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| Section | Weight | Objectives |
|---|---|---|
| Money Laundering and Terrorist Financing Concepts | 30% | - Global AML/CFT standards
|
| Detecting and Preventing Financial Crime | 20% | - Financial crime typologies
|
| Risk Management and Due Diligence | 25% | - Transaction monitoring and reporting
|
| AML Compliance Framework | 25% | - Roles and responsibilities
|
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NEW QUESTION # 394
A large international bank is conducting a comprehensive review of its risk management framework to ensure it effectively addresses various financial crime risks, including AML, CFT, sanctions, fraud, anti-bribery and corruption (ABC), and tax evasion.
The bank's compliance team is responsible for evaluating the current risk assessment processes, identifying potential gaps, and recommending enhancements to better mitigate these risks. During this review, the team needs to consider the different types of risk assessments and how to integrate findings into the overall risk management strategy.
Which approach should the compliance team prioritize to enhance the bank's ability to identify, assess, and mitigate the identified risks?
Answer: C
Explanation:
Conducting a periodic enterprise-wide risk assessment (EWRA) is the most effective approach to identifying, assessing, and mitigating financial crime risks. It ensures all inherent risks across areas like AML, CFT, sanctions, fraud, ABC, and tax evasion are evaluated, existing controls are assessed, and residual risks are identified. This comprehensive view enables a cohesive and proactive risk management strategy aligned with regulatory expectations.
NEW QUESTION # 395
Which activities would be considered money laundering red flags when reviewing the business operations of a money services business (MSB)? (Select Two.)
Answer: A,E
Explanation:
When reviewing business operations of a Money Services Business (MSB), it is critical to identify behaviors that indicate potential money laundering activity. The CAMS Study Guide - 6th Editionoutlines severalred flagscommonly associated with MSBs.
Option A is correct:
A customer beinghesitant to provide beneficiary information, such as the name or address, is a red flag. It may indicate attempts to hide the true purpose or recipient of the funds and could suggeststructuring or layering activity.
Option D is correct:
A customer usingmultiple accounts under different namesto conduct transactions is a strong red flag. This could indicate efforts toobscure ownership, avoid detection, or conductsuspicious structuringbehavior to stay below reporting thresholds.
NEW QUESTION # 396
Which key financial crime risks relate to the remote gambling sector specifically? (Select Three.)
Answer: A,B,C
Explanation:
The remote gambling sector presents unique money laundering and terrorist financing risks due to its online, non-face-to-face nature, as recognized in FATF and national regulatory guidance.
A major risk is that customers are not physically present for identification, which increases impersonation and identity fraud risks and requires robust digital onboarding controls.
Another significant risk is the use of anonymous prepaid cards or other anonymous payment methods.
These instruments reduce traceability and can be used to introduce illicit funds into gambling platforms with limited customer identification.
Additionally, numerous low-level transactions may indicate structuring behavior designed to avoid enhanced due diligence thresholds and monitoring controls. This tactic allows criminals to layer transactions while appearing consistent with normal gambling behavior.
Large cash deposits are less relevant in remote gambling, as transactions are typically electronic. Betting beyond affordability may indicate problem gambling but is not, by itself, a core AML risk indicator.
NEW QUESTION # 397
Interactions between the compliance department and other functions or departments within an organization contribute to making the anti-financial crime (AFC) compliance program more robust by addressing specific risk areas. Which departments play a crucial role in enhancing the AFC compliance program of an organization? (Select Two.)
Answer: B,C
Explanation:
A (ISO): Ensures information security controls are aligned with AFC efforts, protecting sensitive data and reducing the risk of cyber-enabled financial crime.
D (DPO): Helps ensure compliance with data privacy laws and enables secure, lawful information- sharing for AML purposes.
"Collaboration with the ISO and DPO is critical to maintaining data security and privacy within AFC compliance frameworks."
NEW QUESTION # 398
Common risks and red flags associated with trade finance clients may include: (Choose four.)
Answer: A,B,D
Explanation:
Trade finance red flags include account activity inconsistent with the account's stated purpose, unnecessarily complex transaction structures, poorly worded or foreign-language trade documents that may obscure details, and invoices with prices significantly above market value, which can indicate trade-based money laundering or fraud.
NEW QUESTION # 399
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