STUDY GUIDE - ACAMS
STUDYGUIDECAMS CERTIFICATION EXAMA PUBLICATION OFacams.org
STUDYGUIDECAMS CERTIFICATION EXAMA PUBLICATION OFacams.org
STUDY GUIDESIXTH EDITIONExecutive Vice PresidentJohn J. Byrne, CAMSProject ManagerCatalina MartinezWe would like to thank the following individuals for their significant contributionin the development of the CAMS Examination and Study Guidethrough the work of the CAMS Examination Task Force.Bob Pasley, CAMS—Task Force ChairKevin Anderson, CAMS—Task Force ChairBrian Stoeckert, CAMS—Task Force ChairPaul Osborne, CAMS—Task Force ChairPeter Wild, CAMS-Audit—Task Force Vice ChairBarbara Keller, CAMS—Task Force Vice ChairHue Dang, CAMS-Audit (ACAMS Asia)Samantha Sheen, CAMS (ACAMS Europe)Rick Small, CAMS—ACAMS Advisory BoardNancy Saur, CAMS—ACAMS Advisory BoardDavid Clark, CAMS—ACAMS Advisory BoardVasilios Chrisos, CAMS—ACAMS Advisory BoardAnna Rentschler, CAMS—ACAMS Advisory BoardDennis Lormel, CAMS—ACAMS Advisory BoardAbbas Bou Diab, CAMSAngel Nguyen, CAMSBrian Vitale, CAMS-AuditBrigette K. Miller, CAMSChristopher Bagnall, CAMSChristopher Randle, CAMS-Audit, CAMS-FCIDave Dekkers, CAMS-AuditDeborah Hitzeroth, CAMS-FCIDonna Davidek, CAMS-AuditEd Beemer, CAMS-FCIEric Wathen, CAMSGary Bagliebter, CAMSIris Smith, CAMS-AuditIwona Skornicka Castro, CAMSJack Sonnenschein, CAMS-AuditJeremy Brierley, CAMSJim Vilker, CAMSJoel ConatyJurgen Egberink, CAMSKenneth Simmons, CAMS-AuditKok Cheong Leong, CAMS-AuditLauren Kohr, CAMS-AuditLindsay Dastrup, CAMS-AuditMargaret Silvers, CAMSMartin Dilly, CAMS-AuditNancy Lake, CAMS-Audit, CAMS-FCIPeter Warrack, CAMSRachele Byrne, CAMSSean McCrossan, CAMS-FCISharon McCullough, CAMSSteve Gurdak, CAMSSusan Cannon, CAMS-AuditSusanne Wai Yin Ong, CAMSTatiana Turculet, CAMSVenus Edano, CAMSWilliam Aubrey Chapman, CAMS-AuditYevgeniya Balyasna-Hooghiemstra, CAMSZachary Miller, CAMS-FCIACAMS would also like to thank the ACAMS Chapters worldwidefor their contribution in the development of the CAMS Examination.Special Contributor: Gina Storelli, CAMS-AuditCopyright 2012-2016 by the Association of Certified Anti-Money Laundering Specialists (ACAMS). Miami, USA.All rights reserved. No part of this publication may be reproduced or distributed, and may not be madeavailable in any electronic format, without the prior written permission of ACAMS. ISBN: 978-0-9777495-2-2
TABLE OF CONTENTSTable of ContentsIntroductionAbout ACAMS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . x—.ABOUT THE CAMS DESIGNATION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xChapter 1Risks and Methods of Money Launderingand Terrorist Financing. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 . What is Money Laundering?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 . Three Stages in the Money Laundering Cycle. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2The Economic and Social Consequences of Money Laundering . . . . . . . . . . . . . . . . . . . . . . . . . 4AML/CFT Compliance Programs and Individual Accountability . . . . . . . . . . . . . . . . . . . . . . . . . . 9Methods of Money Laundering. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Banks and Other Depository Institutions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11—.ELECTRONIC TRANSFERS OF FUNDS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11—.REMOTE DEPOSIT CAPTURE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12—.CORRESPONDENT BANKING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13—.PAYABLE THROUGH ACCCOUNTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15—.CONCENTRATION ACCOUNTS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16—.PRIVATE BANKING. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17—.USE OF PRIVATE INVEST COMPANIES IN PRIVATE BANKING . . . . . . . . . . . . . . . . . . . . . . . . . .18—.POLITICALLY EXPOSED PERSONS (PEPS). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19—.STRUCTURING. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .—i—20
TABLE OF CONTENTS—.MICROSTRUCTURING. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22Credit Unions and Building Societies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23Non-Bank Financial Institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24—.CREDIT CARD INDUSTRY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .24—.THIRD-PARTY PAYMENT PROCESSORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25—.MONEY SERVICES BUSINESSES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .26—.INSURANCE COMPANIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30—.SECURITIES BROKER-DEALERS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32 Variety and Complexity of Securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .33 High-risk Securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .33 Multiple Layers and Third-party Risk. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34Non-Financial Businesses and Professions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36—.CASINOS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36—.DEALERS IN HIGH VALUE ITEMS (PRECIOUS METALS, JEWELRY, ART, ETC.). . . . . . . . . . . .41—.TRAVEL AGENCIES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .43—.VEHICLE SELLERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44—.GATEKEEPERS: NOTARIES, ACCOUNTANTS, AUDITORS, AND LAWYERS. . . . . . . . . . . . . . . .—.INVESTMENT AND COMMODITY ADVISORS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49—.TRUST AND COMPANY SERVICE PROVIDERS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50—.REAL ESTATE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4552International Trade Activity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55—.FREE TRADE ZONES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55—.TRADE-BASED MONEY LAUNDERING TECHNIQUES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55—.BLACK MARKET PESO EXCHANGE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 . Risk Associated with NewPayment Products and Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60Prepaid Cards, Mobile Payments And Internet-Based Payment Services . . . . . . . . . . . . . . 61Virtual Currency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 . Corporate Vehicles Used to Facilitate Illicit Finance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67Public Companies and Private Limited Companies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67—ii—
TABLE OF CONTENTS—.BEARER SHARES IN CORPORATE FORMATION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68Shell and Shelf Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69Trusts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71Terrorist Financing. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72—.DIFFERENCES AND SIMILARITIES BETWEENTERRORIST FINANCING AND MONEY LAUNDERING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .73—.DETECTING TERRORIST FINANCING. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .74—.HOW TERRORISTS RAISE, MOVE AND STORE FUNDS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .76Use of Hawala and Other Informal Value Transfer Systems. . . . . . . . . . . . . . . . . . . . . . . . . . . . 76Use of Charities or Non-Profit Organizations (NPOs) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79Emerging Risks for Terrorist Financing. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81Chapter 2International AML/CFT Standards. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87Financial Action Task Force (FATF). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87FATF Objectives. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87FATF 40 Recommendations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90FATF Members and Observers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96Non-Cooperative Countries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99The Basel Committee on Banking Supervision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101History of the Basel Committee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103European Union Directives on Money Laundering . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109—.FIRST DIRECTIVE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109—.SECOND DIRECTIVE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110—.THIRD DIRECTIVE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110—.FOURTH DIRECTIVE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112—.OTHER RELEVANT LEGAL DOCUMENTS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113FATF-Style Regional Bodies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114—iii—
TABLE OF CONTENTS—.FATF-STYLE REGIONAL BODIES AND FATF ASSOCIATE MEMBERS. . . . . . . . . . . . . . . . . . . 114—.ASIA/PACIFIC GROUP ON MONEY LAUNDERING (APG). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115—.CARIBBEAN FINANCIAL ACTION TASK FORCE (CFATF). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116—.COMMITTEE OF EXPERTS ON THE EVALUATION OFANTI-MONEY LAUNDERING MEASURES (MONEYVAL). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117—.FINANCIAL ACTION TASK FORCE OF LATIN AMERICA (GAFILAT). . . . . . . . . . . . . . . . . . . . . . 118—.INTER GOVERNMENTAL ACTION GROUP AGAINSTMONEY LAUNDERING IN WEST AFRICA (GIABA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118—.MIDDLE EAST AND NORTH AFRICA FINANCIAL ACTIONTASK FORCE (MENAFATF). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119—.EURASIAN GROUP ON COMBATING MONEY LAUNDERINGAND FINANCING OF TERRORISM (EAG) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119—.EASTERN AND SOUTH AFRICAN ANTI-MONEY LAUNDERING GROUP (ESAAMLG) . . . . . 120—.TASK FORCE ON MONEY LANDERING IN CENTRAL AFRICA (GABAC). . . . . . . . . . . . . . . . . 121Organization of American States:Inter-American Drug Abuse Control Commission(Comisión Interamericana Para El Control Del Abuso De Drogas) . . . . . . . . . . . . . . . . . . . . 121Egmont Group of Financial Intelligence Units. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122The Wolfsberg Group. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123The World Bank and the International Monetary Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127Key US Legislative and Regulatory InitiativesApplied to Transactions Internationally. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .131USA PATRIOT Act . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .131The Reach of the US Criminal MoneyLaundering and Civil Forfeiture Laws . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .136Office of Foreign Assets Control. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137Chapter 3Anti-Money Laundering/Counter-Terrorist Financing Compliance Programs. . . . . . . . . . . . . . .141 . Assessing AML/CFT Risk. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .142Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .142Maintaining an AML/CFT Risk Model. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .143—iv—
TABLE OF CONTENTSUnderstanding AML/CFT Risk. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .144AML/CFT Risk Scoring . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .145Assessing The Dynamic Risk of Customers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .146AML/CFT Risk Identification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .146—.CUSTOMER TYPE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147—.GEOGRAPHIC LOCATION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .148—.PRODUCTS/SERVICES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .149 . AML/CFT Program. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .150The Elements of an AML/CFT Program. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .150A System of Internal Policies, Procedures, and Controls . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .151—.AML POLICIES, PROCEDURES, AND CONTROLS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 152The Compliance Function. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155The Designation and Responsibilities of A Compliance Officer. . . . . . . . . . . . . . . . . . . . . . .155—.COMMUNICATION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .155—.DELEGATION OF AML DUTIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .156—.COMPLIANCE OFFICER ACCOUNTABILITY. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157AML/CFT Training. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .158—.COMPONENTS OF AN EFFECTIVE TRAINING PROGRAM. . . . . . . . . . . . . . . . . . . . . . . . . . . . .158—.WHO TO TRAIN. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .158—.WHAT TO TRAIN ON. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .159—.HOW TO TRAIN. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .161—.WHEN TO TRAIN. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .162—.WHERE TO TRAIN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .162Independent Audit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .162—.EVALUATING AN AML/CFT PROGRAM. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162Establishing a Culture of Compliance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .165Know Your Customer. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .168—.CUSTOMER DUE DILIGENCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .168—.MAIN ELEMENTS OF A CUSTOMER DUE DILIGENCE PROGRAM. . . . . . . . . . . . . . . . . . . . . .169—v—
TABLE OF CONTENTS—.ENHANCED DUE DILIGENCE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170—.ENHANCED DUE DILIGENCE FOR HIGHER-RISK CUSTOMERS. . . . . . . . . . . . . . . . . . . . . . . 171—.ACCOUNT OPENING, CUSTOMER IDENTIFICATION AND VERIFICATION. . . . . . . . . . . . . . . 171—.CONSOLIDATED CUSTOMER DUE DILIGENCE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176Economic Sanctions . . . . . . . . . . . . . .
John J. Byrne, CAMS Project Manager Catalina Martinez We would like to thank the following individuals for their significant contribution in the development of the CAMS Examination and Study Guide through the work of the CAMS Examination Task Force. Bob Pasley, CAMS—Task Force Chair Kevin Anderson, CAMS—Task Force ChairFile Size: 1MB
The CAMS Study guide is your main reference material and content source for preparing for the rigors of the CAMS examination. Your success is determined by your comprehension of the material held within the study guide. Please see page 12 of this guide for a complete outline of t
Exam Study Guide & Practice Exam Enhance your studies for the ACAMS CAMS exam with help from AML Expert Comprehensive, plain English revision notes All key concepts included 88 question practice exam Fully explained answersFile Size: 2MBPage Count: 10
Study Guide for the CAMS Certification Examination During this initial phase, the money launderer introduces the illegal proceeds into the financial system. Often, this is accomplished by placing the funds into circulation through financial institutions, casinos, shops and other businesses
ACAMS Access Control and Alarm Monitoring System ACI American Concrete Institute ACM Asbestos Containing Material . APCS Automatic Passenger Counting System APM Automated People Mover . ICM Interface Control
including an understanding of potential money laundering and terrorist financing risks presented by the customer and the customer's transactions; and Monitor transactions and account activity for unusual and suspicious activity and report such activity, as appropriate. In addition, to establish and maintain successful banking
BSA reporting system."iii The transaction monitoring performed by AML models is the primary tool banks use to detect suspicious activity. This critical role and recent significant enforcement actions speak to the importance of AML models. Automated transaction monitoring and AML Models can be confused. Automated transaction monitoring focuses on
2016 BSA Coalition Anti‐Money Laundering Conference June 21,2016 John J. Byrne ACAMS EVP. 2 . Main Challenge (2016) AML Compliance Challenges Faced by Organizations. 4 Panama Papers 11.5 million documents Panamanian Law Firm created 250,000 shell companies
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