ACAMS CAMS Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Exam Practice Test

International cooperation provides actionable information to use against criminals

Those convicted of money laundering offenses are denied access to basic banking services

Money laundering offenses are investigated and criminally prosecuted

Financial intelligence information is collected by authorities and shared with the FATF for further investigation

Supervisors regulate financial institutions and non-bank financial institutions and their risk-based AML/CFT programs

The board of directors should be responsible for overseeing the management of the bank's compliance risk but not involved in establishing a compliance policy that explains the processes by which compliance risks are to be identified and managed throughout the organization.

The board of directors should establish a compliance function and approve the bank's policies for identifying, assessing, monitoring, reporting, and advising on compliance risk.

The compliance function must have sufficient authority, stature, independence, and resources to be effective on its own and should not have access to the board of directors.

The compliance function should report directly to the CEO concerning the bank's compliance with applicable laws, rules, and standards and only update the board of directors on the bank's efforts in managing compliance risk when required.

A beneficiary of a transaction is a politically exposed person.

A FI is unable to verify the relevant customer due diligence documents.

A FI identifies the payer is a dealer in precious metals or stones.

A transaction involves funds exchanged from crypto to fiat currencies.

Ensuring the tools are compatible and integration with current systems is possible

Assessing whether internal staff members can provide training on the tools

Assessing the cost of implementation and cost of maintaining the tools

Basing business requirements on the features offered by the vendor's tools

All US citizens and permanent residents while located in the US, all US incorporated entities and their foreign branches, and all individuals within the United States

All US citizens and permanent residents regardless of where they are located, all US incorporated entities excluding their foreign branches, and all individuals and entities within the United States

All US citizens except those with dual nationality, US permanent residents, all US incorporated entities, and all individuals within the United States

All US citizens and permanent residents regardless of where they are located, all US incorporated entities and their foreign branches, and all individuals and entities within the United States

A lack of professional body oversight or required use of accounting and auditing standards in the country of incorporation of the entity

Criminals posing as individuals seeking financial advice to place assets out of reach to avoid future liabilities

Incomplete records being provided during bookkeeping, making them difficult to audit

Accountants being used as intermediaries to introduce criminals to financial institutions

The EU AMLD and local AML regulations are separate and unrelated legal frameworks.

The EU AMLD and local AML regulations must have identical requirements.

Local AML regulations may impose additional or more stringent requirements than the EU AMLD.

The EU AMLD take precedence over local AML regulations.

Local AML laws and regulations override the requirements of the EU AMLD.

The EU AMLD provide a framework that member countries must implement through local AML regulations.

Section 319(b)

Section 314(b)

Section 314(a)

Section 319(a)

Concealing sources of funds

Allowing for third-party custody safekeeping of funds

Adding a layer of anonymity to transactions

Concealing true legal and beneficial owners

Establishing escrow accounts for real estate transactions

The customer is the object of a civil subpoena.

The customer uses a shipping company dealing with specially designated nationals.

The account shows periodic fixed amount remittances for tuition fees.

The account has transactions that triggered multiple suspicious activity reports.

Disseminate analysis of suspicious transaction and suspicious activity reports to foreign judicial systems to enhance their anti-money laundering and terrorist financing investigations and prosecutions

Receive reports of suspicious transactions and suspicious activities from reporting institutions or obliged institutions

Disseminate the analysis of suspicious transaction and suspicious activity reports to local law enforcement agencies and foreign FIUs to combat money laundering

Investigate and where appropriate prosecute all suspicious transaction and suspicious activity reports received from reporting institutions or obliged institutions

Analyze all suspicious transaction and suspicious activity reports received from reporting institutions or obliged institutions

has a general understanding of virtual assets.

consistently reviews transactions between fiat and virtual currencies.

implements enhanced KYC measures.

owns virtual currencies itself.

impose sanctions to maintain or restore international peace and security.

impose sanctions on countries that lack AML/CFT controls.

conduct research on and analyze the impacts of sanctions to improve the effectiveness of sanctions regimes.

impose sanctions on economic targets to maintain or restore financial stability within a country.

Advising private financial institutions on how to enhance their profitability through AML efforts

Establishing and enforcing legal frameworks to detect, prevent, and punish money laundering and related financial crimes

Providing funding to private and non-governmental organizations (NGOs) for the development of advanced compliance technologies

Acting as intermediaries between private sector firms and non-governmental organizations (NGOs) to streamline AML compliance programs

up to date and reflects all relevant regulatory developments

signed off by the board of directors and regulators

approved by the clients and third parties

clearly communicated and understood by staff

To prohibit the payment of anything of value by persons or entities to government officials or employees of state-owned enterprises to obtain an improper business advantage

To prohibit the conversion of illegally obtained money into legal money by senior government figures

To protect against election interference by corrupt foreign adversaries facilitated by illicit funds

To protect against the use of illegal means by senior political figures to avoid paying taxes

Purpose and intended use

Liquidity

Age of the beneficiary

Customer anonymity or third-party transactions

Length of waiting period

Ensuring the structure is reviewed by an outside auditor or consultant

Establishing a system of internal controls commensurate with the institution’s size and complexity

Designating a qualified board of directors to monitor day-to-day compliance

Establishing clear roles and responsibilities for AFC risk escalations and issues

red notice

white list

yellow notice

grey list

amount of annual fees associated with the jurisdiction.

permissibility of bearer shares.

rules governing the disclosure of beneficial ownership by the jurisdiction.

ease of travel to the jurisdiction.

Review the transaction history of the account to identify patterns, including the frequency, destination, and purpose of the wire transfers

Notify senior management and suggest account closure due to potential risks

Immediately file a suspicious activity report (SAR) based on the employee's report of suspicious behavior

Contact the customer directly to ask for clarification on the reason for the large cash withdrawal

Economic and societal

Political and regulatory

Governance and compliance

Sectoral and jurisdictional

Challenge-response

Fingerprint

Security token

Passphrase

Helping Financial Intelligence Units (FIUs) to analyze the suspicious activity reports (SARs)

Directly prosecuting money launderers in court

Providing financial assistance to governments to strengthen their anti-money laundering efforts

Raising awareness about the issue of money laundering and its consequences

Designated AML compliance officer

Chief executive officer

Chief operating officer

Board of directors

buy in-game items with virtual in-game currencies.

exchange in-game items with other players.

trade in-game items with other players that can be exchanged for fiat currency

obtain in-game materials by performing in-game activities.

Providing basic AML training to all employees

An AML officer being appointed to the board as a working member of management with increased authority

Auditors providing prescriptive guidance and support to the program following a less than satisfactory audit

Providing effective challenge with AML staff and continuous cross-training

A customer deposits a large number of consecutively numbered money orders.

A customer requests loans made to local companies or secured by obligations of local banks.

A customer has regular deposits and withdrawals primarily in wire transfers.

A customer receives wire transfers from different unknown accounts which are immediately wired onwards to a third party.

A customer withdraws cash in amounts just under the reporting threshold.

Subscribing lo a regulators' newsletter

Using a specific provider for regulatory horizon scanning

Regularly contacting the regulator to inquire about updates and future developments

Relying on information and insights from peers and working groups

Media searches reveal a report that the customer was accused of misconduct three years ago.

The EU bank considers the origin and destination countries Involved in the transactions to be high-risk.

The customer's activity includes multiple cross-border transactions involving various counterparties.

The EU bank received no originator or beneficiary information for the wire transfers.

The customer specializes in the import and export of petrochemical products.

Gatekeepers have specialized knowledge that can be abused to facilitate the movement of illicit funds and conceal the Involvement of their clients in illicit schemes.

Gatekeeper positions ate of a secretive nature, often making it difficult to verify (heir source of wealth.

Gatekeepers have unique relationship structures, making it difficult to determine beneficial ownership

Gatekeepers are entrusted with prominent functions and code of conduct that can assist laundering Illicit funds.

Buying property allows for the movement of large amounts of funds in a single transaction

Criminal networks could purchase real estate for use as supply houses or locations to grow, manufacture, or distribute illicit narcotics

Markets can be volatile, and buyers may not achieve a strong return on their investment

Beneficial ownership information might be opaque, and criminals may abuse arrangements like shell companies and trusts

Real estate transactions often involve financial institutions and other professional gatekeepers

The high value of properties may require multiple types of financing, which can make it more difficult to identify the source of funds

Incoming fund transfers from third-party payment processors, with limited originator information

Transactional activity with a registered virtual currency exchange

Large amounts of cash payments to migrant agricultural workers

Frequent payments for online advertisements or non-local classified ads

Information provided by a prospective customer

Photocopy of a copy of a government-issued identity document

Information obtained from an open-source database

Information obtained directly from a government-managed registry

Relying on self-reported compliance certifications from vendors and employees to confirm adherence to AML standards on a periodic basis

Establishing a surveillance program for employees, vendors, and third parties, including periodic risk assessments, access controls, and regular reviews of their compliance with AML policies

Implementing background checks for employees and vendors prior to onboarding or the start of engagement to identify any red flags

Limiting the number of vendors and third parties in high-risk jurisdictions in order to reduce exposure to compliance risks

Understanding why a customer has selected a particular financial institution for banking

Verifying the identity of a customer with reputable online source documentation

Limiting the online activities of a new customer during the first two months

Understanding the nature and purpose behind a new business opening an account at the bank

Use a static risk assessment model that remains unchanged until a significant regulatory update occurs to ensure consistency in the evaluation process over time

Delegate the risk assessment process to individual business units to conduct independently and allow for specialized assessments tailored to each unit's specific activities

Conduct a periodic enterprise-wide risk assessment that includes identifying inherent risks, evaluating the effectiveness of existing controls, and determining residual risks

Focus primarily on AML risk assessments, as these are typically the most scrutinized by regulators, while addressing other financial crime risks only when issues are identified

Cash-intensive businesses risks

Unknown third-party risks

Geographic risks

Anonymous transactions risks

Money laundering typologies applicable to monetary instrument reporting

Applicable AML laws and regulations

Regulatory exam best practices

Money laundering typologies applicable to corporate loans

The European Commission and the High Representative issue a joint proposal for an import ban on refined oil products.

The European Commission and the High Representative issue a joint proposal for an import ban on oil extraction equipment

The Council of the European Union adopts a new export control regime for electronic equipment

The Council of the European Union adopts a new import restriction regime for goods coming from countries that do not respect human rights

Open source information

Customer profile

Adverse media search

Account activity

The principal activities of the proposed company are importing and exporting new furniture

The prospective client presents confusing details about the proposed business and has very little knowledge about the proposed business activity

The prospective client is unable to provide information about the beneficial owners

The prospective client exhibits confidence when speaking to the accountant when providing personal details

The prospective client is able to provide source of funds and source of wealth documents

Some MSBs provide bureau de change services to retail customers after they complete a due diligence process.

Some MSBs process large, individual cash transactions on behalf of customers.

Some MSBs allow regular and frequent transactions to the same family members based in another country

Some MSBs process small remittance payments on behalf of workers based abroad sending money home.

Work with the front-line to understand their strategic growth targets specifically aimed at increasing their market share around military technology and dual-use products

Review the organization's sanction risk assessment to better understand the potential for exposure to Russia and the Democratic People's Republic of Korea

Read and analyze the most recent National Proliferation Financing Risk Assessment produced by the relevant body of the organization's jurisdiction

Undertake a detailed review of all payment-related transactions to any clients identified as defense contractors, paying special attention to the beneficial owners of those clients

comparing these risks with industry benchmarks to determine the residual risk.

implementing new controls to eliminate all risks

rating the effectiveness of the related controls in order to calculate the residual risk.

documenting the historical risk incidents for future reference.

Types of payment messages

Customers

Third-party service providers

Customer spouses

Allows the appropriate federal banking agency to require a financial organization to produce, within 120 hours, records or information related to the organization's AML compliance or related to a customer of the organization or any account opened, maintained, administered, or managed in the U.S. by the financial organization.

Provides the U.S. Department of Treasury with the authority to apply graduated, proportionate measures against a foreign jurisdiction, foreign financial organization, type of international transaction, or type of account.

Permits the U.S. Government to seize funds from a correspondent bank account in the U.S. that has been opened and maintained for a foreign bank in the same amount as has been deposited with the foreign bank.

Requires due diligence, and in certain situations enhanced due diligence (EDD), for foreign correspondent accounts, which includes virtually all account relationships that organizations can have with a foreign financial organization and private banking for non-citizens of the U.S.

To avoid sanctions breach related to payments

To avoid onboarding customers previously exited due to true match

To meet international regulatory requirements and identify risks across jurisdictions

To be in line with the risk appetite statement

Financial crime does enormous damage to society, undermining market integrity and consumers' and market participants' confidence

Financial crime risk incidents always result in fines and losses for the financial firm

Financial crime prevention processes make the onboarding process for clients unnecessarily burdensome and complex but create work

Financial crime prevention is important as it reduces costs and improves customer services.

have informal business arrangements between persons or entities.

are located in geographies that are not accountable to US laws.

include trusts, investment funds, and insurance companies.

have limited organizational disclosure and recordkeeping requirements for establishing these business entities.

waste management sector companies based in high-risk jurisdictions with payments or trade invoices tor types of waste aligned with those they are authorized to process.

frequent payments from companies in the logging. milling, or waste trade sectors to individuals or beneficiaries unrelated to the legal parson activity or business.

unexplained wealth and cash transfers involving senior officials or politically exposed persons for their family members) with a position of responsibility related to the management or preservation of natural resources.

small cash transfers from cash-Intensive businesses to beneficiaries in areas known as a source of gold mining, illegal logging, and Illegal land clearing.

A customer receives funds from a popular decentralized mixer

A customer uses funds from their monthly income to purchase virtual currency

A customer makes a transaction on the blockchain that their traditional financial institution is unaware of

A customer receives multiple wires from different sources and uses those funds to purchase virtual currency

Obtaining prior senior manager approval for all related transactions

Understanding the purpose of the business relationship

Performing adverse media searches on the customer

Identifying and verifying the customer's identity

Collect donations from various sources, and their primary objective is philanthropy and social wellbeing

Are usually legitimate establishments and will not use the funds collected through donation for the profit of individuals or entities

Have a global presence that provides a framework for national and international operations and financial transactions that are often in or near areas most exposed to terrorist activity

Enjoy the public trust and have access to considerable sources of funds, and their activities are often cash intensive

evidence that the increased residual risk arising from the change is within the bank's risk appetite.

approval by money-laundering reporting officer for the proposal.

how many resources are spent on the less productive lower threshold and the associated costs.

the number of cases that will not be filed and the resources that can be freed up for other tasks.

minutes of meeting held with the regulator where agreement was obtained that the higher threshold was justified.

historical analysis proving that the current scenario generates a disproportionate number of false positives.

Sanctions can only be placed on certain individuals in foreign countries as designated by OFAC

Blocked funds must be placed into an interest-bearing account on a financial institution's books

Sanctions can be either comprehensive or selective using the blocking of assets and trade restrictions to accomplish foreign policy and national security goals

OFAC sanctions automatically expire after five years unless renewed by Congress

difficulty in tracking the originator, recipient, and source of transactions.

remote verification of identity by third-party program managers.

heavy usage by senior political figures.

informal networks used for cross-border transactions outside of the formal banking system.

heightened risks of returned transactions.

The preference of upper management regarding which teams should participate in the data-sharing initiative

The cost of the data-sharing system and whether it its within the existing IT budget

The potential return on investment (ROI) from the data shared versus the financial crime prevention effort

Ensuring that the shared data complies with applicable data protection regulations while maintaining the integrity and accuracy of the information

executing cross-border transactions for their own business which is not commensurate to the PEP's wealth.

in a position to provide more information regarding the PEP's whereabouts and hidden properties.

travelling to offshore jurisdictions often on holiday which exposes them to higher risks for AML.

used as intermediaries to facilitate bribery or corruption or to conceal the illicit wealth of the PEP.

Mandatory participation in all regulatory inspections

Mandatory attendance and review of alt financial crime trainings

Setting clear criteria for escalations to senior management

Setting tone from the top

Notify the customer of the information-sharing request from the other financial institution and seek their consent before responding

Consult the institution's legal counsel to validate the subpoena, then respond directly to law enforcement while ensuring all documentation is properly recorded

Respond to the FinCEN 314(b) request first, as it allows for voluntary information sharing with partner organizations

Provide the requested records to both law enforcement and the other financial institution immediately to ensure full cooperation and transparency

US anti-money laundering regulations are stricter than the EU AML Directives, making it easier for the global bank to be compliant in the EU

US and EU regulations require the bank to build separate compliance teams, making it necessary to establish completely separate systems for US and EU operations

The EU's sanctions regime is stricter than that of the US Office of Foreign Assets Control (OFAC), so the bank must prioritize compliance with EU regulations over US laws and train the staff in Europe accordingly

Balancing compliance with the US BSA and OFAC sanctions while ensuring adherence to EU AML directives and the GDPR, which complicates cross-border data sharing

A check returning a mortgage overpayment made in error

A payment made to a mixer platform

A regular standing order to a high-interest savings account

A bill payment made to a friend after splitting a dinner bill

Receiving electronic transfers for US$10,000 amounts from other financial institutions

Using cash to buy multiple cashier's checks over a period of time

Performing operations with real estate investment companies

Using cashier's checks in the transactions with the real estate investment company's account

collaborating with law enforcement agencies, financial institutions, and other stakeholders to detect and prevent Illicit financial activities.

conducting examinations of financial institutions to ensure compliance with anti-money laundering regulations.

engaging in providing financial services, including banking and investment activities, to the public and private sectors

facilitating the exchange of information between the public and private sectors.

enacting legislation regarding the operations of financial institutions.

Customer privacy regulations should guide the development of due diligence and other money laundering and terrorist financing preventive measures.

Nations should work towards implementing targeted financial sanctions in alignment with the UN Security Council.

Nations should take measures to ensure there is transparency to the beneficial ownership of legal persons.

Nations should establish frameworks that take a risk-based approach to prevent and mitigate money laundering and terrorist financing.

Governments must work toward developing identical administrative and operational frameworks for investigating and prosecuting crime.

Regulators should direct Financial Institutions to establish appropriate frameworks to avoid banking higher risk customers.

Developing a culture of compliance

Improving governance in the public sector by requesting feedback from financial institutions

Reducing transaction monitoring false positives for all financial institutions

Improving the quality and quantity of data available for analysis by sharing information

Management structure

Governance framework

Asset structure

Origin of the funds

Send a 314(b) request to the corporation's bank in Hong Kong

Call the receiving individual to review identity verification documents

Confirm that neither the beneficiary nor the originator are sanctioned parties

Request supporting documents, including invoices and contracts to confirm the purpose of the payment

Check for negative news in public sources on the sender and receiver

A limited liability company incorporated in a foreign jurisdiction

A private company that has no activity in a tax haven jurisdiction

A company with nominee shareholders and directors in a local jurisdiction

A company with bearer shares incorporated in a tax haven jurisdiction

A private investment company incorporated in a tax haven jurisdiction with strict secrecy laws

Investigate the changes of address and change of UBO and in the meantime decline payment and withdrawal instructions from the policy until completion of the investigation and next steps are agreed upon

Request the relationship manager set up a meeting with the policyholder to update their address and submit details of the new UBO in the name of good customer service

Investigate the changes of address and change of UBO and in the meantime freeze the client's policy

File a suspicious transaction report because the insurance company was not made aware of the business' change of UBO

The head office of a foreign legal entity which has a branch in the US does not need to comply with OFAC rules.

A foreign individual visiting the US for a short vacation is obligated to follow OFAC rules.

Nationals of the US must comply with OFAC rules, regardless of where they are located in the world.

Any foreign corporation is also penalized if it conducts transactions with sanctioned countries under OFAC rules.

A subsidiary of a legal entity of the US, which is formally registered in a foreign country, is exempt from OFAC rules.

A customer being hesitant to provide beneficiary name or address information when sending international wire transfers

Cash-intensive businesses, such as convenience stores or restaurants, making large cash deposits

A customer exchanging foreign currency from a higher-risk jurisdiction for domestic currency under the reporting threshold

A customer using multiple accounts under different names to conduct transactions

A customer completing frequent small-dollar international money transfers to their native country

The 40 Recommendations have not been updated to reflect the impact of new technology

Each jurisdiction can reach out to the FATF for private access to the interpretive notes to the 40 Recommendations

The 11 Immediate Outcomes are recommendations specific to high-risk jurisdictions requiring enhanced monitoring.

The cornerstone of the 40 Recommendations is the adoption of a risk-based approach by each jurisdiction

Ensure the jurisdiction risks and other relevant factors have been taken into consideration in the EWRA and the residual risks are within the corporation's risk appetite

Partnering with established local businesses to leverage their knowledge and connections while sharing risks

Ensuring the company has strong ties with local government officials to influence policy and avoid negative scrutiny

Committing to open communication, ethical practices, and community engagement to build trust with stakeholders

Minimizing the company's direct presence in the country to reduce exposure to potential risks

Section 314(a)

Section 314(b)

Section 319(b)

Section 319(a)

Raise transaction monitoring thresholds for PEP accounts in automated systems to account for higher transaction values and complex legal vehicles and financial structures

Require approval from the prudential regulator for entering into or continuing the business relationship

Subscribe to commercial databases to assist in the detection of PEPs

Establish processes to understand the PEP's source of wealth and the source of funds, and to refresh that understanding on a regular basis

Partial automation of data collection and analysis

Cost-effective access to a wide range of data

Real-time monitoring of selected transactions and data sources

Ability to conduct investigations with minimal human oversight

Enhanced ability to identity connections across various data sets

Digital identification on mobile devices

Different applications to connect and communicate

Authentication via artificial intelligence (AI) and biometrics

Quick CDD and client traits analysis during onboarding

A large multinational corporation with extensive, documented wire transfer activity

A local convenience store that replenishes the onsite automated teller machine (ATM) with cash from its till

A local used car sale lot that allows individuals to pay their monthly bill in cash

A virtual asset service provider (VASP), facilitating peer-to-peer cryptocurrency transactions

Eliminating spontaneous information sharing between FIUs to reduce the burden of excess investigative work

FIU cooperation should always be channeled through designated intermediaries

Information exchange should take place informally, without too many formal prerequisites

Formal Egmont Group membership requirements ensure a high commitment of the eligible FIUs

It is within an FIU's authority to sign Memorandums of Understanding independently

The bank is likely to face secondary sanctions from global financial institutions despite addressing many of the previous concerns.

The bank may face civil or criminal penalties if it is unable to demonstrate sustained improvement in addressing the previous concerns.

The bank may face the risk of regulatory orders to remediate its AML program despite addressing many of the previous concerns.

The bank is protected from reputational risk arising from any regulatory action because regulatory orders must remain confidential.

The regulatory agency may require the bank's board of directors to publicly share the actions taken to address the previous concerns in order to limit its reputational risk.

Politically exposed persons (PEPs)

Capital flight risk

Anti-bribery and corruption risk

Tax evasion

Training should cover practical examples, use case studies, and provide information on how to comply with policies.

Up-to-date records including logs of training and completion dates should be maintained.

Training should be broad, high level, and not role-specific in order to reach the largest audience.

Training should cover the consequences of not complying with policies and procedures.

Training should always be provided by an independent third party.

Be consistent with the head office audits

Be tailored to the higher of standards between the jurisdictions.

Conform to the foreign jurisdiction policies to align with the head office policies.

Provide all foreign jurisdiction reports to the head office for approval.

provide the information available to them because the exchange is between two FlUs that are members of the Egmont Group, and the formal request was made using secure communication channels.

provide the requested information only if a memorandum of understanding (MoU) is signed between Country A and Country

direct the FIU of Country A to the Fl where the account was opened for further information.

deny the request if the FIU of Country B has not received a suspicious activity report (SAR) from the Fl where the account was opened.

Onsite and offsite reviews, cooperating on an international basis with access to a range of sanctions and outreach

Onsite and offsite reviews, cooperating on an international and domestic basis with access to a range of sanctions and outreach

Offsite reviews, cooperating on a domestic basis with access to a range of sanctions and outreach

Onsite reviews, cooperating on an international and domestic basis with outreach and access to a range of sanctions

Low thresholds for transactions

Frequent use of cash

Cross-border transactions

Weak KYC policies and procedures

The foreign bank must always request approval by its national anti-financial crime authority to share any information cross-border.

The bank should report this to the Financial Crimes Enforcement Network (FinCEN) and receive formal guidance before sharing the information.

The bank should consider jurisdictional privacy requirements and its own policies and procedures to determine what information to share.

The information should only be shared on a need-to-know basis.

include all documents or records that assisted the Fl in making the determination that the activity required a filing.

always be limited to account name, account details, and transaction records.

have written policies and procedures to maintain supporting documentation.

be saved in a single separate file with hard copies stored in a fireproof cabinet.

Securely share sensitive information in the fight against money laundering and the financing of terrorism

Establish an environment to foster trust amongst countries

Sign memoranda of cooperation that recognize and allow room for case-by-case solutions to specific problems

Improve global cooperation between FIUs

Propose legislation to combat financial crime, including money laundering and the financing of terrorism

Address control of payments in EU countries to reduce money laundering.

Build a network of financial institutions that work together to prevent money laundering across the EU.

Establish a consistent regulatory environment across the EU to prevent money laundering.

Allow member states to discuss the draft legislation with the cooperation of the EU financial intelligence units.

An external audit highlights several deficiencies

The company is merging with or acquiring another entity

Extensive AML legislation is proposed by a legislative body in the company's jurisdiction

A high-profile money laundering case involving another industry is publicized