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| Section | Weight | Objectives |
|---|---|---|
| Detecting and Preventing Financial Crime | 20% | - Financial crime typologies
|
| Risk Management and Due Diligence | 25% | - Customer Due Diligence (CDD/KYC)
|
| AML Compliance Framework | 25% | - Roles and responsibilities
|
| Money Laundering and Terrorist Financing Concepts | 30% | - Global AML/CFT standards
|
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NEW QUESTION # 153
The Office of Foreign Assets Control (OFAC) is responsible for:
Answer: C
Explanation:
The Office of Foreign Assets Control (OFAC), part of the U.S. Department of the Treasury, is responsible for theadministration and enforcement of economic and trade sanctions. These sanctions are based on U.S.
foreign policy and national security objectives and target:
Foreign countries and regimes
Terrorist organizations
Narcotics traffickers
Individuals and entities engaged in activities related to the proliferation of weapons of mass destruction OFAC acts under various authorities, including national emergency powers granted by the President and specific legislation. One of its primary tools is theSpecially Designated Nationals(SDN) List, which identifies individuals and entities whose assets are blocked and with whom U.S. persons are generally prohibited from dealing.
It is important to note that OFAC is not responsible for designating jurisdictions as primary money laundering concerns (a task handled by FinCEN under Section 311 of the USA PATRIOT Act), nor does it manage trade agreements.
Reference: ACAMS CAMS Study Guide - 6th Edition, Chapter: U.S. Regulatory Framework - Section:
Office of Foreign Assets Control (OFAC)
NEW QUESTION # 154
In order to prevent financial crime risk, the implemented policies, controls, and procedures must:
Answer: D
Explanation:
Effective AML/CFT policies, controls, and procedures must be risk-based, proportionate, and well-governed, as emphasized by FATF and national regulators. Proportionality ensures that controls are appropriate to the firm's size, complexity, products, services, and risk exposure.
Senior management approval is essential to establish accountability and tone from the top.
Regular review ensures policies remain effective as risks, regulations, and business models evolve.
AML responsibility is shared across the three lines of defense, not owned solely by the business.
External validation may support assurance but does not replace internal accountability. While technology can enhance controls, regulators do not mandate the use of advanced or cutting-edge solutions; effectiveness and governance are more important than sophistication.
NEW QUESTION # 155
A real estate buyer purchases multiple high-value properties in cash through a series of transactions in a short period of time and without any clear economic justification.
Which of the following is the most likely money laundering risk associated with this behavior in the real estate sector?
Answer: A
Explanation:
* A: The purchase of high-value real estate using cash in multiple transactions-especially without clear economic justification-is a classic money laundering typology. The goal is typically to integrate illicit funds into the legitimate economy and obscure their origin.
* "Large cash purchases of property without an obvious economic rationale are a significant red flag for money laundering in the real estate sector."
* This typology is highlighted in CAMS 6th Edition and the FATF's guidance on real estate ML/TF risks.
References:
CAMS 6th Edition, Real Estate and ML Typologies
FATF, Money Laundering and Terrorist Financing through the Real Estate Sector
NEW QUESTION # 156
The Basel Committee on Banking Supervision (BCBS) is an international body consisting of senior representatives of central banks and banking regulatory authorities. Which of the following statements accurately describe guidance provided by the BCBS? (Select Three.)
Answer: A,B,E
Explanation:
The Basel Committee on Banking Supervision (BCBS) is a global standard-setting body that develops prudential banking standards and supervisory guidance, including key principles relevant to AML/CFT governance.
The BCBS does not have legal enforcement authority. Instead, it relies on the commitment of its member jurisdictions to implement its standards through national laws and supervisory practices.
This cooperative model reflects the committee's role as a standard-setter rather than a regulator.
Basel guidance includes international standards, implementation guidelines, and best practices designed to strengthen banking supervision and risk management frameworks globally. These materials are intended to be adopted and adapted within local legal and regulatory systems.
The Basel Core Principles for Effective Banking Supervision explicitly include guidance on customer identification, acceptance, and ongoing monitoring, aligning closely with AML/CFT expectations.
The committee is composed of central banks and supervisory authorities, not individual banks, and there are no formal penalties such as suspension for non-implementation.
NEW QUESTION # 157
The Financial Action Task Force (FATF) routinely publishes a catalogue of jurisdictions requiring enhanced monitoring which is commonly called the:
Answer: D
NEW QUESTION # 158
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