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AML Certification Certified Anti-Money Laundering Specialist (the 6th edition)

Certified Anti-Money Laundering Specialist (the 6th edition)

Last Update Jul 3, 2025
Total Questions : 811

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Questions 2

After a FATF mutual evaluation process, which are resulting actions for jurisdictions that are determined to have strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing? (Choose two.)

Options:

Expect private statements from FATF regarding the level of compliance of the jurisdiction, when insufficient progress is made.

Appeal to FATF for a technical compliance re-rating based on the jurisdiction's own experts criteria.

Demonstrate a high-level commitment to swiftly resolve the identified deficiencies in the FATF mutual evaluation report.

Request FATF for an extension of deadlines in order to provide local awareness on the improvements that are necessary to solve the deficiencies.

Report to FATF on the implementation of their progress under the enhanced follow-up mechanism.

Discussion 0

Answer:

C, E

Explanation:

According to the FATF Procedures for the Fourth Round of AML/CFT Mutual Evaluations1, jurisdictions that are determined to have strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing are subject to the FATF’s International Cooperation Review Group (ICRG) process. The ICRG process involves the following actions for such jurisdictions:

Demonstrate a high-level commitment to swiftly resolve the identified deficiencies in the FATF mutual evaluation report. This commitment should be made in writing to the FATF President and should include an action plan with specific deadlines and milestones to address the deficiencies.

Report to FATF on the implementation of their progress under the enhanced follow-up mechanism. The FATF will monitor the progress of the jurisdiction through regular reports and on-site visits, and will decide whether the jurisdiction has made sufficient progress to exit the ICRG process or whether further actions are required, such as public statements, counter-measures, or suspension of membership.

The other options are not resulting actions for jurisdictions with strategic deficiencies, as they are either not part of the FATF procedures or not consistent with the FATF’s objectives and principles. For example, the FATF does not issue private statements regarding the level of compliance of a jurisdiction, nor does it allow a jurisdiction to appeal for a technical compliance re-rating based on its own criteria. The FATF also does not grant extensions of deadlines for jurisdictions to improve their regimes, as this would undermine the credibility and effectiveness of the mutual evaluation process.

1: Mutual Evaluations - Financial Action Task Force

2: Procedures for the FATF Fourth Round of AML/CFT Mutual Evaluations

[Reference: https://www.fatf-gafi.org/publications/high-risk-and-other-monitored-jurisdictions/documents/increased-monitoring-june-2021.html, , ]

Questions 3

A financial institution accepts new on-line customers. After customers have provided acceptable identification, the institution should next

Options:

Confirm the validity of the customer information.

Obtain an electronic picture of each customer.

Closely monitor the account for 30 days.

Establish the account based on the information provided.

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Questions 4

Suspicious activity triggered a suspicious transaction report filing on a company that holds an account at a large commercial bank. Investigations revealed that a member of the bank's Board of Directors is the major shareholder of the company. Further review revealed the bank had no reasonable explanation for the activity, but could not confirm if criminal activity occurred. Which of the following is the next best course of action for the compliance officer?

Options:

Include a detailed presentation of this case in the Board report.

Prevent the suspicious transaction report from government filing.

Ask the Board member to explain the transaction.

Maintain standard summary statistical reporting to the Board.

Discussion 0

Questions 5

Financial institutions (FIs) perform AML risk assessments to ensure:

Options:

a record for regulators indicating an AML risk assessment was completed at least once.

internal audit assurance that all AML-related policy and procedures are board approved.

satisfaction of the board of directors' approved risk appetite.