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| Section | Weight | Objectives |
|---|---|---|
| Understanding Risks and Methods of Financial Crime | 30% | - 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 gaming and gambling - Financial Crime Risks related to insurance products - Financial Crime Risks related to products within other financial sectors - Financial Crime Risks related to Politically Exposed Persons (PEPs) and high-risk customers - Financial Crime Risks related to gatekeepers - Financial Crime Risks related to trusts and company service providers - Financial Crime Risks related to real estate |
| Global AFC Frameworks, Governance and Regulations | - AML Regulatory Framework (Elective options: Canada, EU, UK, USA) | |
| Building an AFC Compliance Program | ||
| Tools and Technologies to Fight Financial Crime |
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NEW QUESTION # 220
The recently appointed senior money laundering reporting officer (MLRO) at a newly opened small digital bank has been instructed by the group chief compliance officer to implement an effective AML transaction monitoring system that can identify unusual and suspicious transactions.
What are important considerations for the project to select and implement the AML transaction monitoring system at the digital bank? (Select Two.)
Answer: A,B
Explanation:
C: "The system must be adequate and proportionate to the bank's size, activities, complexity, and risk profile.
A one-size-fits-all solution is not appropriate."
D: "Effective monitoring systems should support the detection of unusual trends and business relationships, facilitating meaningful analysis and alerts."(CAMS 6th Edition, Transaction Monitoring System Requirements) Incorrect:
A: Vendor internal controls are important, but not a top selection criterion for AML system effectiveness.
B: Permissions should be appropriate for the bank's structure, not just compared to other banks.
References:
CAMS 6th Edition, Selecting and Implementing Monitoring Systems
NEW QUESTION # 221
Professional service providers--including lawyers, accountants, investment brokers, and other third parties--may abuse their positions to facilitate money laundering. Which financial crime risks are associated with this type of abuse? (Select Three.)
Answer: B,D,E
Explanation:
Professional service providers can be misused as enablers of money laundering when they abuse their trusted positions and expertise. FATF guidance highlights several risks linked to such abuse.
The creation of shell companies is a common method used to obscure beneficial ownership and facilitate placement or layering of illicit funds. Similarly, opening third-party accounts to mask the true client identity directly undermines transparency and due diligence requirements.
Additionally, actively directing or facilitating the structuring or movement of illicit funds constitutes direct involvement in money laundering schemes and is a serious criminal offense.
By contrast, opening estate or trust accounts for legitimate, transparent purposes does not inherently pose a financial crime risk when proper due diligence is applied.
NEW QUESTION # 222
Which of the following programs would most likely be considered part of an effective supervision regime for a regulator?
Answer: D
Explanation:
An effective supervision regime includes both onsite and offsite reviews, cooperation on international and domestic levels, and access to a range of sanctions and outreach programs. This combination allows regulators to detect and address risks comprehensively while promoting compliance through engagement and enforcement.
NEW QUESTION # 223
The degree of attraction that a company holds to criminal organizations is influenced by the (Select Two.)
Answer: B,C
Explanation:
The susceptibility of a company or jurisdiction to ML/TF abuse is significantly increased by:
* Permissibility of bearer shares (B):"Bearer shares make it easy to hide ownership and control, presenting a major risk for misuse by criminals."(CAMS 6th Edition, Beneficial Ownership and Company Transparency)
* Rules governing the disclosure of beneficial ownership by the jurisdiction (C):"Weak requirements or loopholes in beneficial ownership disclosure are frequently exploited to conceal criminal involvement in corporate structures."(CAMS 6th Edition, Chapter: Legal Persons and Arrangements) Incorrect Options:
* A: High or low fees are not a significant ML/TF risk driver.
* D: Ease of travel is unrelated to ML/TF risk related to company structures.
References:
CAMS 6th Edition, Beneficial Ownership and Transparency
FATF Recommendations 24, 25
NEW QUESTION # 224
A financial institution's (FI's) policy is to apply enhanced due diligence (EDD) for every new client to ensure the effectiveness of the program. How should a consultant advise the FI's management team?
Answer: A
NEW QUESTION # 225
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