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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Understanding Risks and Methods of Financial Crime | 30% | - Financial Crime Risks related to products within other financial sectors - Financial Crime Risks related to gatekeepers - Financial Crime Risks related to real estate - Financial Crime Risks related to VASPs, cryptoassets, and related products - Financial Crime Risks related to insurance products - Financial Crime Risks related to Politically Exposed Persons (PEPs) and high-risk customers - 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 gaming and gambling |
| Topic 2: Building an AFC Compliance Program | ||
| Topic 3: Tools and Technologies to Fight Financial Crime | ||
| Topic 4: Global AFC Frameworks, Governance and Regulations | - AML Regulatory Framework (Elective options: Canada, EU, UK, USA) |
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NEW QUESTION # 41
Assessing the money laundering risk related to a product within the financial sector includes assessing the:
(Select Two.)
Answer: B,C
Explanation:
Governance arrangements (A):"Sound governance and risk management arrangements are fundamental to assessing and managing ML/TF risk in products and services."(CAMS 6th Edition, Risk-Based Approach for Products and Services) Complexity of the products (B):"Complexity increases risk-products that are highly complex, opaque, or allow for multiple layers or jurisdictions are more vulnerable to misuse for ML/TF."(CAMS 6th Edition, Product Risk Assessment) Incorrect Options:
C: Last audit results inform program effectiveness, not inherent product risk.
D: Business financial status is considered in customer risk assessment, not product risk.
References:
CAMS 6th Edition, Product and Service Risk Assessment
FATF Guidance on Risk-Based Approach for Financial Institutions
NEW QUESTION # 42
Which of the following best describes AML/CFT risk identification and assessment for accountants?
(Select Two.)
Answer: A,D
Explanation:
Accountants are classified as designated non-financial businesses and professions (DNFBPs) under FATF standards and must apply a risk-based approach to AML/CFT compliance.
A customer acceptance policy is a key tool that helps accountants define which clients or engagements fall outside their risk appetite. This supports consistent onboarding decisions and ensures high-risk clients are either subject to enhanced due diligence or declined.
Additionally, due to the nature of accounting services-such as advisory, tax preparation, and financial reporting-traditional automated transaction monitoring systems used by banks are often not appropriate. Instead, accountants rely more heavily on engagement-based risk assessments, client profiling, and professional judgment.
Accountants are subject to record-keeping requirements longer than two years in most jurisdictions, and geographic risk is always relevant when assessing AML/CFT exposure. Risk assessments must be comprehensive and proportionate, not artificially limited.
NEW QUESTION # 43
What are the key anti-financial crime (AFC) regulatory bodies in the United States and the European Union and their respective roles?
Answer: D
Explanation:
In the United States, anti-financial crime responsibilities are divided between specialized authorities. The Financial Crimes Enforcement Network (FinCEN) administers and enforces the Bank Secrecy Act (BSA) and focuses on anti-money laundering and counter-terrorist financing. The Office of Foreign Assets Control (OFAC) administers and enforces US economic and trade sanctions.
In the European Union, the European Commission is responsible for proposing AML/CFT legislation, such as the AML Directives and the AML Regulation. Enforcement is carried out by individual EU member states through national supervisory and law enforcement authorities, with coordination increasingly provided by the EU Anti-Money Laundering Authority (AMLA).
Other bodies such as the EBA and ESMA play supporting supervisory or standard-setting roles but are not the primary sanctions authorities.
NEW QUESTION # 44
Which of the following is a critical consideration for private sector firms when sharing data and intelligence to combat financial crime?
Answer: D
NEW QUESTION # 45
An AML compliance officer for a large bank has recently received an internal audit report on the private banking unit. The report revealed that the unit staff were not following risk-based due diligence procedures, so that the unit was not operating effectively. Which immediate actions should the AML compliance officer consider to address these findings? (Select Two.)
Answer: A,C
NEW QUESTION # 46
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