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| Section | Weight | Objectives |
|---|---|---|
| Conducting and Responding to Investigations | 21% | - Information sharing and cooperation
|
| Risks and Methods of Money Laundering and Terrorist Financing | 26% | - Sector-specific vulnerabilities
|
| Compliance Standards for AML/CFT | 25% | - Risk-based approach fundamentals
|
| AML/CFT Compliance Programs | 28% | - Reporting and record-keeping
|
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NEW QUESTION # 813
Which element is generally required of all anti-money laundering programs?
Answer: D
Explanation:
a qualified compliance officer is a mandatory element of all anti-money laundering programs, regardless of the type or size of the financial institution. The compliance officer is responsible for developing, implementing, and overseeing the anti-money laundering program, ensuring its compliance with the relevant laws and regulations, and reporting any suspicious activity to the appropriate authorities12. The compliance officer should have sufficient authority, resources, and expertise to perform these duties effectively.
:
Anti-Money Laundering (AML) | FINRA.org1
Anti-Money Laundering Program and Suspicious Activity Reporting Requirements For Insurance Companies Frequently Asked Questions | FinCEN.gov2
NEW QUESTION # 814
You are configuring data persistence for a Microsoft Bot Framework application. The application requires a structured NoSQL cloud data store.
You need to identify a storage solution for the application. The solution must minimize costs.
What should you identify?
Answer: B
Explanation:
Table Storage is a NoSQL key-value store for rapid development using massive semi-structured datasets You can develop applications on Cosmos DB using popular NoSQL APIs.
Both services have a different scenario and pricing model.
While Azure Storage Tables is aimed at high capacity on a single region (optional secondary read only region but no failover), indexing by PK/RK and storage-optimized pricing; Azure Cosmos DB Tables aims for high throughput (single-digit millisecond latency), global distribution (multiple failover), SLA-backed predictive performance with automatic indexing of each attribute/property and a pricing model focused on throughput.
References:
https://db-engines.com/en/system/Microsoft+Azure+Cosmos+DB%3BMicrosoft+Azure+Table+Storage
NEW QUESTION # 815
To ensure compliance with economic sanctions established by governmental authorities in the jurisdictions where it operates, a financial institution requires that all new and existing customers be screened at onboarding and quarterly thereafter.
Is this step sufficient to ensure compliance?
Answer: D
Explanation:
Screening customers at onboarding and quarterly thereafter is not sufficient to ensure compliance with economic sanctions, as sanctions lists may change frequently and the financial institution may not be aware of the latest updates. Screening should occur promptly after list updates to ensure that the financial institution is not dealing with a sanctioned individual or entity, or facilitating a prohibited transaction. This is recommended by the international guidance from the Financial Action Task Force (FATF) and the Wolfsberg Group12.
Screening and performing enhanced due diligence on new relationships is also important, but not the only step to ensure compliance.
References:
* CAMS Certification Package - 6th Edition | ACAMS, Chapter 3: Sanctions, page 86
* The Wolfsberg Group Correspondent Banking Due Diligence Questionnaire 2014, Section 5: Sanctions Policy, page 12
* ACAMS CAMS Certification Video Training Course - Exam-Labs, Video 3.1: Sanctions
* Exam CAMS: Certified Anti-Money Laundering Specialist (the 6th edition), Question 109 The European Union Fourth Anti-Money Laundering Directive (4th AMLD) is a legal framework that aims to prevent the use of the Union's financial system for the purposes of money laundering and terrorist financing.
One of the provisions of the 4th AMLD is to lower the currency threshold for cash payments from €15,000 to
€10,000. This means that any person who makes or receives cash payments of €10,000 or more, whether in a single transaction or in several linked transactions, is subject to customer due diligence and record-keeping obligations. The 4th AMLD also extends its applicability to providers of gambling services, which are now listed as 'obliged entities'.
References:
* Directive - 2015/849 - EN - Fourth Anti-Money Laundering Directive - EUR-Lex, Article 11 and Recital 23.
* EUR-Lex - 02015L0849-20210630 - EN - EUR-Lex, Article 11 and Recital 23.
* Key elements of the 4th EU Anti-Money Laundering Directive, Section: Cash payments.
* Anti-money laundering and countering the financing of terrorism legislative package, Section: New EU AML/CFT Regulation.
NEW QUESTION # 816
Which two steps should a financial institution take when it receives a law enforcement request to keep an account open that may be associated with suspicious or criminal activity? (Choose two.)
Answer: A,B
Explanation:
According to the Anti-Money Laundering Specialist (the 6th edition) study guide, when a financial institution receives a law enforcement request to keep an account open that may be associated with suspicious or criminal activity, it should take the following two steps:
* Maintain account records for at least five years after the request expires. This is to ensure that the financial institution can provide evidence of its compliance with the law enforcement request and the applicable anti-money laundering regulations. The five-year retention period isbased on the international standard set by the Financial Action Task Force (FATF) and adopted by many jurisdictions12.
* Ask for a written request from the law enforcement agency that defines the duration. This is to protect the financial institution from potential liability and to clarify the scope and purpose of the law enforcement request. The written request should specify the time period for which the account should remain open, the reason for the request, the contact information of the law enforcement officer, and the legal authority for the request34.
:
Anti-Money Laundering Specialist (the 6th edition) study guide, page 57 FATF Recommendation 11, paragraph 2 Anti-Money Laundering Specialist (the 6th edition) study guide, page 58 Money Laundering website, article on "Law Enforcement Requests to Keep Accounts Open"
https://www.fincen.gov/resources/statutes-regulations/guidance/requests-law-enforcement-financial- institutions-maintain
NEW QUESTION # 817
Which is an example of structuring with regards to money laundering?
Answer: D
Explanation:
Structuring is a technique used in the placement stage of money laundering, in which the launderer deposits or withdraws cash in amounts below the reporting threshold to avoid detection or suspicion. Structuring is also known as smurfing, because it involves using multiple individuals or locations to carry out the transactions. Structuring is illegal in many jurisdictions and is a red flag for money laundering12.
Option A is not an example of structuring, but of using an alternative remittance system, which is a method of transferring money outside the formal financial sector. Hawala is a type of alternative remittance system that relies on a network of brokers who settle the transactions through trust and honor. Hawala can be used for legitimate purposes, but also poses a risk for money laundering and terrorist financing13.
Option B is not an example of structuring, but of a large cash transaction, which is a common indicator of money laundering. Large cash transactions may involve the proceeds of crime or the attempt to evade taxes or currency controls. Financial institutions are required to report large cash transactions above a certain threshold to the relevant authorities14.
Option D is not an example of structuring, but of a wire transfer, which is a method of moving funds electronically from one account to another. Wire transfers can be used for legitimate purposes, but also pose a risk for money laundering and terrorist financing, especially if they involve high-risk jurisdictions, shell companies, or complex chains of transactions1 .
References: 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, 18-19, 22-23, 26-27. 2:
ACAMS (2020), CAMS Examination Preparation Video, 6th Edition, ACAMS, Miami, FL, USA, www.
acams.org/en/cams-certification-package-6th-edition, Module 1, Section 1.2.2. 3: ACAMS (2020), CAMS Examination Preparation Video, 6th Edition, ACAMS, Miami, FL, USA, www.acams.org/en/cams- certification-package-6th-edition, Module 1, Section 1.2.3. 4: ACAMS (2020), CAMS Examination Preparation Video, 6th Edition, ACAMS, Miami, FL, USA, www.acams.org/en/cams-certification-package-
6th-edition, Module 1, Section 1.2.1. : ACAMS (2020), CAMS Examination Preparation Video, 6th Edition, ACAMS, Miami, FL, USA, www.acams.org/en/cams-certification-package-6th-edition, Module 1, Section
1.2.4.
NEW QUESTION # 818
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