CERTIFIED AML FINTECH COMPLIANCE ASSOCIATE (CAFCA) EXAM |ACCURATE ANSWERS
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CERTIFIED AML FINTECH COMPLIANCE ASSOCIATE
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CERTIFIED AML FINTECH COMPLIANCE ASSOCIATE
What is Financial Crime? - Accurate AnswersIllegal activities that typically are economically motivated, such as money laundering, terrorist financing, sanctions, fraud, bribery, corruption, and tax evasion
Name the three basic stages of money laundering. - Accurate AnswersPlacement, layering, a...
CERTIFIED AML FINTECH COMPLIANCE
ASSOCIATE (CAFCA)
CERTIFIED AML FINTECH COMPLIANCE ASSOCIATE (CAFCA) EXAM |ACCURATE
ANSWERS
What is Financial Crime? - Accurate Answers✔✔Illegal activities that
typically are economically motivated, such as money laundering,
terrorist financing, sanctions, fraud, bribery, corruption, and tax evasion
Name the three basic stages of money laundering. - Accurate
Answers✔✔Placement, layering, and integration
State the key differences between money laundering and terrorist
financing. - Accurate Answers✔✔Terrorist financing uses funds to
support terrorist activities, but the funds are not necessarily derived from
illegal activities. Money laundering always involves the proceeds of
illegal activities, typically committed by the ultimate beneficiaries of the
funds.
, What are the main types of sanctions and who do they target? - Accurate
Answers✔✔Financial, economic, and trade. They generally target
individuals, organizations, and countries.
List the three major reasons people commit fraud, and what this model is
called. - Accurate Answers✔✔The three major reasons are pressure,
opportunity, and rationalization. This model is referred to as the "Fraud
Triangle".
Name two important pieces of anti-bribery and corruption legislation
with extra-territorial reach. - Accurate Answers✔✔The Foreign Corrupt
Practices Act in the US and The UK Bribery Act 2010.
State two differences between tax avoidance and tax evasion. - Accurate
Answers✔✔Tax avoidance uses legal practices to reduce taxes owed,
whereas tax evasion uses illegal practices to evade paying taxes owed.
Name an example of politically exposed persons (PEPs). - Accurate
Answers✔✔Examples of PEPs include heads of state or heads of
government, senior politicians, senior government, judicial and military
officials, senior executives of state-owned corporations, and important
political party officials, as well as their families and close associates.
Usually, PEP positions are specified in each jurisdiction's AML
regulation.
State an example of high-risk customers that Fin Techs might encounter.
- Accurate Answers✔✔Examples include customers who sign up using
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