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| Section | Weight | Objectives |
|---|---|---|
| Understanding Risks and Methods of Financial Crime | 30% | - Financial Crime Risks related to MSBs, PSPs, and ecommerce platforms - Financial Crime Risks related to products within other financial sectors - Financial Crime Risks related to insurance products - Financial Crime Risks related to trusts and company service providers - Financial Crime Risks related to Politically Exposed Persons (PEPs) and high-risk customers - Financial Crime Risks related to VASPs, cryptoassets, and related products - Financial Crime Risks related to gaming and gambling - Financial Crime Risks related to real estate - Financial Crime Risks related to gatekeepers |
| Building an AFC Compliance Program | ||
| Global AFC Frameworks, Governance and Regulations | - AML Regulatory Framework (Elective options: Canada, EU, UK, USA) | |
| Tools and Technologies to Fight Financial Crime |
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NEW QUESTION # 176
In a large US bank, an individual leads a team in charge of overseeing the governance and effectiveness of the bank's transaction monitoring approach. Which strategies should the team implement? (Select Two.)
Answer: C,D
Explanation:
Effective oversight of transaction monitoring includes:
Periodic review of client profiles to ensure up-to-date information for high-risk clients (B):"Reviewing and updating customer profiles is essential to ensure that monitoring scenarios are based on current risk data." Periodic review of transaction monitoring scenarios and productivity to ensure appropriate AML typologies are reflected (D):"Firms should periodically review the parameters and output of transaction monitoring systems to ensure they continue to identify relevant ML/TF risks and typologies."
NEW QUESTION # 177
Which of the following is one of the pillars of the EU AML Package adopted in June 2024?
Answer: B
Explanation:
One of the central pillars of the EU AML Package adopted in June 2024 is theEU AML Regulation. This regulation introduces directly applicable AML/CFT rules across all EU member states, replacing the previous approach where AML directives were transposed into national laws. This shift addresses regulatory fragmentation and strengthens enforcement across borders.
The complete AML Package includes the following four pillars:
EU AML Regulation (directly applicable rulebook)
6th AML Directive (not the 7th)
Establishment of a new EU Anti-Money Laundering Authority (AMLA)
Revised Transfer of Funds Regulation, especially concerning crypto-asset service providers The EU AML Regulation aims to unify and streamline the application of AML/CFT measures across the EU, ensuring a consistent and effective framework.
Reference: ACAMS CAMS Study Guide - 6th Edition, Chapter: International AML Standards - Section:
European Union AML Framework and Developments
NEW QUESTION # 178
The first line of defense is responsible for:
Answer: D
Explanation:
The First Line of Defense (1LoD) consists of customer-facing business units (e.g., relationship managers, front-office staff, and operational teams). Their primary responsibility in financial crime risk management is to implement AML/CFT controls as part of daily operations. This includes Collecting complete customer information.
The First Line of Defense is responsible for conducting Know Your Customer (KYC) and Customer Due Diligence (CDD) during onboarding and throughout the customer relationship.
Ensuring that all relevant customer details (e.g., identity, business purpose, ownership structure) are accurately collected and documented is crucial for mitigating financial crime risks.
NEW QUESTION # 179
A financial institution is conducting an enterprise-wide risk assessment (EWRA) and has identified a high inherent risk of money laundering associated with its private banking division due to the clientele's high net worth and complex financial structures. However, the institution has implemented robust customer due diligence (CDD) and enhanced due diligence (EDD) procedures, along with sophisticated transaction monitoring systems. How would these controls impact the assessment of residual risk?
Answer: B
Explanation:
In anEnterprise-Wide Risk Assessment (EWRA),residual riskis the level of risk that remains after applying mitigating controls to theinherent risk(the risk present before controls are applied).
In this scenario, theinherent risk is highdue to the nature of private banking--high net worth clients,cross-border transactions,complex ownership structures, andhigh-value financial products.
However, the institution has implementedrobust CDD and EDD, as well asadvanced transaction monitoring systems.
According to the CAMS Study Guide - 6th Edition, wheneffective and properly implemented controlsare in place, they cansignificantly reducethe residual risk--even in high-risk business areas like private banking. However, no control framework caneliminate all riskentirely.
Option A is correct: Controls can significantly reduce the residual risk when strong, effective systems and procedures are in place.
NEW QUESTION # 180
A bank is preparing for a regulatory exam after a previous regulatory exam identified weaknesses in the bank's AML program. Since the last exam, the bank has improved the written AML program, hired an experienced AML compliance officer, and has taken actions to demonstrate a strong culture of compliance.
The bank is now focused on getting through their transaction monitoring case backlog and completing enhancements to its sanctions screening program.
Which of the following are correct? (Select Two.)
Answer: A,B
Explanation:
* B: If a bank fails to demonstrate sustained improvement or cannot resolve identified deficiencies, it can face civil or even criminal penalties from regulators. Regulators expect not just policy changes, but proof of effectiveness and ongoing compliance improvements.
* C: Even after addressing many concerns, if all issues are not resolved-such as outstanding transaction monitoring backlogs-regulators may issue orders to further remediate the AML program until full compliance is achieved.
* CAMS 6th Edition and regulatory guidance clarify that "regulators may impose penalties, issue consent orders, or require further remediation where weaknesses persist." Incorrect:
* A: Secondary sanctions generally apply to sanctions violations, not standard AML program weaknesses.
* D: Regulatory actions can be public and do pose reputational risk.
* E: While transparency is sometimes required, this is not a universal regulatory response.
References:
CAMS 6th Edition, Regulatory Examinations and Remediation
FFIEC BSA/AML Manual, Enforcement Actions
NEW QUESTION # 181
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