Cams Exam Quesiton No 36

Question No 36:

What are the three key criteria in AML risk rating?

A. Customer type, geographic location, products and services used.
B. Geographic location, customer type, employment status.
C. Products and services used, customer type and prior banking relations.
D. Employment status, customer type, products and services used.

Answer: A

Anti-money laundering amendments for next House sitting

The consultations were held in the new amendments of legislation against money laundering and its passage will be employees of financial institutions authorized likely that at least a fine and imprisonment of up to $ 5 million three years for violation of the requirements to provide information sender transfers child.

Money laundering and the financing of terrorism (AML / CFT) (Amendment) will not be taken at all stages, May 4, when the National Assembly meets next.

The bill, which was completed without the support of the opposition, was published in the Official Gazette on April 15 and is the second time in less than a year that the amendments to the Act taken in the National Assembly.

With the government controls the majority in the House, to be adopted without problems.

Attorney General Basil Williams told reporters at a press conference on Thursday that the Government of Guyana pass the bill to meet its commitments to comply fully with the outstanding recommendations of the Financial Action Task Force (FATF) and the Financial Action Task Force Caribbean (CFATF).

Cams Exam Quesiton No 35

Question No 35:

Which of the following should an anti-money laundering specialist include on an internal investigation log?

A. A government order on a customer that garnishes his wages for failure to pay child support.
B. Supporting documentation and materials for denying service to a client with a bad credit rating.
C. Notes pertaining to activity that is unusual, but for which a Suspicious Transaction Report has not been filed.
D. Reference to a memorandum to the company's corporate management relating to budgetary and similar concerns.

Answer: C

Anti-Money Laundering Watchdog Boosts Efforts to Educate Real Estate Agents

The federal agency in charge of fighting money laundering has increased its efforts to educate real estate agents about their obligations to monitor and report suspicious transactions, the documents show.

Monitoring against money laundering created a workbook and a seminar for real estate agents, and last summer made a presentation to the Association of real estate in Canada, according to emails obtained by The Canadian Press through an application access to information.

Despite the educational efforts of the federal agency, there seems to be some uncertainty on the part of the real estate association of certain regulations.

exchange of private e-mails show officials ACI peppering financial transactions and reports analysis center, known as FINTRAC, with questions about how to interpret the rules.

Under federal law, it requires real estate agents to identify their clients, check where your money comes from and report suspicious transactions to FINTRAC and big cash.

However, a representative of the Association of Canadian real estate whose name was written notes in an email FINTRAC compliance in real estate is low.

Meanwhile, the Ministry of Finance has identified the housing sector as very vulnerable to money laundering and terrorist financing given its "very important" size and often involves large sums of money changing hands.

Those who try to hide their identity and origin of their funds can do so by performing operations by third parties and the use of complex corporate structures, the ministry said in an assessment published last year.

FINTRAC has spent "much time and effort" to work with the Association of real estate in Canada, the agency said in an email, including reviewing online training association, providing feedback on combating the manual group money laundering and help interpret policies.

"What we found usually in real estate has problems with compliance systems, policies and procedures, training and record keeping and reporting," said spokeswoman Renee FINTRAC Bercier in an email.

"The level of knowledge and resources compliance varies by industry and often is based on the size, the ability of an entity and access to resources."

Randall McCauley, vice president of government and public relations for the Canadian Association of real estate, admits that compliance is a challenge in the industry.

One reason is that some of the rules are not in sync with the way the industry works, says Mr. McCauley.

For example, under the regulations, a person who performs both transactions in several years are considered higher risk and should be subject to additional monitoring, says McCauley.

However, Mr. McCauley says it is very common for a family to sell a house and buy a new one in a very short time.

"I think there is room for FINTRAC work with us to understand the nature of the business," says McCauley.

Mr. McCauley said CREA has invested heavily in trying to get Realtors to date with federal standards, including sending two representatives on a tour of Canada to make presentations to members.

He said that despite recent efforts, FINTRAC is not doing its part.

"If you do nothing and something is done, technically, I suppose, yes that's an improvement," says McCauley.

The federal agency has not been very clear in their answers to questions of policy AIT, says McCauley.

"Any rule, regulation or law is subject to interpretation," he said, "We asked.?." How do you interpret this regulation ... and give us a clear answer "

Cams Exam Quesiton No 34

Question No 34:

The FATF has consistently noted the use of casinos in money laundering schemes in its annual typologies reports. One laundering technique involving casinos is?

A. Asking for winners' checks to be made out in the name of third persons or without a payee.
B. Abusing casinos by circumventing its gatekeepers.
C. Prepaying a casino token or chip by using funds that are already in the casino system, creating a debit balance.
D. Extensive gambling via multiple games throughout the casino.

Answer: A

German Finance Minister Proposes Anti-Money Laundering Plan

Finance Minister of Germany proposed an international initiative to standardize and share information that says it will help combat tax fraud and money laundering.

German newspaper Die Welt reported Sunday that Wolfgang Schäuble intends to create a national registry of Germany to better identify who owns and controls companies, trusts and other legal structures, as required by new EU directives European approved last year .

His plan calls on all countries to standardize and link their national registries, and provide access to the tax authorities and non-governmental organizations and journalists.

The Ministry of Finance said Die Welt following disclosures Panama is offshore Germany currently has no intention to prohibit the mailbox is anonymous letters and estimates that "total transparency is the right way" to do so, instead AP -. IH

Cams Exam Quesiton No 33

Question No 33:

An anti-money laundering specialist is employed by a large bank. An account owner is well-known to the specialist and the account has been open at the bank for several years. The specialist noticed that financial instruments have been deposited in a suspicious manner over the last four months, leading him to file two Suspicious Transaction Reports (STRs) on the account. Recently, suspicious activity involving high-risk countries has been detected over the last few days.
Various law enforcement agencies have called to discuss the STRs with the specialist. The specialist has asked the agents whether they think the relationship with the customer should be terminated. These agents advised that this a business decision for the bank to make. The specialist has kept the legal advisors and upper management apprised of the activity and has provided them copies of the STRs. Which of the following should the specialist recommend?

A. Terminate the relationship with this account owner if possible.
B. Monitor the account for continued suspicious activity.
C. Contact the account owner again about the nature of suspicious transactions.
D. Seek guidance from regulators regarding a decision to terminate the account.

Answer: A

Link Cyber And Anti-Money Laundering Units, But Do Not Combine Them

Cyberattack last month against the Central Bank of Bangladesh, where hackers stole $ 81 million bank account in the Federal Reserve Bank of New York, and then blanked the funds has raised the debate in financial institutions US as cyber security and the fight against money laundering units should be merged to better fight against financial crime.

Although cybernetics and compliance units laundering money from banks and brokers must remain separate entities, efforts to share information between units must be in ascending ramp, possibly through cross-training selected members teams, officials high-level compliance, consultants and sources say law enforcement.

"While there should be some coordination, do not know they have to be in the same place," said Ellen Zimiles, director of global research and compliance at Navigate Consulting.

To date, banks have found "more effective" to cyber separate front and LMA said Rob Rowe, a lawyer for the American Bankers Association.

"This does not mean that the two areas of banks, particularly the larger institutions are separate," he said

What greater coordination could be similar

A method to link more closely the LMA and cyber discussed at major banks is the creation of databases containing computer, such as names, email addresses, phone numbers and addresses IP data believed to be related to the "bad actors "LMA and allows query data, said a bank's compliance officer with a background in military intelligence.

A second approach to the study involves training officers AML compliance be professional ALD cyber able to access "some tools and websites in the dark web that allow them to exploit cybernetics in a way that analysts AML are generally not trained to to, "said the source, who, like other compliance officers interviewed for this article asked not to be identified because he was not authorized to speak publicly about the issue.

"They might have data on the rest of the team AML, they could do the training for the rest of your organization AML and explain how to use things for potential links and develop the integration model of cybernetics in AML" said.

While the first approach is less expensive, it may be of limited value, according to the source.

"Even if the data are available, how their AML team knows when the check? How do you know what type of data to see? What we do not know where their vulnerabilities are are leukemia if just log in and verify a database? Is need people who understand the intersection of the activities against money laundering and cyber "he said.

Most cyber attacks are money, the source said.

"This is financial crime and money must flow somewhere, and it may not circulate through the institution that has experienced the flight, but it will be through others, as he in fact (the hack of the Central Bank Bangladesh). As an analyst of traditional AML I know that should these types of flows are potentially related to financial fraud? What is the signing of cybercrime think? "he said.

"You just need to know what to look for."

Potential links

agents privacy detailed in the departments of the Securities Industry AML professionals responsible for the repression of crimes where "someone saw something that was not supposed to do", you can connect cybersecurity and the LMA, said a director compliance with the securities industry.

"I do not think they should merge, I just think they need to be coordinated," said the source. "The chief privacy should talk to the security chief of daily information is the protector of the front wall and keep the wall".

However, in the end, only the team AML will have to prepare and file activities and suspicious (SAR), which requires the Bank Secrecy Act (BSA), primary legislation against money laundering in the United States, that source.

"If the AML team did a survey and needs of IP addresses to understand something - someone uses our front end to do something you are not allowed to do - we take advantage of privacy and cybersecurity of these details," he said the fountain.

Keep separate AML and cyber - law enforcement officer

The combination of cybernetics and AML a financial institution "in a vulnerable position," an official from the application of federal law said.

If cybernetics and AML were merged and a bank is hacked and the loss of millions of dollars, the bank could not only be sued by those who have lost money, but could be prosecuted for not having established an effective AML program, the source said.

"Such accusations have already begun," said the source, who declined to give further details.