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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Understanding Risks and Methods of Financial Crime | 30% | - 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 insurance products - Financial Crime Risks related to products within other financial sectors - Financial Crime Risks related to gaming and gambling - Financial Crime Risks related to VASPs, cryptoassets, and related products - Financial Crime Risks related to MSBs, PSPs, and ecommerce platforms - Financial Crime Risks related to trusts and company service providers |
| Topic 2: Global AFC Frameworks, Governance and Regulations | - AML Regulatory Framework (Elective options: Canada, EU, UK, USA) | |
| Topic 3: Tools and Technologies to Fight Financial Crime | ||
| Topic 4: Building an AFC Compliance Program |
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NEW QUESTION # 323
The Office of Foreign Assets Control (OFAC) is responsible for:
Answer: A
Explanation:
The Office of Foreign Assets Control (OFAC), part of the U.S. Department of the Treasury, is responsible for theadministration and enforcement of economic and trade sanctions. These sanctions are based on U.S. foreign policy and national security objectives and target:
Foreign countries and regimes
Terrorist organizations
Narcotics traffickers
Individuals and entities engaged in activities related to the proliferation of weapons of mass destruction OFAC acts under various authorities, including national emergency powers granted by the President and specific legislation. One of its primary tools is theSpecially Designated Nationals(SDN) List, which identifies individuals and entities whose assets are blocked and with whom U.S. persons are generally prohibited from dealing.
It is important to note that OFAC is not responsible for designating jurisdictions as primary money laundering concerns (a task handled by FinCEN under Section 311 of the USA PATRIOT Act), nor does it manage trade agreements.
NEW QUESTION # 324
Which of the following measures is one that the FATF recommends that Financial Institutions and Designated Non-Financial Businesses and Professions (DNFPB) take to mitigate risks arising from business relationships with foreign politically exposed persons (PEPs)?
Answer: D
NEW QUESTION # 325
A long-term client of an insurance company makes changes to a policy that require payment of an additional lump sum. The amount payable is high, though within the client's means based on the KYC information collected. The payment is made via a company in another jurisdiction that is known to have lax AML controls.
Which indicator of suspicious activity is present?
Answer: A
NEW QUESTION # 326
A compliance officer at a financial institution (FI) is reviewing a new client application for a virtual asset service provider (VASP). Which details should be part of the risk assessment to determine whether the customer falls within the FI's financial crimes risk appetite? (Select Three.)
Answer: B,D,E
Explanation:
Virtual Asset Service Providers (VASPs) are considered higher-risk customers under FATF guidance due to their exposure to anonymity, speed of transactions, and cross-border activity.
When onboarding a VASP, a financial institution must conduct a thorough risk assessment to determine whether the relationship aligns with its financial crime risk appetite.
Understanding the percentage of higher-risk clients served by the VASP is critical, as it indicates the level of exposure to illicit activity and the robustness of the VASP's own risk management practices. A high concentration of higher-risk customers may significantly increase money laundering and terrorist financing risk.
Identifying which registered institutions act on behalf of the VASP, such as wallet providers or exchange operators, is also essential. Reliance on third parties introduces additional risk and requires assessment of those entities' regulatory status and AML controls.
Finally, knowing who the VASP's clients are, including the proportion of foreign versus domestic customers, is a core component of geographic and customer risk analysis. Cross-border exposure often elevates risk due to differing regulatory standards.
Data privacy practices and the use of central bank digital currencies, while relevant operational considerations, are not primary determinants of AML risk appetite decisions.
NEW QUESTION # 327
When deciding on the frequency of periodic customer due diligence (CDD) refresh, firms should foremost consider the:
Answer: D
NEW QUESTION # 328
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