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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Building an AFC Compliance Program | ||
| Topic 2: Global AFC Frameworks, Governance and Regulations | - AML Regulatory Framework (Elective options: Canada, EU, UK, USA) | |
| Topic 3: Understanding Risks and Methods of Financial Crime | 30% | - Financial Crime Risks related to products within other financial sectors - Financial Crime Risks related to insurance products - Financial Crime Risks related to real estate - Financial Crime Risks related to Politically Exposed Persons (PEPs) and high-risk customers - Financial Crime Risks related to gaming and gambling - Financial Crime Risks related to VASPs, cryptoassets, and related products - Financial Crime Risks related to gatekeepers - Financial Crime Risks related to MSBs, PSPs, and ecommerce platforms - Financial Crime Risks related to trusts and company service providers |
| Topic 4: Tools and Technologies to Fight Financial Crime |
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NEW QUESTION # 350
Which of the services provided by Trust and Company Service Providers (TCSPs) present the greatest financial crime risks? (Choose three.)
Answer: A,B,C
Explanation:
Trust and Company Service Providers (TCSPs) pose the greatest financial crime risks when they use trusts to obscure beneficial ownership, promote complex corporate structures that make tracing ownership difficult, and establish shell companies that can be used to hold and move illicit funds. These activities can facilitate money laundering, tax evasion, and other financial crimes by concealing the true origin and control of assets.
NEW QUESTION # 351
In the process of mutual evaluations and subsequent follow-ups used by the Financial Action Task Force (FATF) to assess the quality of various jurisdictions' AML controls, the FATF:
Answer: B
Explanation:
The FATF conducts mutual evaluations--a peer review process--whereby member countries assess each other's AML/CFT systems. This includes on-site visits and reviews by international experts, with public reports containing recommendations for improvement. The process is not punitive and does not impose sanctions.
"FATF mutual evaluations are peer reviews in which experts from member countries assess another member's AML/CFT system and provide recommendations."
NEW QUESTION # 352
What areas of laws and regulations have the greatest impact on AML/CFT applications? (Choose three.)
Answer: A,C,E
Explanation:
AML/CFT (Anti-Money Laundering/Countering the Financing of Terrorism) applications are heavily influenced by various laws and regulations. The most impactful areas include:
Information security, data privacy, and cybersecurity - AML/CFT compliance relies on collecting and analyzing financial data. Data protection laws (e.g., GDPR) impact how financial institutions store, share, and protect sensitive customer information while ensuring that AML measures remain effective.
Foreign exchange control, and precious gemstone and metal dealing - Criminals often launder money through foreign currency transactions, gold, diamonds, and other high-value assets.
Regulations governing these sectors help prevent financial crime.
Consumer protection, financial inclusion, and ESG - AML/CFT frameworks must balance risk mitigation with ensuring access to financial services (financial inclusion). Additionally, ESG policies play a growing role in identifying illicit financial.
NEW QUESTION # 353
Which of the following risk factors are commonly associated with money laundering in insurance products?
(Choose two.)
Answer: A,B
Explanation:
Early surrender of a policy can be used to quickly access and integrate illicit funds, while funding an insurance policy with cryptocurrencies or other non-fiat currencies can obscure the source of funds, both of which are recognized money laundering risk factors in insurance products.
NEW QUESTION # 354
What is the PRIMARY objective of customer identification procedures?
Answer: B
Explanation:
Customer identification procedures form the foundation of AML compliance by ensuring institutions know the true identity of their customers. Accurate identification helps prevent criminals, sanctioned parties, and fraudsters from accessing the financial system under false or misleading identities.
NEW QUESTION # 355
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