
| Understanding Risks and Methods of Financial Crime | 30% | - Financial Crime Risks related to trusts and company service providers - Financial Crime Risks related to Politically Exposed Persons (PEPs) and high-risk customers - Financial Crime Risks related to gatekeepers - 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 VASPs, cryptoassets, and related products - Financial Crime Risks related to real estate - Financial Crime Risks related to insurance products - Financial Crime Risks related to gaming and gambling |
| Tools and Technologies to Fight Financial Crime | ||
| Global AFC Frameworks, Governance and Regulations | - AML Regulatory Framework (Elective options: Canada, EU, UK, USA) | |
| Building an AFC Compliance Program |
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NEW QUESTION # 414
According to the Financial Action Task Force (FATF) Recommendation 22. when involved in customer transactions that include the buying and selling of real estate, real estate professionals are required to apply which customer due diligence (CDD) measures? (Select Two.)
Answer: A,D
NEW QUESTION # 415
A deficiency in the design of a bank's AML/CFT compliance program could result in placing individual accountability on which part of the regulated entity? (Select Two.)
Answer: C,D
Explanation:
Regulatory frameworks and enforcement actions consistently emphasize individual accountability at the highest levels of governance when AML/CFT compliance programs are deficient in design or implementation.
The board of directors is ultimately responsible for oversight of the institution's AML/CFT framework. This includes approving policies, setting risk appetite, and ensuring that adequate resources and governance structures are in place. Failure to fulfill these responsibilities can result in regulatory findings and personal accountability.
Senior management is responsible for implementing the board-approved AML/CFT strategy and ensuring that controls operate effectively in practice. This includes overseeing compliance functions, addressing identified weaknesses, and ensuring timely remediation. Deficiencies in program design-such as inadequate risk assessments or ineffective controls-often lead regulators to hold senior management accountable.
While the compliance department plays an important role in execution and advisory functions, accountability for program design and effectiveness rests with the board and senior management, not committees or individual departments.
NEW QUESTION # 416
Which of the following are key financial crime risks associated with real estate companies? (Choose four.)
Answer: A,B,E,F
Explanation:
Real estate companies face key financial crime risks due to the ability to move large sums in a single transaction, the use of property by criminal networks for illicit operations, the opacity of beneficial ownership structures, and the involvement of professional gatekeepers - such as lawyers and financial institutions - who may unknowingly facilitate money laundering.
NEW QUESTION # 417
Which line of defense would be tasked with interpreting new AML regulations and revising training for client- facing relationship managers?
Answer: C
Explanation:
The second line of defense is responsible for compliance functions, including interpreting new AML regulations and updating policies, procedures, and training programs. This ensures that client-facing staff, such as relationship managers, remain informed and aligned with regulatory expectations.
NEW QUESTION # 418
Which risks inherent to real estate sector carry the highest AML/CFT risk? (Select Two.)
Answer: B,E
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 # 419
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