An organization is developing a comprehensive anti-money laundering (AML) framework.
Which of the following statements best describes the relationship between AML policies and procedures?

• A.Policies are detailed instructions for specific processes Procedures are an overarching framework Both policies and procedures are mandatory for knowledge and adherence.
• B.Policies define the principles of an organization and influence the drafting of procedures. Procedures are detailed instructions for specific processes.
• C.Policies are broad guidelines. Procedures are detailed Instructions for specific processes. Only procedures are mandatory for knowledge and adherence.
• D.Policies are detailed instructions for specific processes. Procedures are an overarching framework.
  Neither policies nor procedures are mandatory for knowledge and adherence

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According to the Financial Action Task Force (FATF) report on terrorism financing, charities and nonprofit organizations are often vulnerable to terrorist financing because they: (Select Two.)

• A.Enjoy the public trust and have access to considerable sources of funds, and their activities are often cash intensive
• B.Are usually legitimate establishments and will not use the funds collected through donation for the profit of individuals or entities
• C.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
• D.Collect donations from various sources, and their primary objective is philanthropy and social wellbeing

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The degree of attraction that a company holds to criminal organizations is influenced by the (Select Two.)

• A.amount of annual fees associated with the jurisdiction.
• B.permissibility of bearer shares.
• C.rules governing the disclosure of beneficial ownership by the jurisdiction.
• D.ease of travel to the jurisdiction.

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A customer frequently deposits large amounts of cash into an online gambling account and requests withdrawals shortly after with minimal gambling activity.
What is the most likely money laundering risk associated with this behavior in the gambling and gaming industry?

• A.The customer is attempting to convert illicit funds into "clean" withdrawals
• B.The customer is attempting to avoid high fees by minimizing gambling activity
• C.The customer is testing the gaming platform's payout system for potential fraud
• D.The customer is a high-risk gambler who regularly places large bets

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According to the Financial Action Task Force's (FATF's) "Guidance for a Risk-Based Approach Life Insurance Sector," which of the following are money laundering red flags relating to the involvement of a third party in a life insurance product? (Select Two.)

• A.A customer engages an attorney to consult on the issuance of the policy.
• B.A customer transfers the policy to another insurance company unaffiliated with the original policy issuer.
• C.Payments are regularly received from third parties that have no apparent relationship with the policy holder.
• D.A customer names an apparently unrelated third party as a beneficiary.

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