A National Risk Assessment (NRA) can impact a financial institution's (Fl's) risk-based approach to anti- money laundering and terrorism financing by:

• A.dictating what predicate offences must be considered in the Fl's risk assessment.
• B.providing guidance on the types of customers and transactions that pose the highest risk.
• C.defining exactly what policies and procedures must be implemented.
• D.determining the maximum fines that can be imposed for AML violations.

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Money services businesses (MSBs), payment service providers, and e-commerce platforms usually have a high volume of daily transactions.
What are the risks associated with these types of businesses? (Choose two.)

• A.These businesses are all cash intensive, increasing the risk of financial crime
• B.KYC challenges arise because e-commerce platforms face global customers making customer due diligence complex and resource intensive
• C.These businesses are highly regulated and therefore have no reason to be non-compliant as this would put them at risk of sanctions and fines
• D.Criminals can make use of identify fraud to fulfill KYC processes for layering purposes
• E.The settlement systems of these businesses are not sophisticated enough to cope with the high transaction volume

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Which of the following processes or tools contribute to AML compliance despite being seemingly unrelated?
(Choose two.)

• A.Customer loyalty program tracking
• B.Product usage analysis
• C.Customer satisfaction surveys
• D.Customer support ticket tracking
• E.Credit risk assessment

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When selecting an anti-financial crime (AFC) tool for an organization, the most important factor to consider is whether the tool:

• A.integrates seamlessly with existing systems and processes.
• B.meets budget and cost requirements.
• C.automates all regulatory reporting requirements.
• D.replaces manual compliance training for employees.

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When a financial institution (FI) is considering providing traditional banking services to a virtual asset service provider (VASP), consideration should be given to whether the FI: (Select Two.)

• A.has a general understanding of virtual assets.
• B.consistently reviews transactions between fiat and virtual currencies.
• C.implements enhanced KYC measures.
• D.owns virtual currencies itself.

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