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| Section | Weight | Objectives |
|---|---|---|
| Understanding Risks and Methods of Financial Crime | 30% | - Financial Crime Risks related to gatekeepers - Financial Crime Risks related to trusts and company service providers - Financial Crime Risks related to MSBs, PSPs, and ecommerce platforms - Financial Crime Risks related to real estate - Financial Crime Risks related to products within other financial sectors - Financial Crime Risks related to VASPs, cryptoassets, and related products - Financial Crime Risks related to insurance products - Financial Crime Risks related to Politically Exposed Persons (PEPs) and high-risk customers - Financial Crime Risks related to gaming and gambling |
| Tools and Technologies to Fight Financial Crime | ||
| Building an AFC Compliance Program | ||
| Global AFC Frameworks, Governance and Regulations | - AML Regulatory Framework (Elective options: Canada, EU, UK, USA) |
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NEW QUESTION # 133
Which risks are specifically associated with the misuse of gaming accounts in financial crime? (Choose three.)
Answer: A,B,E
Explanation:
Risks tied to the misuse of gaming accounts include transferring illicit funds between players undetected, structuring transactions to avoid reporting thresholds, and providing false personal information to evade KYC and regulatory oversight, all of which can facilitate money laundering and other financial crimes.
NEW QUESTION # 134
Which customer actions are red flags for virtual currency peer-to-peer transactions? (Choose two.)
Answer: A,C
Explanation:
Receiving funds from a decentralized mixer and using multiple incoming wires from different sources to purchase virtual currency are red flags, as they can indicate attempts to obscure the origin of funds and facilitate money laundering through virtual asset transactions.
NEW QUESTION # 135
When services are provided by a trust and company service provider (TCSP) connected to a high-risk country, which of the following may present an immediate financial crime risk concern?
Answer: A
Explanation:
The origin of the funds is a primary financial crime risk when dealing with a TCSP connected to a high-risk country. Funds originating from such jurisdictions may be linked to illicit activity, especially if source verification is weak or absent.
NEW QUESTION # 136
An institution is looking to alter an existing threshold-based monitoring scenario because it is generating too many alerts that do not yield suspicious activity reports.
Documentation submitted to the relevant committee for supporting this proposal should include details on:
(Choose three.)
Answer: A,D,E
Explanation:
The documentation should include evidence that the residual risk remains within the bank's risk appetite, analysis of resources spent and costs associated with the current lower threshold, and historical data showing the high false positive rate to justify altering the threshold while maintaining effective risk management.
NEW QUESTION # 137
A financial institution's US Branch receives a subpoena from law enforcement requesting detailed records of a customer's account activity. The customer is part of an ongoing investigation into a money laundering operation. At the same time, the institution has received a FinCEN 314(b) information-sharing request from another bank seeking details on transactions linked to the same customer. The compliance team is tasked with responding to both the subpoena and the FinCEN 314(b) request.
What should the compliance officer prioritize in responding to these requests while ensuring that all legal and regulatory obligations are met?
Answer: A
Explanation:
* B: When a subpoena is received, the institution should first consult with legal counsel to ensure the validity and scope of the subpoena. Compliance with law enforcement requests is mandatory and subject to strict legal obligations. All documentation and responses should be properly recorded.
* "A subpoena requires a legal response; consult legal counsel to validate the request and respond as required by law."
* FinCEN 314(b) information-sharing requests are voluntary and can proceed only after fulfilling required legal steps, such as verifying membership in the program and ensuring information-sharing agreements are in place.
* CAMS 6th Edition clarifies that "under no circumstances should a customer be notified of a law enforcement inquiry or subpoena." References:
CAMS 6th Edition, Law Enforcement Inquiries and Subpoenas
FFIEC BSA/AML Manual, Information Sharing (Sections 314(a) & 314(b))
NEW QUESTION # 138
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