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ACAMS > Groups > Flashcards

Groups Flashcards

1
Q

Only mandatory group

A

European Union

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2
Q

Central Bank Governors of the G-10

A

Basel Committee

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3
Q

primary global standard-setter for the prudential regulation of banks and provides a forun1 for cooperation on
banking supervisory matters. Its mandate is to strengthen the regulation, supervision and practices
of banks worldwide with the purpose of enhancing financial stability.

A

Basel Committee

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4
Q

Principles called Prevention of Criminal Use
of the Banking System for the Purpose of Money Laundering

Core Principles for Effective Banking Supervision

Customer Due Diligence for Banks

A

Basel Committee

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5
Q

association of 13 global banks

A

Wolfsberg Group

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6
Q

aims to develop financial services
industry standards and guidance related to know your customer anti-money laundering and counter-
terrorist financing policies.

A

Wolfsberg Group

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7
Q

Anti-Money Laundering Principles for Private Banking

AML Principles on private, correspondent banking. Statements on TF

A

Wolfsberg Group

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8
Q

provide a forum for FIUs around the world to improve cooperation in the fight against money laundering and financing of terrorism
and to foster the in1plementation of domestic programs in this field.

A

Egmont Group

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9
Q

required the members to enact legislation to prevent their domestic financial systems from being used for money laundering

A

1st EU Directive

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10
Q

The definition of criminal
activity was expanded to cover not just drug trafficking, but all serious crimes, including
corruption and fraud against the financial interests of the European community.

A

2nd EU

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11
Q

It explicitly brought bureaux de change and money remittance offices under AML coverage.

A

2nd EU

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12
Q

It clarified that knowledge of criminal conduct can be inferred from objective factual
circumstances.

A

2nd EU

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13
Q

defining money laundering and terrorist financing as separate crin1es.

A

3rd EU

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14
Q

extending customer identification and suspicious activity reporting obligations to trusts and company service providers, life insurance intermediaries, and dealers selling goods for cash
payments of more than 15,000 euros;

A

3rd EU

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15
Q

detailing a risk-based approach to customer due diligence. The extent of due diligence that is
performed on customers, whether simplified or enhanced, should be dependent on the risk of
money laundering or terrorist financing they pose;

A

3rd EU

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16
Q

protecting employees who report suspicions of money laundering or terrorist financing. This
provision instructs member states to “do whatever is in their power to prevent employees from
being threatened”;

A

3rd EU

17
Q

obligating member states to keep comprehensive statistics regarding the use of and results
obtained from suspicious transaction reports, such as the number of suspicious transaction
reports filed; the follow-up given to those reports; and the annual number of cases investigated,
persons prosecuted and persons convicted; and

A

3rd EU

18
Q

requiring all financial institutions to identify and verify the beneficial owner of all accounts
held by legal entities or persons. “Beneficial owner” refers to the natural person who directly
or indirectly controls more than 25 percent of a legal entity or person.

A

3rd EU

19
Q

The scope of the Third Directive differs from the Second Directive in that

A
  • it specifically includes the category of trust and company service providers;
  • it covers all dealers trading in goods who trade in cash over 15,000 euros; and
  • the definition of financial institution includes certain insurance intermediaries.
20
Q

Natural or legal persons trading in goods will be covered to the extent that they make or receive
cash payments of EUR 10,000 or more ( decreased from EUR 15,000)

A

4th EU

21
Q

The scope of obliged entities was enlarged from just casinos to all “providers of gambling
services.”

A

4th EU

22
Q

Customer due diligence is to be applied for transfers of funds exceeding 1,000 euros.

A

4th EU

23
Q

Tax crimes relating to direct and indirect taxes are included in the broad definition of criminal
activity, in line with the revised FATF Recommendations.

A

4th EU

24
Q

An explanation of “financial activity on an occasional or very limited basis” was included.

A

4th EU

25
Q

The European Commission must submit a report every 2 years on the findings of the risk assessment
of ML and TF affecting the internal market.

A

4th EU

26
Q

The EU executive is also in charge of identifying third-country jurisdictions having strategic
deficiencies with regard to AML and CIT (i.e., high-risk third countries).

A

4th EU

27
Q

Special attention is given to PEPs. In this regard, enhanced due diligence (EDD) should be
applied to every PEP, whether the individual is a domestic or third-country citizen. The risk these
people pose is for at least 12 months and measures they are subject to must also be applied to
their family members and their known close associates.

A

4th EU

28
Q 
For groups (and their branches and subsidiaries), this directive sets the criteria for adequate
compliance related to third parties for customer due diligence.
A

4th EU

29
Q

New requirements regarding beneficial ownership information have been introduced, particularly
for trusts and similar legal aJ.Tangements. Subject to data protection rules, this information
must be held in central registers in each member state and must be made available to competent
authorities, financial intelligence units (FIUs), obliged entities and any person with legitimate
interest.

A

4th EU

30
Q

Data in the statistics relevant to the effectiveness of systems to combat ML and TF were enlarged
to include, for instance, size and importance of sectors or the number of cross-border requests
for information dealt with by FIUs.

A

4th EU

31
Q

Obliged entities that are part of a group are required to implement group-wide policies and
procedures as well as to take measures proportionate to their risks. Criminals or their associates,
convicted in relevant areas, are prevented from holding management functions or indirectly
controlling certain obliged entities.

A

4th EU

32
Q

With regard to penalties for breach of the provisions, the set of administrative sanctions and measures
now range from “name and shan1e” to withdrawal of authorization. Pecuniary sanctions
for natural persons are set to at least 5 million euros or 10 percent of the total annual turnover
for entities.

A

4th EU

33
Q

An entire section of the directive is dedicated to the rules for cooperation between member
state FIUs, the European Supervisory Authorities (ESAs) and the EU Commission.

A

4th EU

34
Q

Because it is a directive and not a regulation, this legislative act gives some discretion to member
states on the application of the provisions.

A

4ht EU

35
Q

At the national level, the Directive requests that member states conduct a risk assessment as well as designate a responsible authority. Moreover, they must ensure that obliged
entities take appropriate steps to identify and assess their own risks. Non exhaustive lists of potentially lower and higher risks are provided for guidance in these risk assessments and are
based on Customer, Product, Geographic Risk

A

4th EU

ACAMS (5 decks)

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