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| Section | Objectives |
|---|---|
| Topic 1: Financial Crime Typologies and Risk | - Sanctions and embargo compliance - Common money laundering typologies across industries - Risk assessment methodologies |
| Topic 2: Customer Due Diligence (CDD) and KYC | - Beneficial ownership and PEP screening - Enhanced due diligence for high-risk customers - Customer identification and verification |
| Topic 3: Transaction Monitoring and Reporting | - Case management and investigation processes - Suspicious activity detection and monitoring systems - Suspicious Activity Reports (SAR) / STR filing |
| Topic 4: AML Compliance Framework | - Regulatory obligations and enforcement expectations - AML compliance program structure - Internal controls and governance |
| Topic 5: AML and CTF Fundamentals | - Money laundering and terrorist financing concepts - International AML/CTF standards and FATF recommendations - Stages and typologies of money laundering |
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NEW QUESTION # 567
Which are primary purposes of Financial Action Task Force {FATF)-Style Regional Bodies? (Select Two.)
Answer: C,D
Explanation:
The primary purposes of Financial Action Task Force (FATF)-Style Regional Bodies are to promote effective implementation of FATF recommendations and to provide expertise and input in FATF policy-making.
(CAMS Manual, 6th Edition, Page 180)
NEW QUESTION # 568
A client advisor at a bank contacts a member of the compliance team for guidance on how to proceed with a client who wants to transfer US$250,000 from the sale of cryptoassets into their savings account at the bank.
What guidance should the compliance team provide?
Answer: A
Explanation:
The compliance team should request further clarification to assess the AML risk appropriately. This includes understanding which cryptoassets were sold and whether the exchange used applies adequate due diligence.
These details help determine the legitimacy of the source of funds and ensure compliance with AML requirements.
NEW QUESTION # 569
the Financing of Terrorism (CFT)]
When a government imposeseconomic sanctionson a target, the purpose is to:
Answer: B
Explanation:
Economic sanctionsare used as anon-military toolto enforceforeign policy and national security objectives
.
* Option D (Correct):Sanctions aim tochange the behaviorof entities engaged inmoney laundering, terrorist financing, or other illicit activities.
* Option A (Incorrect):Sanctions do not necessarily indicatemilitary action.
* Option B (Incorrect):NGOs may be exempt from sanctions, but this is not their primary purpose.
* Option C (Incorrect):Whilehuman rights concernscan lead to sanctions, they are primarily imposed tochange behavior.
Reference:OFAC Sanctions Guidance, UN Security Council Sanctions List, EU Sanctions Regulations.
NEW QUESTION # 570
How can a financial institution verify the nature and purpose of a business and its legitimacy? Choose 3 answers
Answer: A,C,D
NEW QUESTION # 571
Which information must a United States financial institution retain for having foreign correspondent accounts as part of the USA PATRIOT Act record keeping requirements?
Answer: A
Explanation:
According to Section 319(b) of the USA PATRIOT Act, U.S. financial institutions that provide correspondent accounts to foreign banks must maintain records of the owners of the foreign banks and the name and address of a U.S. resident authorized to accept service of legal process for records regarding the correspondent accounts. This requirement is intended to prevent foreign shell banks from accessing the U.S. financial system and to facilitate the investigation and prosecution of money laundering and terrorist financing activities involving foreign banks.
References:
* US PATRIOT ACT | State Street
* Foreign Correspondent Banking Fact Sheet - U.S. Department of the Treasury
* FACT SHEET for Section 312 of the USA PATRIOT Act Final Regulation and Notice of Proposed Rulemaking | FinCEN.gov Reference: https://www.moneylaunderingnews.com/2017/10/aml-information-sharing-in-the-u-s/
NEW QUESTION # 572
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