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| Section | Weight | Objectives |
|---|---|---|
| Global AFC Frameworks, Governance and Regulations | - AML Regulatory Framework (Elective options: Canada, EU, UK, USA) | |
| Tools and Technologies to Fight Financial Crime | ||
| Understanding Risks and Methods of Financial Crime | 30% | - Financial Crime Risks related to VASPs, cryptoassets, and related products - Financial Crime Risks related to insurance products - Financial Crime Risks related to gatekeepers - Financial Crime Risks related to gaming and gambling - 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 real estate - Financial Crime Risks related to MSBs, PSPs, and ecommerce platforms - Financial Crime Risks related to products within other financial sectors |
| Building an AFC Compliance Program |
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NEW QUESTION # 36
When a multinational organization develops its anti-financial crime (AFC) program, what is the most important consideration for ensuring compliance across different jurisdictions?
Answer: A
Explanation:
A global organization must ensure its group policies accommodate compliance with each country's specific AML and sanctions regulations to effectively manage risks across multiple jurisdictions.
NEW QUESTION # 37
What is the primary purpose of a risk appetite statement (RAS) in an organization and how should it be effectively communicated and implemented?
Answer: D
Explanation:
A risk appetite statement defines the amount and type of risk an organization is willing to accept in pursuit of its objectives. It must be clearly communicated to all stakeholders and supported by corresponding controls and processes to ensure it is embedded in day-to-day decision-making and risk management.
NEW QUESTION # 38
Which risks inherent to real estate sector carry the highest AML/CFT risk? (Select Two.)
Answer: B,C
Explanation:
Real estate ML/TF risk is highest where transparency is low or the origin of funds is obscured:
* Use of cash to purchase property (A):"All-cash transactions in real estate present a high ML risk, as they bypass traditional financial scrutiny and facilitate the placement of illicit funds."(CAMS 6th Edition, Real Estate Money Laundering Risks)
* Use of a company for the purchase of property (D):"Purchasing property through companies, especially shell companies, can conceal the beneficial owner and the true source of funds."(CAMS 6th Edition, Real Estate ML/TF Risks; FATF, Real Estate Sector) Incorrect Options:
* B: Unlicensed agents may be risky, but the core risks are A and D.
* C: Trusts may add complexity but are less common/high-risk than company structures.
* E: Value manipulation is risky but less so than the above.
References:
CAMS 6th Edition, ML/TF Risks in Real Estate
FATF, Money Laundering and Terrorist Financing through the Real Estate Sector
NEW QUESTION # 39
An agent of a wealthy individual residing in Country A, which is on the EU list of high-risk third jurisdictions, approaches a notary in Country B, which is in the EU. The agent wants to complete a disposal of assets recently acquired at auction by the wealthy individual through an offshore company. The agent also has a power of attorney to act on behalf of the offshore company issued by a respectable law firm from Country C, which is also in the EU. The agent asks the notary to proceed with the disposal as quickly as possible without paying any specific attention to related costs or taxes to be paid as a result of this transaction. The notary notices the intended transfer price is significantly lower than the one recorded at auction, but the agent does not want to discuss this matter and claims that it is not covered by the power of attorney. Which red flags should the notary consider? (Select Two)
Answer: A,B
Explanation:
A: Selling assets at a significant loss, especially shortly after purchase, is a classic red flag for asset laundering and value manipulation, which can be used to disguise the true nature of proceeds.
C: Transactions involving individuals from high-risk jurisdictions, as identified by the EU and FATF, warrant heightened scrutiny due to increased ML/TF risk.
NEW QUESTION # 40
Which should be provided to the board of directors or designated specialized committee when preparing suspicious activity reports (SARs)?
Answer: A
NEW QUESTION # 41
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