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| Section | Weight | Objectives |
|---|---|---|
| Understanding Risks and Methods of Financial Crime | 30% | - Financial Crime Risks related to insurance products - 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 MSBs, PSPs, and ecommerce platforms - Financial Crime Risks related to gaming and gambling - Financial Crime Risks related to trusts and company service providers - Financial Crime Risks related to Politically Exposed Persons (PEPs) and high-risk customers - Financial Crime Risks related to gatekeepers |
| Global AFC Frameworks, Governance and Regulations | - AML Regulatory Framework (Elective options: Canada, EU, UK, USA) | |
| Tools and Technologies to Fight Financial Crime | ||
| Building an AFC Compliance Program |
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NEW QUESTION # 236
The recently appointed senior money laundering reporting officer (MLRO) at a newly opened small digital bank has been instructed by the group chief compliance officer to implement an effective AML transaction monitoring system that can identify unusual and suspicious transactions.
What are important considerations for the project to select and implement the AML transaction monitoring system at the digital bank? (Select Two.)
Answer: A,D
Explanation:
* C: "The system must be adequate and proportionate to the bank's size, activities, complexity, and risk profile. A one-size-fits-all solution is not appropriate."
* D: "Effective monitoring systems should support the detection of unusual trends and business relationships, facilitating meaningful analysis and alerts."(CAMS 6th Edition, Transaction Monitoring System Requirements) Incorrect:
* A: Vendor internal controls are important, but not a top selection criterion for AML system effectiveness.
* B: Permissions should be appropriate for the bank's structure, not just compared to other banks.
References:
CAMS 6th Edition, Selecting and Implementing Monitoring Systems
NEW QUESTION # 237
Which section of the USA PATRIOT Act permits the US government to seize funds deposited in a US correspondent account of a foreign bank, creating extraterritorial impact?
Answer: C
NEW QUESTION # 238
Technology has the potential to increase the efficiency and effectiveness of AML/CFT workflows by:
(Select Two.)
Answer: C,D
Explanation:
Technology plays a critical role in strengthening AML/CFT programs by improving efficiency, consistency, and scalability. Regulators encourage the responsible use of technology while maintaining governance and oversight.
One major benefit is processing large volumes of data efficiently, helping institutions eliminate investigative backlogs and manage increasing transaction volumes. Technology also automates repetitive tasks, reducing human error and improving data accuracy, allowing compliance professionals to focus on higher-value investigative work.
Technology does not eliminate privacy concerns, and front-end search tools alone are not sufficient to drive effectiveness. Human oversight remains essential for decision-making, investigations, and regulatory reporting.
NEW QUESTION # 239
What are the most effective measures to boost risk appetite awareness across an organization after a risk appetite has been set and a risk appetite statement (RAS) has been drafted? (Select Three.)
Answer: B,C,D
Explanation:
Once a risk appetite and Risk Appetite Statement (RAS) are established, organizations must ensure they are understood, embedded, and actively monitored. Regulatory guidance emphasizes that a risk appetite is effective only if it influences daily decision-making.
Providing training to staff ensures employees understand risk boundaries and how their actions align with the organization's risk tolerance. Embedding risk appetite into processes and governance, such as approvals, escalation thresholds, and performance management, ensures it is operationalized rather than theoretical.
Finally, integrating breaches or misalignment with risk appetite into internal reporting allows senior management to monitor adherence and take corrective action when necessary.
Training managers on "good" risk-taking may be useful culturally but is not a core regulatory expectation. Merely describing controls does not ensure awareness or behavioral alignment.
NEW QUESTION # 240
Which services provided by an accounting firm could be considered as higher risk from a financial crime perspective? (Choose three.)
Answer: A,C,D
Explanation:
Forming complex trust structures and acting as a nominee director, providing tax advice to clients moving assets across borders, and assisting offshore entities from opaque jurisdictions in acquiring property are all higher-risk services. These activities may facilitate concealment of beneficial ownership, asset flight, or the integration of illicit funds into legitimate systems.
NEW QUESTION # 241
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