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CAMS > Module 2 (Part 1) > Flashcards

Module 2 (Part 1) Flashcards

1
Q

What does module 2 cover

A

International AML/CFT Standards

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2
Q

When did the pace of international activity in the anti money laundering field accelerate

A

in 1989

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3
Q

what occurred then

A

the group of seven nations launched FATF

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4
Q

what does FATF stand for

A

Financial Action Task Force

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5
Q

what was it originally referred to as

A

the G-7 Financial Action Task Force

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6
Q

what does FATF serve as

A

the vanguard in promulgating AML guidance to governmental bodies around the globe

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7
Q

Where is FATF based

A

at the organization for Economic Cooperation and Development in Paris

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8
Q

What is topic 1

A

FATF financial action task force

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9
Q

What are FATF’s objectives

A

to set standards and promote effective implementation of legal, regulatory, and operational measures for combatting money laundering, terrorist financing, and other related threats

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10
Q

Starting with its own members what does FATF monitor

A

countries’ progress in implementing the FATF recommendations

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11
Q

What does FATF review

A

money laundering and terrorist financing techniques and counter-measures

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12
Q

What does FATF promote

A

the adoption and implementation of the FATF recommendations globally

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13
Q

How does FATF fulfill its stated objectives

A

by spreading the AML message worldwide

Monitoring the implementation of the FATF recommendations among its members

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14
Q

What are the 2 ways in which FATF monitors the implementation of FATF recommendations among its members

A

Technical Compliance Assessment

Effectiveness Assessment

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15
Q

What does the technical compliance assessment do

A

evaluates the specific requirements of the FATF Recommendations

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16
Q

including what

A

how a member relates them to its relevant legal and institutional framework, and the powers and procedures of its competent authorities

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17
Q

what is the focus on in the technical compliance assessment

A

the fundamental building blocks of an AML/CFT System

18
Q

What does FATF do with the effectiveness Assessment

A

seeks to assess the adequacy of a member’s implementation of the FATF Recommendations

Identifies the extent to which a member achieves a defined set of outcomes that are central to a robust AML/CFT system

19
Q

what is the focus on

A

the extent to which the legal and institutional framework of the member is producing the expected results

20
Q

what do both the technical compliance assessment and effectiveness assessment provide FATF

A

an integrated analysis of

the extent to which the country is compliant with the FATF Recommendations and

how successful it is in maintaining a strong AML/CFT system

21
Q

What is a key element of FATFs efforts

A

its detailed list of appropriate standards for countries to implement

22
Q

What are these measures set out in

A

the 40 recommendations

23
Q

when were these first issued

A

1990

24
Q

when were they subsequently revised

A

1996
2003
2012

25
Q

What do the 40 recommendations provide

A

a complete set of countermeasures against ML and Terrorist Financing

26
Q

what are the 5 areas they cover

A
  1. The identification of risks and development of appropriate policies
  2. The criminal justice system and law enforcement
  3. The financial system and its regulation
  4. The transparency of legal persons and arrangements
  5. International cooperation
27
Q

What did the 2012 revision include

A

incorporated the 9 special recommendations on terrorist financing into the 40 recommendations

28
Q

What are Recommendations 1-2 subheading

A

AML/CFT Policies and coordination

29
Q

What do these recommendations cover

A
  1. Assessing risks and applying a risk-based approach

2. National Cooperation and coordination

30
Q

What is Group 2 Recommendations 3-4 subheading

A

Money Laundering and Confiscation

31
Q

What do these recommendations cover

A
  1. Money laundering offenses

2. Confiscation and provisional measures

32
Q

What is group 3 Recommendations 5-8 sub heading

A

Terrorist financing and financing of proliferation

33
Q

What do these recommendations cover

A
  1. Terrorist financing offenses
  2. Targeted Financial sanctions related to terrorism and terrorist financing
  3. Targeted financial sanctions related to proliferation
  4. Non-profit organizations
34
Q

what is group 4 recommendations 9-23 heading

A

financial and non-financial institution preventative measures

35
Q

What do these recommendations cover(6 of them)

A
  1. Financial institution secrecy laws
  2. customer due diligence and record keeping
  3. Additional measures for specific customers and activities
  4. reliance, controls and financial groups
  5. reporting of suspicious transactions
  6. Designated non-financial businesses and professions
36
Q

What is the group 5 heading recommendations 24-25

A

transparency and beneficial ownership of legal persons and arrangements

37
Q

what are the two areas this covers

A
  1. transparency and beneficial ownership of legal persons

2. transparency and beneficial ownership of legal arrangements

38
Q

What is the heading of group 6 recommendations 26-35

A

Powers and responsibilities of competent authorities and other institutional measures

39
Q

what are the 4 areas this covers

A
  1. Regulation and supervision
  2. operational and law enforcement
  3. General requirements
  4. sanctions
40
Q

What is the subheading of group 7 recommendations 36-40

A

international cooperation

41
Q

what are the 5 areas it covers

A
  1. international instruments
  2. mutual legal assistance
  3. mutual legal assistance regarding freezing and confiscation
  4. Extradition
  5. Other forms of international cooperation

CAMS (19 decks)

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