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| Section | Weight | Objectives |
|---|---|---|
| Building an AFC Compliance Program | ||
| Tools and Technologies to Fight Financial Crime | ||
| Global AFC Frameworks, Governance and Regulations | - AML Regulatory Framework (Elective options: Canada, EU, UK, USA) | |
| Understanding Risks and Methods of Financial Crime | 30% | - 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 insurance products - Financial Crime Risks related to Politically Exposed Persons (PEPs) and high-risk customers - Financial Crime Risks related to gatekeepers - Financial Crime Risks related to gaming and gambling - Financial Crime Risks related to real estate - Financial Crime Risks related to VASPs, cryptoassets, and related products - Financial Crime Risks related to products within other financial sectors |
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NEW QUESTION # 203
While gaming platforms are typically used for recreational purposes, they can potentially be used for terrorist financing through games in which players can:
Answer: D
Explanation:
Terrorist financing can be facilitated on gaming platforms particularly through the trading of in-game items for fiat currency. This mechanism allows for the movement of value outside the formal financial system, potentially evading detection and reporting requirements.
"One of the key ML/TF risks in online gaming is the ability to convert virtual assets or in-game items into real-world (fiat) currency, thereby providing a channel for laundering money or funding terrorist activities." (CAMS 6th Edition, Chapter: Risks and Methods of Money Laundering and Terrorist Financing; FATF, Virtual Assets Guidance 2019) Incorrect Options:
* A: Buying in-game items with in-game currency does not in itself facilitate terrorist financing.
* B: Exchanging items between players may be a step in layering but is not direct TF unless items are traded for fiat.
* D: Obtaining items by in-game activity is standard gameplay and not a TF method.
References:
CAMS Study Guide 6th Edition, Risks in Gaming and Virtual Worlds
FATF Guidance for a Risk-Based Approach to Virtual Assets (2019)
NEW QUESTION # 204
Having a risk-based approach is central to a financial institution understanding the money laundering and terrorist financing risk to which they are exposed. The development of a money laundering and terrorist financing risk assessment is a key starting point.
Commonly used risk factors include. (Select Three.)
Answer: A,C,E
Explanation:
The CAMS 6th Edition clearly identifies a risk-based approach as the cornerstone of effective AML/CFT programs. Risk assessments should consider various risk factors that directly influence exposure to ML/TF.
Product risk (A): Certain products or services may present higher ML/TF risks, such as private banking, correspondent banking, or cash-intensive products."Products and services offered, and their inherent risk levels, must be assessed as part of the risk-based approach."(CAMS 6th Edition, AML Compliance Program, Risk Assessment) Geographic risk (C): Jurisdictions where the customer operates or where transactions are conducted may present higher or lower risks due to factors such as weak AML regulations or high corruption."Geographic risk considers where a customer is located and/or where transactions occur, referencing countries with increased risk, such as those identified by the FATF."(CAMS 6th Edition, Risk Assessment Factors) Customer risk (D): The type of customer, such as PEPs, non-residents, or companies with complex structures, may present higher ML/TF risks."Customer risk assessment is based on the customer's profile, activity, and ownership structure, and is a critical component in risk-based monitoring."(CAMS 6th Edition, CDD/EDD) Incorrect Options:
B (Credit risk): Related to creditworthiness, not ML/TF.
E (Liquidity risk): Refers to a firm's ability to meet financial obligations; not an AML risk factor.
References:
CAMS Study Guide 6th Edition, AML Compliance Program, "Risk-Based Approach" FATF Guidance: National Money Laundering and Terrorist Financing Risk Assessment (2013)
NEW QUESTION # 205
Professions such as lawyers, accountants, and trust and company service providers (TCSPs) are sometimes referred to as "gatekeepers" because they:
Answer: A
Explanation:
Lawyers, accountants, and TCSPs are considered gatekeepers because they serve as an entry point to the financial system and act as a first line of defense in preventing illicit funds from being integrated into the legitimate economy through their services and professional expertise.
NEW QUESTION # 206
A bank notices inconsistent flagging of blockchain transactions due to the lack of standardized payment message formats. What feature should be prioritized in the transaction screening tool to address this issue?
Answer: C
Explanation:
Blockchain transactions differ fundamentally from traditional payments because they lack standardized messaging formats such as SWIFT MT or ISO 20022. As a result, conventional screening tools may struggle to consistently detect risks.
Integration with blockchain analytics providers allows institutions to enrich raw blockchain data with contextual intelligence, including wallet attribution, transaction flows, exposure to illicit services, sanctions-linked wallets, and typologies such as mixers and tumblers.
This integration enhances consistency, improves risk detection, and supports sanctions and AML obligations specific to virtual assets. Manual review is not scalable, and focusing only on known wallet addresses creates blind spots. Enhancing traditional payment screening does not address blockchain-specific challenges.
NEW QUESTION # 207
What areas of laws and regulations have the greatest impact on AML/CFT applications? (Choose three.)
Answer: B,D,E
Explanation:
AML/CFT (Anti-Money Laundering/Countering the Financing of Terrorism) applications are heavily influenced by various laws and regulations. The most impactful areas include:
Information security, data privacy, and cybersecurity - AML/CFT compliance relies on collecting and analyzing financial data. Data protection laws (e.g., GDPR) impact how financial institutions store, share, and protect sensitive customer information while ensuring that AML measures remain effective.
Foreign exchange control, and precious gemstone and metal dealing - Criminals often launder money through foreign currency transactions, gold, diamonds, and other high-value assets. Regulations governing these sectors help prevent financial crime.
Consumer protection, financial inclusion, and ESG - AML/CFT frameworks must balance risk mitigation with ensuring access to financial services (financial inclusion). Additionally, ESG policies play a growing role in identifying illicit financial.
NEW QUESTION # 208
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