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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Detecting and Preventing Financial Crime | 20% | - Investigations and enforcement
|
| Topic 2: AML Compliance Framework | 25% | - Roles and responsibilities
|
| Topic 3: Money Laundering and Terrorist Financing Concepts | 30% | - Global AML/CFT standards
|
| Topic 4: Risk Management and Due Diligence | 25% | - Customer Due Diligence (CDD/KYC)
|
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NEW QUESTION # 376
Which key financial crime risks relate to the remote gambling sector specifically? (Select Three.)
Answer: C,D,E
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 # 377
An international bank is investigating a payment requested by one of its correspondent relationships that generated an alert in the automated transaction monitoring system. The payment originated from a corporation located in Hong Kong and the final beneficiary is an individual located in New York. Which steps should the bank take first to address the alert?
(Select Three.)
Answer: C,D,E
NEW QUESTION # 378
Tax evasion is:
Answer: A
Explanation:
Tax evasion is a criminal offense and is widely recognized as a predicate offense to money laundering under FATF standards and national AML laws.
It involves the deliberate non-payment or under-reporting of taxes, often through false declarations, concealment of income, or failure to file required tax returns. The key distinction is intentional deception of tax authorities.
In contrast, tax avoidance refers to lawful strategies used to minimize tax liability within the boundaries of the law. Deductions and tax planning activities are legal and do not constitute tax evasion.
Because tax evasion generates illicit proceeds, it is directly relevant to AML/CFT frameworks, and financial institutions must be alert to indicators of tax-related financial crime.
NEW QUESTION # 379
Reference data screening includes the screening of which types of datasets? (Select Two.)
Answer: C,D
Explanation:
Reference data screening is a core element of AML/CFT programs and typically covers:
* Customers (B):"All customers must be screened against sanctions, PEP, and adverse media lists as part of onboarding and ongoing due diligence."(CAMS 6th Edition, Due Diligence and Screening)
* Third-party service providers (C):"Screening should extend to relevant third parties, such as agents and service providers, to prevent indirect exposure to sanctioned entities."(CAMS 6th Edition, Third-Party Screening; FATF Recommendations) Incorrect Options:
* A: Types of payment messages are not screened; the entities/individuals are.
* D: Customer spouses may be screened in some KYC processes but are not a standard dataset for reference screening.
References:
CAMS 6th Edition, Due Diligence and Screening
FATF Recommendations 10, 13, and 16
NEW QUESTION # 380
Which role within private banking has the best placement to identify and report money laundering risk?
Answer: B
Explanation:
The relationship manager is in the best position to identify and report money laundering risks due to their direct and ongoing interaction with clients. They have detailed knowledge of clients' profiles, financial behaviors, and any unusual activities that may raise red flags.
NEW QUESTION # 381
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