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| Section | Weight | Objectives |
|---|---|---|
| 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 Politically Exposed Persons (PEPs) and high-risk customers - 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 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 gatekeepers - Financial Crime Risks related to products within other financial sectors |
| Tools and Technologies to Fight Financial Crime | ||
| Building an AFC Compliance Program |
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NEW QUESTION # 40
Which o! the following are considered best practices regarding senior management involvement in a financial crime compliance program? (Select Two.)
Answer: B,C
NEW QUESTION # 41
A financial institution receives a law enforcement request to delay notifying a customer about an account review connected to a terrorism financing investigation. What is the PRIMARY reason for complying with this request?
Answer: C
Explanation:
Tipping off occurs when a customer becomes aware of a suspicious investigation and may alter behavior, destroy evidence, or flee jurisdiction. AML laws generally prohibit disclosing suspicious activity investigations to customers. Cooperation with law enforcement helps preserve the integrity of the investigation and supports broader efforts to detect and prevent terrorist financing activities.
NEW QUESTION # 42
Which of the following risk factors are considered by many supervisory authorities as representing a higher inherent risk associated with MSBs? (Select Two.)
Answer: B,E
Explanation:
Money Services Businesses (MSBs)are commonly recognized by regulatory and supervisory authorities as havinghigher inherent AML/CFT risk, particularly due to certain business characteristics.
Option B - The prevalence of international wire transfers:
MSBs often facilitatecross-border transactions, which present a higher money laundering and terrorist financing risk due to challenges in verifying customer identity, the origin of funds, and the end destination- especially when dealing with higher-risk jurisdictions.
Option D - The cash-intensive nature of the services offered:
Many MSBs deal primarily incash, which increases the risk ofanonymous transactionsandfunds layering, making it harder to trace illicit activity. Cash is the most vulnerable medium for placement of illicit funds into the financial system.
Option AandOption E, while involving modern technologies,can actually reduce riskwhen implemented with proper controls (e.g., secure digital onboarding and traceable payments enhance auditability).
Option Cdoes not in itself signal high AML risk unless combined with other red flags.
Reference: ACAMS CAMS Study Guide - 6th Edition, Chapter:Industry-Specific Risks- Section:Money Services Businesses (MSBs) and Their Risk Characteristics
NEW QUESTION # 43
A bank receives negative media reports alleging corruption involving an existing customer who is a government official. What should occur FIRST?
Answer: C
Explanation:
Negative media involving corruption allegations can materially affect customer risk ratings.
Institutions should reassess risk exposure, review transaction activity, and determine whether enhanced due diligence or escalation is necessary. A criminal conviction is not required before conducting additional AML review.
NEW QUESTION # 44
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: C
NEW QUESTION # 45
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