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CAMS Questions And AnswersLatest Update
Moneyval Answer: Council of European committee of Experts on the
Evaluation of AML measures and the Financing of Terrorism
GAFISUD Answer: Financial Action Task Force on Money Laundering in
South America
MENAFATF Answer: Middle East and North Africa Financial Action
Task Force
EAG Answer: EurAsian Group
GIABA Answer: Intergovernmental Action Group against Money
Laundering in Africa
Why is 'refining' critical to a money launderer's efforts? Answer: If one
needs to transport currency across borders, one needs to have the smallest
package possible to avoid detection.
What does the 'SEC' (US Securities and Exchange Commission) do? Under
what authority? Answer: Among other things, it regulates brokers and
dealers, under authority of the Securities Exchange Act of 1934.
,Respondent Bank Answer: A bank which uses the services of another
bank, such as check clearing, wire transfers, etc. The bank providing the
service is the 'Correspondent Bank'
What must a financial institution do if they have 'Exempt Accounts'? Answer:
The exempt accounts must be documented and the financial institution that
secures the exemptions must still monitor their financial transactions.
Who appoints a 'Federal Receiver' (US)? Answer: A US Federal Court
What was the effect of the 1988 Vienna Convention as it relates to extradtition?
Answer: If provided for money laundering to be an internationally
extraditable offense.
In general terms, EDD requires what of a financial institution? Answer: To
take additional steps of examination and caution in identifying their customers
and confirming that the customers' activities and funds are legitimate.
What is the goal of the Egmont group? Answer: To provide a forum for
FIU's (Financial Intelligence Unit) to improve support to their respective
national AML progrmans and development protocols for the sharing of
information.
What does an Extradition Treaty specify? Answer: The terms of such
exchanges, the persons subject to being exchanged, and the crimes for which
exchanges will be permitted.
,How does the Egmont group help its members? Answer:
Expanding/Systemising the exchange of financial intelligence, improving
expertise/capabilities of their personnel, fostering better communication by
applying new technologies and sharing financial crimes investigations
information.
What is the Federal Service for Financial Monitoring? Answer: The FIU of
Russia
What is the Serious Organised Crime Agency (SOCA)? Answer: The FIU
of the UK
In what country is the Egmont Group Secretariat now located? Answer:
Canada
What is important about the US Money Laundering Control Act (MCLA)?
Answer: It was the first law in any country to make money laundering a
crime.
What does the principal US money laundering law look for before
implementing its 'Extraterritorial Reach'? Answer: Transportation/transfer
of funds (even clean) to/from the US, if done to promote unlawful activity, or
with knowledge that the funds are illicit, or to conceal/disguise the nature,
location, source, ownership, etc. of funds, or to avoid federal/state transaction
reporting requirements.
What criterion does the US need to enforce its 'Extraterritorial Reach'?
Answer: The principal US money laundering law can apply to a non-US
citizen if the 'conduct' occurs 'in part' of the US.
, What does a 'Commission Rogatoire' normally specify? Answer: The
nature of the request, the relevant criminal charges in the requesting country,
the legal provision under which the request is made, and the information that
is sought.
'Commission Rogatoire' known in English as? Answer: Letters Rogatory
Foriegn Shell Banks are vehicles for ______ & ______? Answer: Money
Laundering and Tax Evasion
US law prohibhits Foriegn Shell Banks from ____? Answer: Maintaining
correspondent accoutnts at US Financial Institutions (USA Patriot Act)
What is a Financial Intelligence Unit? Answer: An intelligence gathering
law enforcement or regulatory body that receives financial information form
covered financial institutions, businesses and persons in tis respective country.
What does FIU do? Answer: It analyzes and processes information and
disseminates it to appropriate government authorities in support of AML
efforts and financial crime investigations.
What does FIU do beyond what FIU does? Answer: It conducts
investigations in support of a government's confiscation or seizure efforts.
Who conducts the Financial Sector Assessment Program (FSAP)? Answer:
The International Monetary Fund (IMF) and the world bank conduct the joint
program.
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