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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: 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 gaming and gambling - 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 trusts and company service providers - Financial Crime Risks related to real estate - Financial Crime Risks related to gatekeepers |
| Topic 2: Building an AFC Compliance Program | ||
| Topic 3: Tools and Technologies to Fight Financial Crime | ||
| Topic 4: Global AFC Frameworks, Governance and Regulations | - AML Regulatory Framework (Elective options: Canada, EU, UK, USA) |
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NEW QUESTION # 295
Risks associated with real estate transactions include (Select Two.)
Answer: B,C
Explanation:
Real estate transactions are vulnerable to ML/TF risks, particularly when there is limited transparency or unusual payment methods:
Cross-border purchases (A):"Purchases by foreign buyers, especially from high-risk jurisdictions, are a red flag for money laundering in the real estate sector." Non-financed purchases (D):"Non-financed (all-cash) purchases can indicate the introduction of illicit funds into the financial system, bypassing the controls of mortgage lenders."
NEW QUESTION # 296
According to the Financial Action Task Force's (FATF's) "Guidance for a Risk-Based Approach Life Insurance Sector," which of the following are money laundering red flags relating to the involvement of a third party in a life insurance product? (Select Two.)
Answer: B,D
Explanation:
FATF and CAMS 6th Edition highlight certain third-party activities as red flags for money laundering in the life insurance sector:
Payments are regularly received from third parties that have no apparent relationship with the policy holder (C):"Red flags include payments made by third parties, especially where there is no apparent connection between the third party and the policy holder."(FATF, Risk-Based Approach for Life Insurance Sector, Section IV: Red Flags; CAMS 6th Edition, Customer Due Diligence for Life Insurance) A customer names an apparently unrelated third party as a beneficiary (D):"Another warning sign is when beneficiaries have no apparent relation to the policyholder."(FATF, Ibid; CAMS 6th Edition, Life Insurance ML/TF Red Flags) Incorrect Options:
A: Consulting an attorney is not, by itself, a red flag.
B: Policy transfer may warrant review but is not specifically a red flag for third-party involvement.
References:
CAMS 6th Edition, Life Insurance ML/TF Risks
FATF, Guidance for a Risk-Based Approach for the Life Insurance Sector (October 2018)
NEW QUESTION # 297
Which of the below would be relevant money laundering red flags for life insurance companies? (Select Two.)
Answer: B,E
Explanation:
Paying premium several years in advance and terminating early for a refund (A):"A typical red flag is when a policyholder pays large premiums up front and then seeks early termination to receive a refund. This can be used to launder illicit funds by integrating them into the financial system and then retrieving 'clean' money." (CAMS 6th Edition, Life Insurance ML/TF Risks; FATF Guidance for a Risk-Based Approach for the Life Insurance Sector) Regularly switching policies and accepting penalties (D):"Frequent changes in insurance policies or products, even at a financial loss, are considered suspicious. This may indicate an attempt to obscure the money trail or integrate illicit proceeds."(CAMS 6th Edition, ML/TF Red Flags in Life Insurance) Incorrect Options:
B: Having multiple policies is common and not itself a red flag.
C: High premiums/payouts are not inherently suspicious.
E: Beneficiary payouts to elderly people are not ML/TF red flags.
References:
CAMS 6th Edition, Life Insurance Red Flags
FATF Guidance for a Risk-Based Approach for the Life Insurance Sector
NEW QUESTION # 298
A robust transaction monitoring system includes the capability to:
Answer: D
Explanation:
A robust transaction monitoring system is a core component of an effective Anti-Money Laundering (AML) and Counter-Financial Crime (AFC) program. Regulatory guidance from FATF and national supervisors emphasizes that the primary purpose of transaction monitoring systems is to detect unusual or suspicious activity by analyzing customer transactions and identifying anomalies or patterns that may indicate money laundering, terrorist financing, or other financial crimes.
These systems use predefined rules, thresholds, and increasingly advanced analytics to monitor transactions in real time or retrospectively. Alerts generated by the system are reviewed by compliance professionals, who determine whether further investigation or reporting is required.
While transaction monitoring systems may support the preparation of regulatory reports, such as SARs or CTRs, the actual filing of these reports typically requires human review and approval and is not the defining capability of the monitoring system itself. Features such as automatic document translation or integration of social media profiles are not considered core or necessary functions under AML regulatory expectations.
Therefore, the essential capability of a robust transaction monitoring system is its ability to monitor transactions and detect anomalies indicative of suspicious activity.
NEW QUESTION # 299
Which statement about terrorist financing is MOST accurate?
Answer: A
Explanation:
Unlike traditional money laundering, terrorist financing may involve both illicit and legitimate funds. Even small-value transactions can support terrorist operations. AML programs must therefore monitor unusual behavioral patterns, geographic exposure, and customer activity rather than relying solely on transaction size.
NEW QUESTION # 300
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