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CAMS flashcards
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Laundering stages and typologies
- Placement First stage of laundering: illicit cash or funds enter the financial system, e.g. cash deposits, purchase of monetary instruments.
- Layering Moving funds through transactions designed to obscure the audit trail, e.g. wires through shell companies across jurisdictions.
- Integration Returning laundered funds to the legitimate economy so they appear legitimate, e.g. buying property or investing in a business.
- Structuring 🔒 Answer in the full deck
- Smurfing 🔒 Answer in the full deck
- Cuckoo smurfing 🔒 Answer in the full deck
- Loan-back scheme 🔒 Answer in the full deck
- Mirror trading 🔒 Answer in the full deck
- Trade-based money laundering (TBML) 🔒 Answer in the full deck
- Black Market Peso Exchange 🔒 Answer in the full deck
High-risk products, sectors and channels
- Correspondent banking 🔒 Answer in the full deck
- Nested account 🔒 Answer in the full deck
- Payable-through account 🔒 Answer in the full deck
- Shell bank 🔒 Answer in the full deck
- Free trade zone risk 🔒 Answer in the full deck
- Real estate risk 🔒 Answer in the full deck
- Casino red flags 🔒 Answer in the full deck
- Gatekeepers 🔒 Answer in the full deck
- DNFBPs 🔒 Answer in the full deck
- Virtual asset red flags 🔒 Answer in the full deck
Terrorist financing, proliferation and sanctions
- Terrorist financing vs ML 🔒 Answer in the full deck
- FATF Recommendation 8 🔒 Answer in the full deck
- Proliferation financing 🔒 Answer in the full deck
- OFAC 50 percent rule 🔒 Answer in the full deck
- Block vs reject (OFAC) 🔒 Answer in the full deck
- Sanctions evasion red flags 🔒 Answer in the full deck
FATF and international standards
- FATF 🔒 Answer in the full deck
- FATF Recommendation 1 🔒 Answer in the full deck
- FATF Recommendation 10 🔒 Answer in the full deck
- FATF Recommendation 12 🔒 Answer in the full deck
- FATF Recommendation 16 🔒 Answer in the full deck
- FATF Recommendation 20 🔒 Answer in the full deck
- FATF Recommendation 21 🔒 Answer in the full deck
- Grey list vs black list 🔒 Answer in the full deck
- Egmont Group 🔒 Answer in the full deck
- Wolfsberg Group 🔒 Answer in the full deck
- Basel Committee 🔒 Answer in the full deck
US, EU and UK regimes
- Bank Secrecy Act (BSA) 🔒 Answer in the full deck
- CTR (US) 🔒 Answer in the full deck
- SAR filing deadlines (US) 🔒 Answer in the full deck
- USA PATRIOT Act 314(a) 🔒 Answer in the full deck
- USA PATRIOT Act 314(b) 🔒 Answer in the full deck
- Section 311 (PATRIOT Act) 🔒 Answer in the full deck
- Corporate Transparency Act 🔒 Answer in the full deck
- EU 2024 AML package 🔒 Answer in the full deck
- UK Proceeds of Crime Act 2002 🔒 Answer in the full deck
CDD, EDD, PEPs and beneficial ownership
- CDD core elements 🔒 Answer in the full deck
- Beneficial owner 🔒 Answer in the full deck
- Enhanced due diligence (EDD) 🔒 Answer in the full deck
- Source of wealth vs source of funds 🔒 Answer in the full deck
- Event-driven review triggers 🔒 Answer in the full deck
Risk assessment, governance, training and audit
- Pillars of a US AML programme 🔒 Answer in the full deck
- Risk assessment inputs 🔒 Answer in the full deck
- Independent testing 🔒 Answer in the full deck
- Three lines model 🔒 Answer in the full deck
- Culture of compliance 🔒 Answer in the full deck
Monitoring and suspicious activity reporting
- Below-the-line testing 🔒 Answer in the full deck
- Tipping off 🔒 Answer in the full deck
- SAR narrative: 5 Ws 🔒 Answer in the full deck
Investigations and law enforcement
- Following the money 🔒 Answer in the full deck
- Responding to a subpoena 🔒 Answer in the full deck
- Mutual legal assistance (MLA) 🔒 Answer in the full deck