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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Building an AFC Compliance Program | ||
| Topic 2: Tools and Technologies to Fight Financial Crime | ||
| Topic 3: Understanding Risks and Methods of Financial Crime | 30% | - Financial Crime Risks related to real estate - Financial Crime Risks related to gatekeepers - Financial Crime Risks related to products within other financial sectors - Financial Crime Risks related to insurance products - Financial Crime Risks related to VASPs, cryptoassets, and related products - Financial Crime Risks related to gaming and gambling - Financial Crime Risks related to Politically Exposed Persons (PEPs) and high-risk customers - Financial Crime Risks related to trusts and company service providers - Financial Crime Risks related to MSBs, PSPs, and ecommerce platforms |
| Topic 4: Global AFC Frameworks, Governance and Regulations | - AML Regulatory Framework (Elective options: Canada, EU, UK, USA) |
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NEW QUESTION # 191
A compliance officer at a financial institution has completed an investigation into a high-risk customer's activities and determined that there are strong indications of money laundering. The compliance officer has documented their findings and is ready to recommend offboarding the customer. However, the relationship manager responsible for the customer is resistant to the idea, citing the customer's significant revenue contribution to the institution. What should the compliance officer do next to ensure the appropriate escalation and decision-making process is followed?
Answer: D
Explanation:
In situations involving significant AML concerns, especially with high-risk clients, thecompliance officer must follow proper escalation procedureswithin the institution. The appropriate course of action is toescalate the matter to a senior governance body, such as ahigh-risk client committee, which is typically tasked with balancing AML risk against business considerations.
NEW QUESTION # 192
Which types of external data sources are expected to be used for screening customers as part of customer due diligence (CDD)? (Select Three.)
Answer: B,C,D
Explanation:
Effective customer due diligence relies on authoritative, reliable, and relevant external data sources, as outlined in FATF standards and national AML regulations.
Sanctions lists, such as those maintained by OFAC, the EU, and the UN, are mandatory screening sources to ensure compliance with sanctions regimes. Registers of stolen or forged documents, where available, help detect identity fraud and false documentation during onboarding.
Additionally, beneficial ownership registers and adverse media sources are essential for identifying hidden ownership structures, corruption exposure, and reputational risk.
Customer reviews and lifestyle assessments from social media are not considered reliable or appropriate primary sources for AML screening due to privacy, accuracy, and governance concerns.
NEW QUESTION # 193
A wealthy individual is using a complex corporate structure to facilitate illegal logging and then illegal mining of the resulting resources from that land.
Which category of predicate crime is taking place?
Answer: C
Explanation:
The CAMS 6th Edition specifically lists environmental crime as a predicate offense for money laundering.
Environmental crimes include activities such as illegal logging, illegal mining, and illegal trade in wildlife.
"Environmental crime, including illegal logging and mining, is recognized as a predicate offense to money laundering. Such crimes often involve complex corporate structures to hide the illicit origin of the proceeds." (CAMS 6th Edition, Chapter: Risks and Methods of Money Laundering and Terrorist Financing; FATF Recommendations, Predicate Offenses) Incorrect Options:
* A: Trade-based ML refers to manipulating trade transactions, not the underlying crime.
* B: Corruption may be involved, but the primary crime is environmental.
* C: Illicit resource trade describes the act, but the official predicate crime category is environmental crime.
References:
CAMS Study Guide 6th Edition, Predicate Crimes for Money Laundering
FATF Recommendation 3: Money laundering offense and predicate offenses
NEW QUESTION # 194
A law enforcement action alleged that on several trading days over the course of two months, defendants engaged in a series of copper gold, crude oil. and natural gas futures transactions on an electronic trading platform One defendant repeatedly bought future contracts at low prices from the other, and then immediately sold them back at higher prices. As a result, one defendant effectively pocketed the same amount as the other lost even though there were no changes in the open positions held by either defendant. What is a name for this typology?
Answer: D
NEW QUESTION # 195
Which of the following is an important factor to consider when setting up an anti-financial crimes (AFC) compliance program governance structure?
Answer: C
Explanation:
One of the core components of a strong AFC (Anti-Financial Crimes) compliance program is establishingclear roles, responsibilities, and lines of accountability, especially forescalating and addressing AFC risks and compliance issues. This governance clarity ensures effective implementation, transparency in decision-making, and timely resolution of compliance concerns.
While external audits (option A) and internal controls (option B) are important,defining governance structure and escalation responsibilities (option D)is a foundational element.
Additionally, the board of directors (option C) provides oversight--not day-to-day compliance monitoring.
NEW QUESTION # 196
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