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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Global AFC Frameworks, Governance and Regulations | - AML Regulatory Framework (Elective options: Canada, EU, UK, USA) | |
| Topic 2: Building an AFC Compliance Program | ||
| Topic 3: Tools and Technologies to Fight Financial Crime | ||
| Topic 4: Understanding Risks and Methods of Financial Crime | 30% | - 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 Politically Exposed Persons (PEPs) and high-risk customers - Financial Crime Risks related to gaming and gambling - 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 real estate - Financial Crime Risks related to gatekeepers |
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NEW QUESTION # 193
Which scenario best justifies why a customer's account might be closed by a financial institution?
Answer: C
NEW QUESTION # 194
Ateam overseeing the governance and effectiveness of a bank's transaction monitoring approachshould implement which strategies? (Select Two.)
Answer: B,D
Explanation:
Transaction monitoring governanceinvolves ensuring thatAML detection systems are effective, aligned with regulatory standards, and capable of identifying evolving threats.
Option B (Correct):Legal cooperation is essential for responding to subpoenas and law enforcement inquiries.
Option D (Correct):Regularly updating transaction monitoring scenarios ensures that the system adapts to emerging financial crime trends.
Why Other Options Are Incorrect:
Option A (Incorrect):SARs cannot be withdrawn unless an error was made-once filed, SARs remain confidential and must be retained.
Option C (Incorrect):Client profile updates are a CDD/KYC function, not directly related to transaction monitoring governance.
Best Practices for Transaction Monitoring Governance:
Regularly review system effectiveness through validation tests.
Collaborate with legal and compliance teams for risk mitigation.
Use AI and data analytics to refine detection accuracy.
Reference:
FATF Recommendation 10 (Customer Due Diligence & Ongoing Monitoring)
Wolfsberg Group Guidance on Transaction Monitoring Effectiveness
Basel Committee's Guidelines on AML Technology and Data Analytics
NEW QUESTION # 195
Why is senior management support critical for AML compliance programs?
Answer: A
Explanation:
Strong senior management support establishes accountability, allocates resources, and reinforces a culture of compliance throughout the organization. Effective AML programs require leadership commitment to ensure policies are implemented properly, risks are addressed promptly, and compliance teams maintain appropriate authority and independence.
NEW QUESTION # 196
The degree of attraction that a company holds to criminal organizations is influenced by the (Select Two.)
Answer: A,D
Explanation:
The susceptibility of a company or jurisdiction to ML/TF abuse is significantly increased by:
Permissibility of bearer shares (B):"Bearer shares make it easy to hide ownership and control, presenting a major risk for misuse by criminals."(CAMS 6th Edition, Beneficial Ownership and Company Transparency) Rules governing the disclosure of beneficial ownership by the jurisdiction (C):"Weak requirements or loopholes in beneficial ownership disclosure are frequently exploited to conceal criminal involvement in corporate structures."(CAMS 6th Edition, Chapter: Legal Persons and Arrangements) Incorrect Options:
A: High or low fees are not a significant ML/TF risk driver.
D: Ease of travel is unrelated to ML/TF risk related to company structures.
References:
CAMS 6th Edition, Beneficial Ownership and Transparency
FATF Recommendations 24, 25
NEW QUESTION # 197
An international bank is investigating a payment requested by one of its correspondent relationships that generated an alert in the automated transaction monitoring system. The payment originated from a corporation located in Hong Kong and the final beneficiary is an individual located in New York. Which steps should the bank take first to address the alert?
(Select Three.)
Answer: A,B,E
NEW QUESTION # 198
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