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Exam Code: CAMS
Exam Name: Certified Anti-Money Laundering Specialist (the 6th edition)
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Introduction

1. CAMS Introduction

I guess I don't need to tell you why. Cancer is one of the most-sought certifications in both the financial and nonfinancial sectors. It is an international standard for testing the knowledge of those interested in the detection and prevention of money laundering. Camps has become the gold standard in email certification and is recognised by private institutions, governments, and law enforcement. Regulators also take kindly to an organisation whose compliance staff are Camps certified. I think before you start your Camps journey, you should know at least the following key things. After you purchase the Camp Certification package, you will be given an online portal where you can download the Camp Study Guide, which is your official textbook. You will also get 100 sample questions. In that study guide, you will have a flash card bearing information on both sides, which is intended to be used as an aid in memorization. A flashcard bears a question on one side and an answer on the other side regarding some of the key topics in the exam. You can also watch a chapter summary video. Further, if you have some money you can spend on virtual classrooms and seminars, it might be beneficial for you. But it is not necessary to pass this exam. Okay, before you even register for the CampExam, you have to meet this eligibility requirement. The good news is that it is not that strict. From my experience, I have never found anyone who did not meet this requirement. But don't worry. If you don't meet these eligibility requirements, you can watch the Camps webinar, join the Camps Virtual Classroom, or take Camps Life Preparation Courses. To increase your Camps credit, I strongly urge you to go through the Camps Candidate Handbook. Before you register for the Camps Exam, you have to earn at least 40 credits, but this varies from one person to another. Also, there is no additional benefit if you score more than 40 credits. You can easily download the Candidate Handbook from the Accounts' official website. You can also use this Circst study smart app. It contains a lot of downloadable resources, including sample study notes for Chapter 1 of Camp's Study Guide. You can use this online eligibility calculator to calculate your credits. If you are claiming train credits for the professional certification, then you need to submit a copy of that certification to Camps. For the rest of them, you just need to provide information only. Let's talk about the cost. Man, this is a very expensive certification. Yes, you can retake this exam. The cost to retake the exam is $299 for private sector members and $199 for public sector members. But since you have purchased or are planning to purchase my training video course, then you don't need to worry about retaking it. I will guide you properly so that you can pass this exam on the first attempt. Now, what are the private and public sectors? The difference is simple. If you are paying for this out of your own pocket, then you have to pay $1690 ($5.But if your organisation is paying for it, then your organisation will have to pay a dollar 1295.These costs are subject to change. I think camps increase their exam costs every three years. And so, as Per Sanju, author of The Art of the World, says, if you know your strength and that of your enemy, you don't need to fear the results of any battles. So if you have prepared properly for this exam, you don't need to fear its results. So, my goal in these training videos is to channel your effort in the proper direction so that you will effectively and efficiently utilise your time and energy. You need to score at least 62.5% to pass this exam. In other words, you have to answer 75 out of 120 questions correctly. to pass this exam. You will buy a package for three years of certification. So, up to three years after passing the exam, you don't need to recertify. Recertification, in other words, is continuous professional development. You need to show a camp that you are continuously improving your skills and competencies by gaining work experience in the anti-money laundering and combating terrorism financing area. After passing the camp exam, you'll receive some credits for attending Camps webinar conferences; I received eight credits, so you can expect around the same, but these are subject to change. However, you have to meet the remaining 52 credits. I recommend that you do not wait three years to complete those credits. If you even watch one hour-long webinar once in a week or two, which is available free in your online learning portal, you can easily meet this requirement in three years. It is very frustrating when your hard-earned certification is revoked because you could not meet those credits. Trust me, you don't want to put yourself in that position. I have been there when my sister's certificate was revoked, which I regained later, but it was painful, if you catch my drift. Hence, the remaining task is that you need to prepare for this exam and pass it. Thank you for watching, and I'll do my best for your exam.

2. Essential Tips To Pass CAMS Exam

In this video, I will share some key tips for passing this exam. Having the Right Mindset I have completed many professional certifications in the last two or three years. I have found that every certification has certain objectives. Camp's aim is to make you an AMA Safety Advisor or Manager. Manager is the key term here. manager does not deal with day-to-day issues. They have long-term vision. Their main job is to create a system so that problems get fixed. For instance, you don't risk profiling an individual customer. You make a risk-crediting system so that all the customers in your organisation are discredited automatically. Therefore, don't fix a single issue. Look at the bigger picture. Always remember, as a manager, you have a decision-making. Role memorization is also a memorization exam, especially in Chapter 2, International Am and Safety Standards. You may be asked one-liner questions about EU directives. Bessel FATF, so you should study them. The best way to remember is by repetition. Repeat the content again and again so that you will understand it better. It will improve your recollection. In this series of training videos, I will tell you about the concepts that you need to learn by heart. Experience. You may be working in the AML Safety Area. The experience will help you understand the concepts more easily, but it alone cannot guarantee your passing score. The camp exam will throw you some curveballs. If you are not prepared fully, you will miss the shot. The camp study guide is there for a reason. You have to have a good grasp on this material before taking this exam. I have never heard anyone say that they have passed this exam with their experience alone. study guide for camps. To be Frank, a camp study guide is not enough. It is about 400 pages long. There is a lot of information given in abstract form. So you won't be able to understand all those things by studying the Camps Study Guideline alone. I suggest you go through FATF's recommendations first. As you all know, FATF is an alternative body for setting standards against money laundering and terrorism financing. The majority of the contents of the campsite study guide are derived from FATF. In later videos, I will tell you what resources you need to refer to. Give yourself enough time. Camp certification is not a race, so take your time to prepare for at least three months. But if you are in a real hurry, maybe one month of extensive study There are a lot of contents to digest, so start slow. Review the study guide at least three times. Try to utilise these concepts in real-life life situation. If some ideas are alien to you, refer to other reference material. Acamps.org is an excellent website where you can get your hands on White Paper articles. Also, we have developed a Suburb Examination Preparation Kit that you can purchase, which contains all the reference materials that you require for this exam. For this exam, slow and steady wins the risk I want to clear one misconception. Although specialist is in the Camps acronym, getting this degree doesn't make you an expert. From my experience, I have to say this certification answers a few questions but raises so many. Yes, it will give you guidelines that you need to follow in your real-life situation. But we live in a very complex world. There are circumstances where you cannot throw your study guide out. You may need to evaluate, analyze, and give decisions. For example, the study guide does not cover sanctions in depth. So a situation may arise where your corresponding bank is demanding money because your customer vessel just passed through the port of Iran. Now what will you do that will be an added benefit for you while preparing for this exam? To me, Camps is a milestone in learning. Having this certification demonstrates that you have a strong desire to learn. This situation has created a lot of demand for email professionals like us because of the recent Kobet situation shift toward online and automation technologies like eKYC Electronic Transactions, as well as an overall increase in regulatory complexities.

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CHAPTER 1: RISK AND METHODS OF MONEY

1. Chapter 1: First Part

Hello everyone. I hope you are all healthy and safe in this pandemic situation. And I also hope that by the end of this training video series current situation will improve so that we can return to our normal life life. With that, let us start Chapter One: Risk and Methods of Money Laundering and Terrorist Financing. This is a very important chapter as we are going to study the fundamental concepts of money laundering and terrorism financing. There are various definitions given by the FATF United Nations Convention about money laundering. Let us understand the key concept behind this explanation. The illegal money cannot be converted into legal money because the source of funds will always remain the same. For instance, the source of money received as a ransom for kidnapping will always be ransom. Criminals can only hide their source of income. To convert illegal money to legal money, it is an offence if someone accepts the criminal proceeds. Knowing that it was derived from a criminal offence is willful blindness. So as an ethical person, you should not neglect the fact that if money laundering is occurring, you need to take action. I have found a lot of confusion regarding the three stages of money laundering. So we will discuss them one by one placement .In this stage, criminals will try to insert their illegal funds into the financing institution or casino or legitimate business through various means like structuring, buying, FCI for local currency, and so on. In the layering stage, criminals will keep moving their funds from one financial institution to another to create a long transaction trail. It is the same as when a dog loses the scent of a criminal if that criminal runs in a zigzag way. The third stage is integration. So after the layering stage, the source of income is obscured. Now criminals can reenter the money safely into the economy. No one will question the validity of income. Since criminals will have proof, They can tell that this money is received from real estate transaction borrowing from their relatives and they can give any other explanation. So why don't we make this interesting? Let me tell you a story regarding how the first money laundering act in 1986 was introduced in the USA. First, we are going towards this clip. The city of Miami was very quiet, and it was just a very pleasant place to live. Miami, back then, was in the South. It was like Alabama. There was no money here. There were no big buildings. Downtown was pretty barren. On Miami Beach, there were a lot of old people just sitting around in rocking chairs, waiting to die. It was a whole different world out here back then. Florida has become the drug smuggling capital of the United States. No other place in the country even comes close. In the last year, cocaine seizures have doubled. More than a quarter of all cocaine seizures in the United States were at Miami International Airport. While we were filming, a routine agent got another one. £5 of pure cocaine were hidden in the bag and the drugs were everywhere. Millions of Americans use illicit drugs. Everybody started using cocaine. Cocaine was the be-all and end-all back then. It was a shishy thing to do. It was freely done. Every day, about 5000 people take their first dose, or toot. As many as 5 million snort, shoot, or smoke cocaine every month. That's very hard to understand on any basis except that you have this enormous inflow from Columbia of drugs that are paid for and wholesaled in the Miami area. They call it dirty money, and there's plenty of it in the drug business. It's what that cocaine money is buying. Besides the drugs that are having the most impact on South Florida, it's the amount of that illegal money—those billions of dollars in profits—that are being channelled into legitimate businesses. Civic leaders openly recognise the community has a fix, if you will, on the legitimate goods and services that cash from the drug industry is buying. stated that more than $80 billion filters through the underground economy each year. money the IRS might never see. Look at the homes; look at the yachts; look at the cars. Look at the jewellery sales. And I think you'll find that Scarface is not a myth at all. In the old days, when Jesse James would rob a bank in Oklahoma, he'd get on his horse and ride to Kansas, staying there for eight years. but not here. Somebody made a score. Get a Rolex. Buy a Ferrari. Build a big house. Not only are millions of Americans addicted to drugs, but many banks are addicted to drug money, cocaine trafficking, and the money itself. The money almost ruined any morality in this community. When you're dealing with hundreds of millions of dollars, it's hard to keep the government from noticing. So drug profiteers need to find a way to turn their dirty money into clean, nontraceable dollars. It's called money laundering. There are various estimates about the amount of money being laundered through Florida. And right now, we could say there's probably over $20 billion being utilised in Florida's banks as illegal drug money. Have you ever seen a city with so many banks? You're going to tell me, "Does that kind of industry and business exist in the city, please? Come on. Banks popped up almost overnight along a stretch of road named Brickell Avenue. Drug traffickers in the Miami area try to set up their own banks. You usually need a cooperative bank officer willing to take a bribe. Southeast first national biggest in the state. A number of branch employees are suspected of taking bribes to help drug dealers. In South Florida, it was no problem because bankers were dying. A dozen bank presidents spent days counting currency in rooms. This makes a thousand, right? Things here are accelerating faster than any other area in the nation. The efficient work of a gang the police call the "cocaine cowboys," as they call them, the cocaine cowboys. For some reason, American society has always had this fascination with the freewheeling, highsticking, gun-toting outlaws of cocaine. Cowboys are as romantic as they are deadly. Cocaine has always been always been a violent business. The rip offs are becoming part of their job hazard, so to speak. If someone steals £50 of marijuana, it's a $10,000 deal, but when someone doesn't pay for 20 kilos of cocaine at $50,000, the town has enough. The federal government had enough. They brought in the tax forces. They brought in the cavalry. They were bringing state troopers to patrol the city of Miami. I would hope and pray that these people would get the maximum death penalty and make an example to the rest of the drug culture that's happening around Florida that we won't tolerate. There should be no mercy for it. The Navy loaned two of its radar planes. The army has loaned helicopter gunships. The war is being waged in the Atlantic. Ships and planes are part of the Hattrick to Stop Drug operation Hattrick is the D-Day of our war on drugs. Military ships and aircraft with narcotics agents aboard track suspected smugglers. It's expected to please law enforcement officials. They've been trying for a long time to get more help from the military in the war on drugs. Any smuggler planning to enter the United States' coast now is likely to be concerned that he will not be successful. Arrests in the area covered by the task force are up 27%. Cocaine brought a lot of money to town. 92 multinational corporations have moved their South American headquarters to places like Coral Gables. I think what drew other Latin American investors here was the relative safety of the American banking system. And this is the closest point in the United States to Latin America. So it became a banking center. For that reason, they prefer South Florida as a place to spend, relax, and do business. Miami is trying to become an international city, and it's broadening its economic base in international banking. Miami is in the middle of an explosion. A lot of that money was cocaine money, too. But I'm not sure that those two are linked as one following the other. They built half the city. They constructed the high-rise buildings without sacrificing many lives. I could have lived without it, and so could a lot of other people without the enormous contribution of money to this community. It was too much collateral damage. I still love Miami, but I think I love it more for what it was before the cocaine wars. At what price? A skyline. How many people have to die for a shiny skyline? It wasn't worth it. Too many people died for it. I think most of you have already understood the clip. I also want to apologise for the glitches in that video. I'll give two stars out of ten for video editing. Now, let me just summarise this for you. Once upon a time, there was a Miami. a beautiful dau city. During the 1970s, which are about to change, the drought started flowing to Miami from Cuba, Colombia, and other Latin American countries. From there, it was shipped to different parts of the United States. Money and rock are both very lethal to society. This unchecked flow of money and narcotics affected every aspect of that city. You could see many people were addicted to drugs. The banks were running money laundry rings for these traffickers. Luxurious goods were purchased with those illegal proceeds. But the biggest concern was that the streets of the city were turning red with the blood of innocent civilians and rival gang members. Then, after the US government could take it no more, it sought different control measures to put this to an end. Then we introduced the first money laundering act. But as it was said in the epilogue of this video, the control measures were taken very late because many people's lives were lost. For those who are interested in watching this full documentary, the name of the documentary is Cocaine Cowboys. There is also Part Two. But Part One was much better than Part Two.

2. Chapter 1: Second Part

So all this evidence shows that money laundering is bad for the country. In essence, it means money laundering creates a parallel economy that is run by the criminal. In a country when there is no anti-money laundering infrastructure, the crime rate will be high and tax evasion will be prevalent. The criminal organisation will have a foothold in the government's policy making. The legitimate organisation cannot compete because the criminal organisation offers low-cost goods and services. In Nepal, around 2010, when the mutual evaluation was carried out by the Asia Pacific Group, we had no laws or regulations regarding AML CFT. Then, after they threatened to put our country on grey list," this would mean that we wouldn't be able to have any trade relationships with another country, which is terrible as Nepal is an import-based economy. So as a countermeasure, we developed different AML safety rules. The FIU was also established by regulation to oversee anti-money laundering activities in the country. More about FIU later. FATF usually classifies countries that are deficient in AML safety infrastructure as high-risk countries because they don't want other countries to deal with these countries. as these countries are known to be fertile ground for criminal and terrorist activities. We ML safety professionals should be more concerned about the things mentioned in this slide. The first thing is always a regulatory risk. It was estimated in 2020 Ampenalties was close to $6 billion. $6 billion. Some reasons for these penalties were deficiencies know your customer due diligence" and a lack of procedures for monitoring suspicious transactions. And there were also various other reasons. Most of the time, email safety professional competency is just based on his or her ability to prevent fines and penalties. Aside from that, many financial institutions will end correspondent banking relationships. if another bank is found to be involved in money laundering activities. Organized crime refers to the syndicate of various criminal organizations. These organisations usually establish different legitimate businesses. As a front, these groups may have huge exposure to a particular financial institution. like they may have a substantial loan or massive deposit base. Thus, if they are later convicted, then that financial institution may not be able to recover their loan and have to freeze their deposit. This will negatively affect the performance of that financial institution. Therefore, it is essential to perform due diligence on customers before establishing any kind of business relationship. Finally, there is also a reputation risk. Financial institutions are service industries that are based on trust. If financing institutions are enforced or sanctioned, people will lose their confidence in them and in their relationship with them. Criminals always target banks for money laundering. There are different methods by which money-laundering activities take place in the realm of banking sector electronic fund transfers. It refers to any fund transfer by electronic means like wire transfer, mobile banking, and so on. It is said that the amount that is transferred through Swift amounts to the GDP of any country. Thus, illicit fund transfers can be easily hidden among the millions of legitimate transfers that occur each day. Money launderers also use electronic transfers of funds in the layering stage to avoid detection. In this stage, the money launderer may take basic precautions such as limiting the amount sent, keeping it relatively small under reporting thresholds, and where possible, using reputable organizations. You need to be aware of indicators of money laundering using electronic transfers of funds. Remote Deposit Capture is a banking product that allows customers to scan a check and send an electronic image to the bank for deposit. Although it saves customers time because they don't have to go to the bank to deposit checks, money launderers can abuse it because they don't have to go to the bank themselves. Further, they can set multiple imaging devices to scan checks of other criminal persons. There is also possibility of fraudas checks can be altered. The best prevention method is to impose appropriate limits on customers' ability to deposit checks through remote deposit capture. Correspondent Banking The provision of banking services from one bank to another is known as correspondent banking. By establishing multiple correspondent relationships globally, banks can undertake international financial transactions for themselves and their customers in jurisdictions where they have no frisky presence. The primary consideration here is the large volume of transactions done through correspondent banks. Further, they provide services to individuals or entities for which they have not verified the identities. Therefore, it is essential to perform proper due diligence on correspondent banks, like establishing who their owners are, the nature of the regulatory environment in which they operate, and their customer base. It is also better to develop a questionnaire or use the vSPOKE corresponding bank questionnaire to perform customer due diligence on payroll through Accounts These accounts are risky because they provide the ability for customers to carry out transactions in the respondent bank's correspondent account without first getting them reviewed by the respondent bank. So money launderers can easily move their money without proper checks and balances. The best remedy is to avoid it or to provide such facilities to limited customers. After performing their proper KYC concentration, they are pulling from internal accounts established by the banks to facilitate the processing and settlement of multiple or individual customer transactions. They become risky when the customer's identities are not linked with their financial transactions. As a result, an audit trail is lost. Private banking and private investment companies deal with providing highly personalised and confidential products to high-profile customers. The major risk associated with this product is that customers usually have high bargaining power. Since banks earn more commissions from them, there may be chances for willful blindness on the part of the bank. They can even go further to protect this client in the case of any money laundering investigation. Many private banking customers have private investment companies in the office jurisdiction, mainly in tax havens, to hold their assets. The major purpose of this company is to hide the ultimate beneficial owner from politically exposed individuals. Pepsi is important for camp exams and also in your day-to-day job. They may be foreign or domestic individuals who are usually the head of state or government, senior politicians, senior government, judicial, or military officials. They want the ability to influence country policies, rules, and various national resources. So they are highly focused from a money lending perspective. In reality, they rarely carry out transactions in their name. So it is very important to identify the beneficial owner before onboarding any customers. Structuring and Smurfing it is a method of carrying transactions below the threshold reporting requirement. In the case of Nepal, the threshold for transaction reporting is Nepali rupees 1 million. So criminals usually conduct the transaction below this threshold amount. The best method to mitigate this is to have a system built that will generate alerts if multiple structuring transactions are carried out. Smartphone is a related concept of structuring in which multiple people carry multiple cash deposits or buy the monetary instrument for less than the threshold amount. Microstructuring is breaking up a large deposit transaction amount into tiny amounts and then making a deposit. The best method to detect this type of transaction is to configure the system to generate all of them if the account receives more than a certain count of deposits in a single day. Remember that structuring, smurfing, and microstructuring are all done during the placement phase of money laundering.

3. Chapter 1: Third Part

Care unions and building societies. They don't serve customers; instead, they serve the needs of the people who are also the owners. They are governed by the rule all for one, one for all philosophy sorry for that three musketeer reference and actually they are run on the one member one boat philosophy. Although they are small and don't take part in international wire transfers, they are still exposed to money laundering. They can be members who launder money and carry out large, unusual transactions. In Nepal, these credit unions and building societies are also known as cooperatives. The major problem with them is that they are not regulated as banking and financial institutions. non-bank financial institution. So some of these non-banking financial institutions are in the credit card industry. In the credit card industry, there are credit card accounts that are used in the layering stage rather than the placement stage. Credit cards include different counterparties, and one of them is third-party payment customer TPP. They are one of the counterparties processing credit card transactions. Besides banks and merchants, they are bank customers who use their account to process the transactions of other merchants or business entities that accept credit cards or debit cards. The main risk with TPP is that they may be engaging with criminal merchants. They have interrelationships between various financing institutions, so transferring funds from one institution to another is easy for them. Another non-bank financial institution is the money service business. Money Service Business or Remittance Companies are the ones that usually transmit or convert currencies. This is an important topic that you need to focus on for this exam. Criminal interviews mostly violate them not because they are unregulated, but because they are small, easy to establish, and do not have sufficient ML safety programs. Therefore, one should carry out proper due diligence while dealing with them. Further, many BFIs classified them as high-risk customers. Insurance companies' money lenders are more interested in life insurance products with cash surrender values. They can purchase insurance policies for a sizeable amount and cancel them within a short period of time. They could also purchase an annuity life insurance policy. They will make monthly payments with their illegal money, and after some years they will get clean funds. Another risk in an insurance company is the employee, agent, or broker who is compensated on a commission basis. So they can be very easily manipulated by criminals. Securities brokers Dealers are also highly vulnerable to monitoring money laundering, which is why they are kept in the high-risk category. The main issue here is the ease of transferring data across borders in a matter of seconds. These industries include participants including financial institutions and broker dealers, financial advisor transfer agents, and securities lenders, so the audit trail is very lengthy. They also provide complex security products that can be customised as per customer needs. These complex and unregulated security products were the key reason for the 2008 financial crisis in the USA. Moreover, the security industry is always tinted with insider dealing, securities fraud, and market manipulation. I believe you have already watched "Wolf of Wall Street." If you have not, do watch it. So this is a very useful movie that will provide you with a lot of information regarding money laundering in nonfinancial businesses and professions. So let us talk about other sectors other than the financial sectors that are exposed to money laundering. The first one is casinos. They typically represent the business associated with gambling, lotteries, and horse racing. They are usually associated with money laundering because they provide a good excuse for recently gained wealth. They are often used in placement and layering stages. Drug traffickers often abuse them. Dealers in high-value items, precious metals, jewelry, and arts ITC gold attracts many criminals because it can be bought and sold easily with anonymity. They are transportable and can be transformed from one form to another, such as rogue gold into jewelry. Diamonds are mainly involved in terrorist financing. When a terrorist is involved in a certain conflict, regions usually mine them to finance their terrorist campaign. Therefore, they are rightly called conflict diamonds or blood diamonds. Also, another thing about diamonds is that the industry is tightly held by a few powerful individuals who have been in the business of diamonds for generations. So they don't usually accept new members in their community. Further, a substantial amount of dealing is based around the world, so there are barely any written transactions. Travel agencies are usually used for money laundering as they deal with expensive airline packages and frequent international wire transfers. Money launderers usually purchase expensive airline packages and ask for a refund. Many travel agencies were discovered to be involved in online fraud in the Neplas scenario during COVID-19, as banks typically receive funds in these accounts and later request a refund, claiming that those amounts were part of fraudulent payment. It was later discovered that these accounts were opened in the first place to receive only funds or international wire transfers. Please let us know about any other transactions that occurred in those accounts. Most of these frauds are elderly fraudslike we see in Nigerian fraud cases. Vehicle sellers can also be a vehicle for money laundering. See the irony here, as the criminals can buy and sell the vehicle in successive transactions to create a complex layer of transactions. They can also be used in a placement phase where people would make a small deposit to purchase the vehicle gatekeepers, notaries, accountants, auditors, and lawyers. These guys are doubles. They can either prevent money laundering or proliferate it as they perform various functions like company formation and provide tax and financial advice. buy and sell property on behalf of clients and conduct other financial transactions on behalf of their customers. They can be used to conceal actual beneficial owners or to easily form various types of sale and self companies. Investment and commodity advisors are like security brokers, but they deal in commodities like food grains, gold, and so on. Money launderers are attracted to them since they offer complex products like future contracts, option contracts, and other various complex securities products. Omnibus Accounts Omnibus accounts are accounts held by a merchant or broker on behalf of the customer. In most cases, it is like a pulling account where the funds of multiple customers are held. This is bad because the identification of the ultimate beneficial owner is always hidden. Company Service Provider Company service providers are usually established by lawyers to hold the assets of clients, even those clients who are outside the country's jurisdiction. The main problem with them is that they are usually unregulated. They don't have any reporting requirements, and basically anybody can establish them. Real estate: there are many opportunities for money laundering in the real estate account. One key example is an escrow account where all the payments from the clients are received in a single account. This account consists of the diverse nature of the transaction, which is a gold mine for money launderers.

4. Chapter 1: Final Part

International trade activity. I once went to a seminar, and the speaker told us that we had closed our windows and front door for money laundering. But sadly, we have opened the whole backyard to trade-based transactions, which is a gateway for money laundering. Trade-based money laundering is a complex topic because it contains a lot of technical terminologies. Sadly, Camps does not delve deeply into trade-based money laundering. However, if you want to know more, you can go through these excellent articles on trade, money laundering, alternative remittance systems like Hyundai, Sanction, and all other topics that may be familiar from the point of view of Cams. These are the articles that I'm talking about. Okay, so you can read these articles. So these articles are totally based on trade-based money laundering, right? So what is the concept of trade-based model learning? When did the trade based model learning started its history? And there are examples of trade-based modelling and learning how it is usually done. And there are different terms, there are differentrate flags that will indicate that trade based money laundering is happening, why trade based money laundering is difficult to detect okay, and what mitigation measures that you need to place to identify trade based money laundering? So what are the sanctions and high-risk countries? Okay, so all this kind of information is included in this article. So in free time, I request you to go through this article. Then we have another article on understanding Hawaii and Honda. Okay, so this article will tell you why Honda is prevalent. Okay, so tell me why the government cannot stop or why regulatory bodies cannot stop hondo and why it is popular among various kinds of individuals and criminals. Especially. You can also get information about how money laundering is perpetuated through Hyundai at different stages of the crime. So how can you identify how our transaction? What are the red flags? Okay, so I strongly suggest that you go through these two articles to understand money laundering and alternative remittance systems. New Payment Products and Services First, there are prepared cards, mobile payments, and internet-based payment services. We have been using prepared cards, online payment, mobile banking, and digital wallets for our day-to-day to day transaction. After an outbreak in Kobe, 19 financial institutions are seeing an increase in this kind of transaction. The main problem with this kind of product is that it promotes non-face-to-face face to face transaction. That is, any anonymous person can provide funds and transfer those funds further. When these products are armed with international money transfer capabilities, the situation becomes more problematic. The campsite study guide includes a good section on how to mitigate such issues. Virtual Currency When people talk about virtual currency, usually Bitcoin comes to mind. However, there are many types of cryptocurrencies like Ethereum, Litecoin, and Cardano. The study guide says that these cryptocurrency currencies are favoured by moneylaunderers because they provide anonymity. However, this is not an entirely true statement. The main reason Bitcoin was developed was to ensure that every transaction is transparent and recorded in a permanent ledger called the blockchain. By now many of you must be scratching your head, but you need to follow what the study guide says. Unfortunately, there is not a lot of explanation about this kind of digital currency in the camp's study guide. So I have prepared these YouTube videos. So there are two videos. The first is an explanation of bitcoin and an example of money laundering using bitcoin. So this video will tell you how bitcoin was introduced, what the main reason behind introducing bitcoin was, and how money laundering is actually carried out through bitcoin. This is an example. Practical example. Here in this video, I have shown how you can convert PlayStation gift cards into bitcoin. If you are interested, you can watch this video. And in the next video, I have shown how to create a bitcoin wallet and load that bitcoin wallet. I have used Electron, which is a digital wallet for Bitcoin. So these are very useful videos. So these are very useful videos that you may want to see in your free time. If you want to learn more about bitcoin and virtual currency, of course, don't worry. I will provide all these details in the Resources section at the end of this chapter. Further, you can download our Siri Consultancy app, where you can watch these videos and other useful videos at any time you like. use of corporate vehicles in money laundering—in other words, these are legal companies. Legal companies are known to be misused for money laundering, tax evasion, and hiding assets. The main problem with these legal companies is identifying the actual beneficial owner. Remember, a beneficial owner is always a natural person. There are so many topics that come under "corporate vehicles," which I will be discussing. The first related concept with corporate vehicles is a limited liability company. Limited liability companies are like private limited companies, but they can be managed anonymously by foreign persons or any other business entities. International Business Corporations: these are the entities usually formed outside of a person's or business's country of residence, usually in tax haven countries. Tax haven countries are those countries that have low tax rates to attract foreign investment, and they also promote customer privacy. These corporations are incorporated with the help of local agents. so it provides complete anonymity to owners. private investment companies. They are typically used to hold client assets in a tax-neutral offshoring financial jurisdiction. While I was working for a previous bank, there was a company that did a lot of trade-based based transaction. The main concern was its shareholding pattern. The majority of its stock holdings were held by some investment companies. When we checked its shareholding pattern, its major holdings were held by another two holding companies based in China. After that trail went cold, we could not find any information on the Internet about these companies. We classified that company as high risk, and every trade transaction was first verified by compliance before processing it. Investment companies and holding companies are the companies that hold assets for their customers. like shares and bonds. A person can invest in another company—even in international companies—through this kind of investment company. Therefore, it is used very effectively to hide beneficial ownership. B.R.R. shares incorporate this formation. A beer share is like a beer check, meaning whoever wants it is the owner of that company. The transfer takes place by physically handing over the bonds or shares. Therefore, it offers a lot of opportunities to hide actual ownership. Self Company These companies are created by accountants, lawyers, or company service providers on paper only. It is later sold to someone who wants a previously registered corporation, sales company, or corporation. These companies are like self-owned companies at the time of incorporation. They don't have physical assets, employees, or even operations. Hidden beneficial owners and complex organisational structures go hand in hand. FATF had criticised the US for not having a mechanism for the identification of beneficial owners and a public registry. There was a Senate hearing when the head of One Bank was called for justification. The banker yelled out and said, "How are we going to identify the beneficial owner if the customer says no?" So much of the information about the beneficial owner depends upon the information given by the customer. So if a customer tries to hide information, there is not much BFI's. In other words, banking and financial institutions can take steps to identify those beneficial owners. One of the most difficult challenges that anti-money laundering specialists face today is identifying hidden beneficial owners. One method to tackle these issues is to have a national registry for beneficial owners. I think now the USA is taking initiative on that. Trusts Trusts are private fiduciary arrangements that allow the granter to provide assets to the trustee for future distribution to beneficiaries. The problem with trust is that it can disguise criminal ownership of funds or assets. Also, they have links with real estate as well as sales companies. Some trusts are solely created to protect the assets from creditors or confiscation by the government. These are known as asset protection trusts. Criminals who are beneficiaries of the trust do not need to justify the payments received from the trust. So proper due diligence is necessary. in the case of terrorist financing. The major difference between terrorist financing and money laundering is that the source of funds for money laundering is always from criminal activities. While terrorist financing may be from legitimate sources, Some may be sympathizers, so they may want to support terrorist organisations for their cause. These supporters may be earning legitimately. However, the terrorists will use the techniques of money laundering to hide the source of income so that they can ensure a continuous flow of money. In the case of Nepal, we are unfortunate that there are rarely terrorist activities. However, if you belong to a jurisdiction where terrorist activities are common, then it might be tricky to identify terrorist financing activities, mainly because the funds involved in terrorism financing are very small. The best method is to have a proper KYC and transactional monetary mechanism in place. So how the financing is done? There are different methods. The first one is the use of hawala and other informal value transfer systems. Hawala, or Hyundai, is nowadays used as a derogative term. However, it was the first form of money transfer, as I have shown you earlier. You can go through those articles to learn more about Hawaii and the Honda System. So I don't think we need to go into more detail about it because I have discussed it earlier. Let's talk about another source of funding terrorism, the use of charities or nonprofit organizations. This is misused for terrorist financing rather than money laundering. I still remember this instance or this case. It was a time of constitutional elections in Nepal. It was a very turbulent situation as different parts of the country had reported violent activities. There is a place called Gore where a sad incident took place, which claimed the lives of 13 police officers. We had a branch in Gore. There was an NPO account that received a donation of a very large amount immediately after that incident. The purpose was not clear, so we froze the amount and later refunded it back. This is the reason why NPOs are rated high-risk, as they don't have clear sources of funding. Now, let's talk about other sources of terrorist financing. There are different sources of terrorist financing, so some of them are discussed here. The first one is self funding. Here, people fund themselves to carry out terrorist activities on a small scale that don't cost a lot of money, like shooting at public places or bombing a marathon. The second one is crowdfunding. Terrorists typically establish a social media presence and post various images of atrocity violence and death, asking sympathisers to fund their operations. This is very effective as it directly hits the emotion of people. It is difficult for law enforcement to track this kind of funding activity because the sympathisers are usually people who are living in different places in the world. So checking each and every fund is nearly impossible. We have talked about this earlier new payment, product and services that also we have alreadycovered the exploitation of natural resources. The terrorist organisation usually controls natural resources like diamonds, oil, wildlife, and timber in areas where there is high political instability or in those areas that lack strong control authorities. They are involved in the trafficking of these resources to finance their terrorist activities. With this, we have come to the end of Chapter One. We have covered all the important topics of Chapter One of the Campsite Study Guide. Also, I would like to inform you that Shuri Consultancy has developed specialised software for the students who are preparing for campsite Gem, which is also known as Siori Camps Preparation Kit. Okay, why not just show you that product? So this is the software developed by Siri Consultancy. So it is known as "Siri camps." examination, preparation, and kit. With the purchase of this kit, you will get all the history notes for all chapters of the latest version of Campsite Story Guide. You will get all the relevant materials, like FA, TF Guidelines, Wooswork Principles, EGGMONT Cases, Special Guidelines, and many other references that will be useful for you in passing this exam. You can also practise the 360-chosen question that will prepare you for the campsite jam. And there is a demo video regarding this product, which you can watch on YouTube. Further, if you want to have a sample of story notes or questions before you decide to purchasethis software, you can download these two apps. Developed by Sharik Consultancy, this app comes witha tonne of features that can help you in your journey of passing Campsite Gem. Thank you, and I will meet you in the next presentation of chapter two of the Campsite Study Guide on International Trade Activity. I once went to a seminar, and the speaker told us that we had closed our windows and front door for money laundering. But sadly we have opened the whole backyard that is trade based transaction which is a gateway for money laundering. Trade-based money laundering is a complex topic because it contains a lot of technical terminologies. Sadly, Camps does not delve deeply into trade-based money laundering. However, if you want to know more, you can go through these excellent articles on trade, money laundering and alternative remedy system like Hyundai, Sanction and all other topics that may be amenable from the point of view of Camps. These are the articles that I'm talking about. Okay, so you can read these articles. So these articles are totally based on trade-based money laundering, right? So what is the concept of trade-based money laundering? When did the best money laundering started its history? There are examples of trade based modell earning how it is usually done. Okay, and there are different terms, there are different rate flags that will indicate that trade based money laundering is happening, why trade based money laundering is difficult to detect and what mitigation measures that you need to place to identify trade based money laundering. So what are the sanctions and high-risk countries? Okay, so all this kind of information is included in this article. So in free time I request you to go through this article. Then we have another article on understanding Hawaiian culture; this article will tell you how it started. Okay, and how it operates. This is the picture of the record-keeping usually kept by the article, which will tell you why Honda is prevalent. Okay, so why can't the government or regulatory bodies stop Honda and why it's popular among various types of people, especially criminals, and you can also learn how money laundering is perpetuated through Hyundai at various stages of money laundering. So how can you identify our transaction? What are the red flags? Okay, so I strongly suggest that you got hrough these two articles to understand about tradebased money laundering and alternative remittance system. new payment products and services. First there are prepared cards, mobile payments, and internet-based payment services. We have been using prepared cards, online payment, mobile banking, and digital wallets for our day-to-day to day transaction. After an outbreak in Kobe, 19 financial institutions are seeing an increase in this kind of transaction. The main problem with this kind of products is that it promotes non face to face transaction. That is, any anonymous person can provide, fund, and transfer those funds. Further, when these products are armed with international money transfer capabilities, the situation becomes more problematic. The Cancer Study Guide includes a good section on how to mitigate such issues. Virtual Currency when people talk about virtual currency, usually Bitcoin comes into their mind. However, there are many types of cryptocurrencies like ethereum, litecoin cardano. The study guide says that these cryptocurrency currencies are favoured by money launders because they provide anonymity. However, this is not an entirely true statement. The main reason Bitcoin was developed was to ensure that every transaction is transparent and recorded in a permanent ledger called the blockchain. By now, many of you must be scratching your head, but you need to follow what the study guide says. Unfortunately, there is not a lot of explanation about this kind of digital currency in the Cancer Study Guide. So I have prepared these YouTube videos. So there are two videos. The first is an explanation of bitcoin and an example of money laundering using bitcoin. So this video will tell you how the Bitcoin was introduced, what was the main reason behind introducing Bitcoin and how is the money laundry is actually carried through Bitcoin. This is an example. Practical example. Here in this video, I have shown how you can convert PlayStation gift cards into Bitcoin. If you are interested, you can watch this video. And in the next video, I have shown how to create a Bitcoin wallet and load that Bitcoin wallet. I have used Electron, which is a digital wallet for Bitcoin. So these are very useful videos. So these are very useful videos that you may want to see in your free time. If you want to learn more about Bitcoin and virtual currency, of course, don't worry. I will provide all these details in the Resources section at the end of this chapter. Further, you can download our Surrey Consultancy app, where you can watch these videos and other useful videos at any time you like. use of corporate vehicles in money laundering—in other words, these are legal companies. Legal companies are known to be misused for money laundering, tax evasion, and hiding assets. The main problem with these legal companies is identifying the actual beneficial owner. Remember, a beneficial owner is always a natural person. There are so many topics that come under "corporate vehicles," which I will be discussing. The first related concept with corporate vehicles is a limited liability company. Limited liability companies are like private limited companies, but they can be managed anonymously by foreign persons or any other business entities. International Business Corporation these are the entities usually formed outside person or business country of residence usually in tax haven countries. Tax haven countries are those countries that have low tax rates to attract foreign investment, and they also promote customer privacy. These corporations are incorporated with the help of local agent so it provides completely anonymity to owners. Private investment Companies they are usually used for holding assets of the client intax neutral off source financial jurisdiction. While I was working for a previous bank, there was a company that did a lot of trade-based based transaction. The main concern was its shareholding pattern. The majority of its stock holdings were held by some investment companies. When we checked its shareholding pattern, its major holdings were held by another two holding companies based in China. After that trail went cold, we could not find any information on the Internet about these companies. We classified that company as high risk, and every trade transaction was first verified by compliance before processing it. Investment companies and holding companies are the companies that hold assets like shares and bonds for their customers. A person can invest in another company—even in international companies—through this kind of investment company. Therefore, it is used very effectively to hide beneficial ownership. B RR shares include the formation. A beer share is like a beer check, meaning whoever wants it is the owner of that company. The transfer takes place by physically handing over the bonds or shares. Therefore, it offers a lot of opportunities to hide actual ownership. Self Company These companies are created by accountants, lawyers, or company service providers on paper only. It is later sold to someone who wants a previously registered corporation, sales company or corporation. These companies are like self companies at the time of incorporation. They don't have physical assets, employees, or even operations. Hidden beneficial owners and complex organisational structures go hand in hand. FATF had criticised the US for not having a mechanism for the identification of beneficial owners and a public registry. There was a Senate hearing when OneBank's executive was called for justification. The banker yelled out and said, "How are we going to identify the beneficial owner if the customer says no?" So much of the information about the beneficial owner depends upon the information given by the customer. So if a customer tries to hide the information, there is not much BFI. In other words, banking and financial institutions can take steps to identify those beneficial owners. One of the most difficult challenges that we anti-money laundering specialists face today is identifying hidden beneficial owners. One method to tackle these issues is to have a national registry for beneficial owners. I think now the USA is taking initiative on that. Trusts are private fiduciary arrangements that allow the granter to provide assets to the trustee for future distribution to beneficiaries. The problem with trust is that it can disguise criminal ownership of funds or assets. Also, they have links with real estate as well as sell companies. Some trusts are solely created to protect the assets from creditors or confiscation by the government. These are known as asset protection trusts. Criminals who are beneficiaries of the trust do not need to justify the payments received from the trust. So proper due diligence is necessary. in the case of terrorist financing. The major difference between terrorist financing and money laundering is that the source of funds for money laundering is always from criminal activities, while for terrorist financing it may be from legitimate sources. Some may be sympathizers, so they may want to support terrorist organisations for their cause. These supporters may be earning legitimately. However, the terrorists will use the techniques of money laundering to hide the source of income so that they can ensure a continuous flow of money. In the case of Nepal, we are fortunate that there are rarely terrorist activities. However, if you belong to a jurisdiction where terrorist activities are common, then it might be tricky to identify terrorist financing activities, mainly because the funds involved in terrorism financing are very small. The best method is to have a proper KYC and transaction monitoring mechanism in place. So how the financing is done? There are different methods. The first one is use of Hawaiiand other informal value transfer system. Hawala, or Hyundai, is nowadays used as a derogative term. However, it was the first form of money transfer, as I have shown you earlier. You can go through those articles to learn more about Hawaii and Honda system. So I don't think we need to go into more detail about it because I have discussed it earlier. Let's talk about another source of funding terrorismfinancing, use of charities or nonprofit organization. This is misused for terrorist financing rather than money laundering. I still remember this instance, or this case. It was a time of constitutional elections in Nepal. It was a very turbulent situation as different parts of the country had reported violent activities. There is a place called Gore where a sad incident took place, which claimed the lives of 13 police officers. We had a branch in Gore. There was an NPO account that received donations of a very large amount. Immediately after that incident, the purpose was not clear, so we froze the amount and later refunded it back. This is the reason why NPOs are rated high-risk, as they don't have clear sources of funding. Now, let's talk about other sources of terrorist financing. There are different sources of terrorist financing, so some of them are discussed here. First is self-funding, where people fund themselves to carry out terrorist activities on a small scale that don't cost a lot of money, like shooting at public places or bombing a marathon. Second one is Crowdfunding. Terrorists usually create their social networking presence and post different images of atrocity, violence, death and ask sympathisers to fund their cows. This is very effective as it directly hits people's emotion of people. It is difficult for law enforcement to track this kind of funding activity because the sympathisers are usually people who are living in different places in the world. So checking each and every fund is nearly impossible. We have talked about these earlier new payment products and services, and we have already covered the exploitation of natural resources. The terrorist organisation usually controls natural resources like diamonds, oil, wildlife, timber in the areas where there is high political instability or those areas which lack strong control authority, they are involved in trafficking of these resources to finance their terrorist activities. With this we have come to end of chapter one. We have covered all the important topics in Chapter One of the Campsite Study Guide. Also, I would like to inform you that Siori Consultancy has developed specialised software for the students who are preparing for Campsite Gem, which is also known as Siri Camp Preparation Kit. Okay, why not just show you that product? So this is the software developed by Siri Consultancy. So it is known as "Siri camps." examination, preparation, and kit. With the purchase of this kit, you will get all the study notes for all chapters of the latest version of Cancer Study Guide. You will get all the relevant materials likeFA, TF Guidelines, Ulspoke Principles, Egmont cases, special guidelines and many other references that will be useful for you in passing the exam. You can also practise 360 chosen question that will prepare you for the campus exam. There is a demo video regarding this product, which you can watch on YouTube. Further, if you want to have a sample of study notes or questions before you decide to purchase this software, you can download these two apps. Developed by Sharik Consultancy. This app contains a plethora of features that will aid you in your quest to pass the Camps Exam. Thank you, and I will meet you in the next presentation of Chat, chapter two of the CampsI Study Guide.

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