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| Section | Weight | Objectives |
|---|---|---|
| Detecting and Preventing Financial Crime | 20% | - Investigations and enforcement
|
| Money Laundering and Terrorist Financing Concepts | 30% | - Definitions and stages of money laundering
|
| AML Compliance Framework | 25% | - Roles and responsibilities
|
| Risk Management and Due Diligence | 25% | - Customer Due Diligence (CDD/KYC)
|
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NEW QUESTION # 316
Which ML/TF risks are associated with cryptoassets? (Select Three.)
Answer: C,D,F
Explanation:
Cryptoassets, such as cryptocurrencies, pose specific ML/TF risks due to their technological characteristics and usage patterns:
Potential for anonymity (C): Cryptoassets allow users to make transactions without revealing their true identities, which hinders law enforcement from tracking illicit activity. The CAMS 6th Edition states:"Cryptoassets can be transferred or exchanged between users without the need for identification, presenting a significant risk due to the potential for anonymity." Global reach (D): Cryptoassets operate on a global scale, enabling rapid cross-border transfers without the limitations of traditional financial systems. This increases the complexity of monitoring and controlling illicit transactions."The global nature of virtual assets makes it easy for criminals to move value across borders quickly, evading jurisdictional controls." Use to layer illicit funds (F): The ability to move cryptoassets between numerous wallets and exchanges allows criminals to obscure the source of funds through layering, a key stage of money laundering."Layering can be achieved by rapidly moving cryptoassets between wallets, exchanges, and across different jurisdictions, making tracing more difficult."
NEW QUESTION # 317
Which of the following is one of the pillars of the EU AML Package adopted in June 2024?
Answer: B
Explanation:
One of the central pillars of the EU AML Package adopted in June 2024 is theEU AML Regulation. This regulation introduces directly applicable AML/CFT rules across all EU member states, replacing the previous approach where AML directives were transposed into national laws.
This shift addresses regulatory fragmentation and strengthens enforcement across borders.
The complete AML Package includes the following four pillars:
EU AML Regulation (directly applicable rulebook)
6th AML Directive (not the 7th)
Establishment of a new EU Anti-Money Laundering Authority (AMLA)
Revised Transfer of Funds Regulation, especially concerning crypto-asset service providers The EU AML Regulation aims to unify and streamline the application of AML/CFT measures across the EU, ensuring a consistent and effective framework.
NEW QUESTION # 318
Having a risk-based approach is central to a financial institution understanding the money laundering and terrorist financing risk to which they are exposed. The development of a money laundering and terrorist financing risk assessment is a key starting point. Commonly used risk factors include. (Select Three.)
Answer: A,D,E
Explanation:
The CAMS 6th Edition clearly identifies a risk-based approach as the cornerstone of effective AML/CFT programs. Risk assessments should consider various risk factors that directly influence exposure to ML/TF.
Product risk (A): Certain products or services may present higher ML/TF risks, such as private banking, correspondent banking, or cash-intensive products."Products and services offered, and their inherent risk levels, must be assessed as part of the risk-based approach." Geographic risk (C): Jurisdictions where the customer operates or where transactions are conducted may present higher or lower risks due to factors such as weak AML regulations or high corruption."Geographic risk considers where a customer is located and/or where transactions occur, referencing countries with increased risk, such as those identified by the FATF." Customer risk (D): The type of customer, such as PEPs, non-residents, or companies with complex structures, may present higher ML/TF risks."Customer risk assessment is based on the customer's profile, activity, and ownership structure, and is a critical component in risk-based monitoring."
NEW QUESTION # 319
The manager of a bank's KYC team discovers that a high-risk customer's activity was not reviewed last quarter as the bank's internal schedule required.
What should the KYC team manager do?
Answer: D
NEW QUESTION # 320
Correspondent banking is considered a higher-risk banking sector because correspondent banking transactions:
Answer: B
Explanation:
Correspondent banking relationships are recognized as higher risk under FATF guidance primarily because transactions are cross-border and conducted on behalf of third-party customers.
In correspondent banking, a respondent bank may process transactions for customers that the correspondent bank does not have a direct relationship with. This reduces transparency and limits the correspondent's ability to fully assess customer identity, beneficial ownership, and transaction purpose.
While correspondent transactions may involve high-risk jurisdictions, this is not always the case.
They are not anonymous by design, and payment messaging standards often require significant information. However, the indirect customer relationship and cross-border nature introduce complexity, jurisdictional risk, and reliance on the respondent bank's controls.
Therefore, third-party and cross-border exposure is the key driver of heightened risk.
NEW QUESTION # 321
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