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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Risks and Methods of Money Laundering and Terrorist Financing | 26% | - Sector-specific vulnerabilities
|
| Topic 2: Conducting and Responding to Investigations | 21% | - Disciplinary and remedial actions
|
| Topic 3: Compliance Standards for AML/CFT | 25% | - International organizations and bodies
|
| Topic 4: AML/CFT Compliance Programs | 28% | - Reporting and record-keeping
|
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NEW QUESTION # 699
What is one of the indicia of a Black Market Peso Exchange?
Answer: B
NEW QUESTION # 700
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:
Strong CDD, EDD, and advanced transaction monitoring can significantly reduce residual risk in high-risk areas like private banking. While no control fully eliminates risk, effective implementation and ongoing oversight can bring the residual risk down to an acceptable level from its initially high inherent risk.
NEW QUESTION # 701
Which action indicates possible Penza scheme activity?
Answer: B
NEW QUESTION # 702
With which person(s) should an anti-money laundering officer coordinate when implementing a new hire screening program?
Answer: A
Explanation:
An anti-money laundering officer should coordinate with the human resources department when implementing a new hire screening program. A new hire screening program is a process of conducting background checks and verifying the identity, qualifications, and suitability of prospective employees, especially those who will be involved in the bank's anti-money laundering (AML) compliance program. The human resources department is responsible for managing the recruitment, hiring, and training of employees, and ensuring that they comply with the bank's policies and procedures. Therefore, the human resources department is the most appropriate partner for the anti-money laundering officer in developing and executing a new hire screening program that meets the bank's AML standards and regulatory requirements.
The other options are not relevant or necessary for the implementation of a new hire screening program. The internal auditor is responsible for evaluating the effectiveness and adequacy of the bank's internal controls, including the AML compliance program, but not for screening new hires. The local financial intelligence unit is a government agency that collects, analyzes, and disseminates financial information related to money laundering and terrorist financing, but not for screening new hires. The institution's regulator is the authority that supervises and examines the bank's compliance with the applicable laws and regulations, including the AML requirements, but not for screening new hires.
ACAMS Study Guide for the CAMS Certification Examination (6th Edition), Chapter 4: Developing an AML
/CFT Program 1
FFIEC BSA/AML Manual, Assessing the BSA/AML Compliance Program, BSA/AML Training 2 AUSTRAC, Employee due diligence 3
NEW QUESTION # 703
Which methods are typically used to launder money using insurance companies? (Choose two.)
Answer: C,D
Explanation:
The methods that are typically used to launder money using insurance companies are:
* The policy holder overpays the policy and moves the funds out of the policy despite paying early withdrawal penalties. This method involves placing large amounts of illicit funds into an insurance policy, usually a life insurance or an annuity, and then requesting a refund or a surrender of the policy.
The policy holder may incur some fees or penalties for the early withdrawal, but they will receive a check or a wire transfer from the insurance company that appears to be a legitimate source of income.
This method allows the launderer to layer and integrate the funds into the financial system.
* The policy holder uses an offshore company to pay the insurance installments. This method involves setting up a shell company or a trust in a jurisdiction with low or no tax and weak or no anti-money laundering regulations. The launderer then uses the offshore entity to purchase an insurance policy or a bond from a reputable insurance company. The offshore entity pays the premiums or the installments using the illicit funds, and the launderer can claim the benefits or the returns from the policy or the bond as clean money. This method allows the launderer to hide the true ownership and origin of the funds.
The other options are not typical methods of money laundering using insurance companies, because:
* The policy holder enters a sibling as a beneficiary of the insurance policy rather than themselves. This method does not involve any movement or disguise of the illicit funds, and it does not generate any income or return for the launderer. The beneficiary of the policy will only receive the payout upon the death of the policy holder, and the insurance company will conduct due diligence on the beneficiary before releasing the funds.
* The policy holder purchases a bond and redeems it at a discount prior to its full term. This method does not make sense for a money launderer, because it involves losing money rather than gaining money. A bond is a fixed-income instrument that pays a regular interest and a principal amount at maturity. If the bond is redeemed before its full term, the bond holder will receive less than the face value of the bond, and will also forfeit the future interest payments. This method does not help the launderer to conceal or legitimize the source of the funds.
* The policy holder is strongly interested in how many costs are incurred when taking out an insurance policy. This method does not indicate any money laundering activity, but rather a prudent and rational behavior of a potential customer. The policy holder may want to compare different insurance products and providers, and to understand the fees, charges, commissions, and taxes associated with the policy.
This method does not involve any placement, layering, or integration of the illicit funds.
References:
* ACAMS Study Guide for the CAMS Certification Examination - 6th Edition, Chapter 1: Risks and Methods of Money Laundering and Terrorism Financing, Section 1.2: Methods of Money Laundering, Subsection 1.2.5: Insurance Products, pp. 19-20
* AML in Insurance: How to Detect & Combat Money Laundering, Section: Common Money Laundering Methods in Insurance, Paragraphs 1-3
* Discuss Acams CAMS Exam Topic 1 Question 43, Suggested Answer by Deeanna at May 04, 2022, 10:
16 PM
NEW QUESTION # 704
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