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| Section | Objectives |
|---|---|
| Financial Crime Typologies and Risk | - Risk assessment methodologies - Sanctions and embargo compliance - Common money laundering typologies across industries |
| Customer Due Diligence (CDD) and KYC | - Enhanced due diligence for high-risk customers - Beneficial ownership and PEP screening - Customer identification and verification |
| AML Compliance Framework | - Internal controls and governance - AML compliance program structure - Regulatory obligations and enforcement expectations |
| AML and CTF Fundamentals | - International AML/CTF standards and FATF recommendations - Money laundering and terrorist financing concepts - Stages and typologies of money laundering |
| Transaction Monitoring and Reporting | - Suspicious Activity Reports (SAR) / STR filing - Case management and investigation processes - Suspicious activity detection and monitoring systems |
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NEW QUESTION # 714
What three attributes do havens for money laundering and terrorist financing typically have? Choose 3 answers
Answer: A,B,C
Explanation:
Havens for money laundering and terrorist financing are jurisdictions that offer a high degree of anonymity, secrecy, and protection to criminals who seek to conceal or move their illicit funds. These havens typically have the following three attributes12:
* Limited types of institutions and persons covered by money laundering laws and regulations. This means that only a narrow range of financial activities or entities are subject to anti-money laundering (AML) and combatting the financing of terrorism (CFT) obligations, such as customer due diligence,
* record-keeping, reporting, and supervision. For example, some havens may exclude lawyers, accountants, trust and company service providers, or non-bank financial institutions from AML/CFT requirements.
* Little enforcement of the laws, weak penalties or provisions that make it difficult to confiscate or freeze assets related to money laundering. This means that the authorities in these havens lack the political will, resources, or capacity to effectively implement and enforce the AML/CFT laws and regulations. They may also impose low sanctions or fines for non-compliance, or create legal barriers or obstacles for the confiscation or freezing of assets that are the proceeds of, or used in, or intended or allocated for use in, money laundering, terrorist financing, or other crimes.
* Absence of an effective FIU. This means that these havens do not have a central agency that is responsible for receiving, analyzing, and disseminating financial intelligence related to money laundering, terrorist financing, and other crimes. An effective FIU is essential for facilitating domestic and international cooperation and information exchange, as well as for supporting investigations and prosecutions of money laundering and terrorist financing cases.
References:
1: The IMF and the Fight Against Money Laundering and Terrorism Financing, 1 2: IX Special Recommendations, 2
NEW QUESTION # 715
Which three criteria does a shell bank meet according to the Wolfsberg Principles on Correspondent Banking? Choose 3 answers.
Answer: A,C,D
NEW QUESTION # 716
the Financing of Terrorism (CFT)]
In many jurisdictions, financial institutions are prohibited from hiring a person who has been convicted of what type of offense?
Answer: C
Explanation:
Reference:http://www.capitol.hawaii.gov/hrscurrent/vol07_ch0346-0398/HRS0378/HRS_0378-0003.htm(See
9th point)
NEW QUESTION # 717
Separating illicit proceeds from their source by a series of complex financial Transactions designed to disguise the audit trail and provide anonymity is an example of what?
Answer: C
Explanation:
Layering is the second stage of the money laundering process, in which the launderer moves the funds around to create distance and confusion between the source and the destination of the illicit proceeds. Layering often involves multiple transactions, such aswire transfers, shell companies, trusts, and offshore accounts, that make it difficult to trace the origin and ownership of the funds. Layering is intended to disguise the audit trail and provide anonymity for the launderer12.
Placement is the first stage of the money laundering process, in which the launderer introduces the illicit proceeds into the financial system, often by breaking them into smaller amounts or using cash-intensive businesses12.
Structuring is a technique used in the placement stage, in which the launderer deposits or withdraws cash in amounts below the reporting threshold to avoid detection or suspicion12.
Integration is the third and final stage of the money laundering process, in which the launderer reintroduces the funds into the legitimate economy, often by purchasing assets, investing in businesses, or mixing them with legal income12.: 1: ACAMS (2020), Study Guide for the Certification Examination, 6th Edition, ACAMS, Miami, FL, USA, www.acams.org/en/cams-certification-package-6th-edition, pp. 12-14. 2: ACAMS (2020), CAMS Examination Preparation Video, 6th Edition, ACAMS, Miami, FL, USA, www.acams.org/en/cams- certification-package-6th-edition, Module 1.
NEW QUESTION # 718
Which statement is true about when an institute becomes aware that a particular employee is under investigation by law enforcement as a result of a subpoena or warrant?
Answer: A
NEW QUESTION # 719
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