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Exam Code: CAMS Practice exam 2022 by Killexams.com team
CAMS Certified Anti-Money Laundering Specialist (6th edition)

The Certified Anti-Money Laundering Specialist (CAMS) credential is the gold standard in AML certifications and recognized internationally by financial institutions, governments and regulators as a serious commitment to protecting the financial system against money laundering.

Institutions with CAMS-certified compliance teams can:
Drive a culture of compliance from the top down by building highly skilled teams staffed with subject matter experts Demonstrate to regulators and examiners their dedication to a standardized risk-based approach for protecting against money laundering threats and financial crime risks Meet mandated AML training requirements through preparation and study and satisfy ongoing training through recertification and advanced certification activities Safeguard more effectively against financial and reputational damage

Introduction
The 6 virtual sessions of 2hours each, will cover the following:
Content
- An in-depth explanation of the study material in detail
- Additional material where necessary to provide deeper insight
Practical issues
- What you need to know about the exam, format, scheduling and location
- What to bring on exam day, Exam Center and what to expect after the exam
Study methods
- Study tips and exam taking strategies for multiple choice
- How to overcome the anxiety

- Introduction to the exam
- Overview of available study materials
- Pages 40 – 73 of Chapter 2 “Risks and Methods of Money Laundering and Terrorist
Financing” of the Study Guide for the CAMS Certification Exam
o What is money laundering
o 3 stages
o Economic and social consequences
o Banks and other depository institutions
- Practice questions
- Assignments for next session
Non-bank financial institutions
o Non-financial businesses and professions
o New technologies
o ML risks of structures designed to hide beneficial ownership
o Terrorist financing
- Practice questions
- Assignments for next session
Financial Action Task Force
o Basel Committee on Banking Supervision
o European Directives on Money Laundering

Money laundering risks and methods, such as Black Market Peso Exchange and import and export price manipulation
The Financial Action Task Force (FATF) Recommendations, the Basel Committees Report on Customer Due Diligence and the Wolfsberg Group Principles
Important elements of an Anti-Money Laundering (AML) program
How to conduct and support a money laundering investigation

Certified Anti-Money Laundering Specialist (6th edition)
ACAMS Anti-Money Study Guide
Killexams : ACAMS Anti-Money Study Guide - BingNews https://killexams.com/pass4sure/exam-detail/CAMS Search results Killexams : ACAMS Anti-Money Study Guide - BingNews https://killexams.com/pass4sure/exam-detail/CAMS https://killexams.com/exam_list/ACAMS Killexams : ComplyAdvantage Publishes New Anti-Money Laundering Guide For Cross-Border Payments and Remittance

The New Guide Provides A Practical, Much Needed Resource For Financial Compliance Professionals Working In The Cross-Border Payments and Remittance Industry In A Time Of Increased Regulation

NEW YORK, July 28, 2022 /PRNewswire/ -- ComplyAdvantage, a global data technology company transforming financial crime detection, today announced the release of the company's new Anti-Money Laundering (AML) Guide for Cross-Border Payments & Remittance.

ComplyAdvantage Publishes New Anti-Money Laundering Guide For Cross-Border Payments and Remittance

According to a 2021 Ernst & Young report, cross-border payments are expected to reach $156 trillion this year while Insider Intelligence has forecasted that the remittance market is also said to reach $774 billion by the end of 2022. The sheer size of both markets means that the AML compliance picture for cross-border payments and remittance is growing increasingly complex as financial crime typologies, payments use cases, and regulatory technologies continue to evolve rapidly around the globe.

In order to keep pace with these challenges, ComplyAdvantage created this new guide, based on interviews with firms operating in this space, and related in-depth industry analysis. It has been purposely designed to help remittance and crossborder payment compliance teams design, implement and scale their anti-money laundering programs through proven best practices.

The Anti-Money Laundering (AML) Guide for Cross-Border Payments & Remittance. breaks down four important areas of consideration for best-in-class compliance program creation including:

  • The evolving RegTech landscape, international challenges, and how to move from manual to automated solutions

  • The power of AI, and how data can be a crucial source of opportunity

  • Shifting financial crime risks and typologies, including cryptocurrencies

  • What a successful AML remittance program looks like

"Given the enormous size of both markets and their direct impact on our global economy, we felt it was important to develop this guide to help cross-border payments and remittance compliance teams implement the best compliance programming possible", said Charles Delingpole, Founder, and CEO of ComplyAdvantage. "As a company, we are committed to the ongoing development of strategic resources such as this guide and others including our State of Financial Crimes 2022 Report or Evolving Use of Sanctions 2022 Guide to help growing financial firms navigate through the global complexities of anti-money laundering regulations."

Already the preferred choice of some of the world's largest banks, enterprises, and high-growth fintechs, ComplyAdvantage uses machine learning and natural language processing to help regulated organizations manage their risk obligations and prevent financial crime.

ComplyAdvantage Releases new #AML guide for #crossborder #remittance firms #financialcrime #antimoneylaundering

About ComplyAdvantage

ComplyAdvantage is the financial industry's leading source of AI-driven financial crime risk data and detection technology. ComplyAdvantage's mission is to neutralize the risk of money laundering, terrorist financing, corruption, and other financial crime. More than 500 enterprises in 75 countries rely on ComplyAdvantage to understand the risk of who they're doing business with through the world's only global, real-time database of people and companies. The company actively identifies tens of thousands of risk events from millions of structured and unstructured data points every single day.

ComplyAdvantage has four global hubs located in New York, London, Singapore, and Cluj-Napoca and is backed by Goldman Sachs, Ontario Teachers', Index Ventures, and Balderton Capital. Learn more at complyadvantage.com.

ComplyAdvantage Logo (PRNewsfoto/ComplyAdvantage)

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SOURCE ComplyAdvantage

Thu, 28 Jul 2022 05:04:00 -0500 en-US text/html https://finance.yahoo.com/news/complyadvantage-publishes-anti-money-laundering-170400784.html
Killexams : ACAMS Launches CCAS Scholarship Program for BIPOC Professionals Seeking Crypto-Related Compliance Training

Press release content from Globe Newswire. The AP news staff was not involved in its creation.

MIAMI, July 27, 2022 (GLOBE NEWSWIRE) -- In recognition of the important roles that diversity, equity, and inclusion (DEI) play in the global compliance sector, ACAMS is launching a new scholarship for Black, Indigenous, and People of Color (BIPOC) professionals seeking to enroll in the new Certified Cryptoasset Anti-Financial Crime Specialist (CCAS) certification program. Under the initiative, ACAMS will award the CCAS Scholarship to 30 BIPOC compliance practitioners in the anti-financial crime (AFC) space, granting them a one-year member membership to the association free-of-cost and a waiver of all fees for the CCAS exam package, including study materials and access to the program’s Virtual Classroom series.

The new AFC crypto certification, which will be available from Q4 2022, is designed to equip AFC professionals working in banks, non-bank financial institutions, and the crypto sector with the knowledge and skillset necessary to mitigate the financial-crime risks associated with virtual assets. CCAS applicants will train on how cryptoassets and the distributed blockchain ledger function as well as the anti-money laundering (AML) and risk-management controls that can prevent criminal exploitation of the technology.

Scholarship recipients who successfully complete the CCAS program will be among the first in the world to obtain the new certification, which was developed under the guidance of subject-matter experts with backgrounds in law enforcement, regulatory oversight, and AFC compliance within the crypto space and traditional banking, payments, and money services sectors.

“The CCAS Scholarship is not only a recognition of the fact that DEI is a core value of the global AFC community, but it’s also a way to strengthen institutions by helping to bring talented compliance practitioners to the table,” said ACAMS CEO Scott Liles. “As many of the most seasoned AFC professionals well know, having a diversity of perspectives and experiences inhouse can be critical for compliance teams seeking to fight financial crime effectively.”

“As the crypto industry continues to evolve in ways that challenge institutions and draw the scrutiny of regulators and law enforcement, it’s fundamentally important that AFC teams are trained and ready to look at financial activity with fresh eyes.” 

The initiative is the second of its kind for ACAMS following the launch in June 2021 of the CAFCA Scholarship, which waived costs for 30 BIPOC professionals taking part in the Certified AML FinTech Compliance Associate (CAFCA) program. As with the CAFCA initiative, CCAS Scholarship winners will be selected by a panel of representatives from ACAMS and the broader AFC industry.

Applicants can apply for the CCAS Scholarship through August 31, 2022. Winners will be announced on October 31, 2022.

Find out more about the scholarship’s criteria and application process here: https://www.acams.org/en/resources/diversity-equity-inclusion/scholarships/the-ccas-scholarship

Learn how the new CCAS certification can help shield institutions from crypto-related compliance risks here: https://www.acams.org/en/certifications/certified-cryptoasset-anti-financial-crime-specialist-certification-ccas

 

About ACAMS®

ACAMS is the largest international membership organization dedicated to providing opportunities for anti-financial crime (AFC) education, best practices, and peer-to-peer networking to AFC professionals globally. With over 90,000 members across 180 jurisdictions, ACAMS is committed to the mission of ending financial crime through the provision of anti-money laundering/counterterrorism-financing and sanctions knowledge-sharing, thought leadership, risk-mitigation services, ESG initiatives, and platforms for public-private dialogue. The association’s CAMS certification is the gold-standard qualification for AFC professionals, while the CGSS certification is its premier specialist qualification for sanctions professionals. ACAMS’ 60 Chapters globally further amplify the association’s mission through training and networking initiatives. Visit  acams.org  for more information.

Lashvinder Kaur Association of Certified Anti-Money Laundering specialists +44 7388 264478 LKaur@acams.org

Wed, 27 Jul 2022 03:22:00 -0500 en text/html https://apnews.com/press-release/globe-newswire/business-137340ed9783c304403a491187f1ff1a
Killexams : Anti-Money Laundering Market Size to Hit $6014.7 Million by 2028 | Global Anti-Money Laundering Industry to Record a 15.7% CAGR (2022-2028)

NEW YORK, United States, Aug. 01, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled "Anti-Money Laundering Market Size, Share, Growth Analysis Report By Type (Solution, Services), By Deployment Mode (On-premises, Cloud), By Organization Size (SMEs, Large enterprises), By End-User (Banks and Financials, Insurance Providers, Gaming & Gambling), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" in its research database.

"According to the latest research study, the demand of global Anti-Money Laundering Market size & share in terms of revenue was valued at USD 2,582.5 million in 2021 and it is expected to reach around USD 6,014.7 million mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 15.7% during the forecast period 2022 to 2028."

What is Anti-Money Laundering? How big is the Anti-Money Laundering Industry?

Market Overview:

The market's optimistic growth prospects might be ascribed to an increase in money laundering incidents around the world. The increased number of worldwide transactions has fuelled the implementation of anti-money laundering (AML) solutions in banks and other financial institutions. The industry is likely to increase as rules and compliance requirements for businesses become strict. Various government entities around the world have established legislation and laws to combat terrorism funding and money laundering. AML rules vary by nation, making it critical for financial institutions to ensure that their operations are in accordance with policies particular to the country of operation. These policies are driving up demand for AML solutions in the industry.

Get a Free trial PDF of this Research Report for more Insights with a Table of Content, Research Methodology, and Graphs - https://www.fnfresearch.com/sample/anti-money-laundering-market

(A free trial of this report is available upon request; please contact us for more information.)

Our Free trial Report Consists of the Following:

  • Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
  • The COVID-19 Pandemic Outbreak Impact Analysis is included in the package
  • About 211+ Pages Research Report (Including latest Research)
  • Provide detailed chapter-by-chapter guidance on Request
  • Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
  • Includes Tables and figures have been updated
  • The most latest version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
  • Facts and Factors research methodology

(Please note that the trial of this report has been modified to include the COVID-19 impact study prior to delivery.)

Global Anti-Money Laundering Market Dynamics

During the projected period, growing artificial intelligence technology in AML solutions and increased acceptance of cloud-based solutions are expected to deliver attractive prospects for AML software market advancement. Adopting compliance management systems like AML in the coming years is expected to provide a large potential due to the increased demand to analyze risk indicators across numerous industrial verticals. However, a shortage of AML expertise is expected to stymie the expansion of the anti-money laundering software market. Various legislation in different nations requires financial institutions to detect and report customers who engage in fraudulent behavior. Even after implementing AML solutions, it is difficult to identify frauds owing to the increasing frequency of sophisticated assaults such as phishing, card fraud, skimming, identity fraud, money laundering, investment fraud, terrorism funding, and sanction breaches.

Directly Purchase a copy of the report with TOC @ https://www.fnfresearch.com/buynow/su/anti-money-laundering-market

Anti-Money Laundering Market: COVID-19 Impact Analysis

COVID-19 has accelerated the advancement of digital technologies. Due to political restrictions around the world, everyone is now reliant on digital platforms to meet their everyday needs. The primary application is digital payments. The use of digital wallets, often known as eWallets, has grown. As a result of this transition, the likelihood of unlawful money transactions has grown. The FATF has issued a warning to banks regarding unlawful money transactions. As a result, the need for AML solutions has increased, and this factor has a significant impact on market growth. Due to the increased use of digital platforms, the amount of data on networks is increasing, putting a strain on the infrastructure security of banks and financial institutions. Despite several safeguards, banks are being attacked by hackers, resulting in massive losses.

As a result, the need for improved AML solutions is increasing, influencing the market growth. Cybercrime, such as financial fraud, is on the rise as data on networks grows. Banks and financial institutions are increasingly using data analytics tools to Excellerate their security procedures. This is projected to have a significant impact on market growth.

Anti-Money Laundering Market: Segmentation Analysis

In terms of Deployment Mode, the on-premise segment led the market, accounting for more than 50.0 percent of worldwide revenue. Anti-money laundering solutions deployed on-premise deliver enterprises complete control over applications, platforms, data, and systems, which can be easily managed by the organization's in-house IT personnel. At the same time, the segment is in high demand in enterprises where user credentials are crucial for business operations. To protect themselves from unwanted attacks, the firms deploy on-premise anti-money laundering.

On the basis of end-user, banks and other financial institutions had the greatest market share in the forecast period. This can be attributed to the growing global acceptance of banking and financial services such as commercial banking, pension funds, and retail banking, as well as developments in digital banking technology. The increased usage of banking and financial services has increased the frequency of fraud and money laundering, which is propelling the global anti-money laundering industry forward.

Browse the full "Anti-Money Laundering Market Size, Share, Growth Analysis Report By Type (Solution, Services), By Deployment Mode (On-premises, Cloud), By Organization Size (SMEs, Large enterprises), By End-User (Banks and Financials, Insurance Providers, Gaming & Gambling), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" Report at https://www.fnfresearch.com/anti-money-laundering-market

Competitive Landscape

Some of the main competitors dominating the global Anti-Money Laundering market include - 

  • ACI Worldwide (US)
  • BAE Systems (UK)
  • Nice Actimize (US)
  • FICO (US)
  • SAS Institute (US)
  • Oracle Corporation (US)
  • Experian (Ireland)
  • LexisNexis Risk Solution (US)
  • Fiserv (US)
  • FIS (US)
  • Dixtior (Portugal)
  • TransUnion (US)
  • Wolter's Kluwer (The Netherlands)
  • Temenos (Switzerland)
  • Nelito Systems (India)
  • TCS (India)
  • Workfusion (US) and others.

 Key Insights from Primary Research:

  • According to the analysis shared by our research forecaster, the Anti-Money Laundering market is likely to expand at a CAGR of around 15.7% during the forecast period (2022-2028).
  • In terms of revenue, the Anti-Money Laundering market size was valued at around US$ 2,582.5 million in 2021 and is projected to reach US$ 6,014.7 million by 2028.
  • Based on Organization Size, the large enterprise category is expected to account for the largest share of the market in the forecast period.
  • By Deployment Mode, the cloud segment is expected to increase the most during the projection period.
  • North American regional market dominated the anti-money laundering industry, accounting for the largest share of worldwide sales during the forecast period.

Have Any Query? Ask Our Experts: https://www.fnfresearch.com/inquiry/anti-money-laundering-market

Key questions answered in this report:

  • What is the market size and growth rate forecast for Anti-Money Laundering industry?
  • What are the main driving factors propelling the Anti-Money Laundering Market forward?
  • What are the leading companies in the Anti-Money Laundering Industry?
  • What segments does the Anti-Money Laundering Market cover?
  • How can I receive a free copy of the Anti-Money Laundering Market trial report and company profiles?

Key Offerings:

  • Market Size & Forecast by Revenue | 2022−2028
  • Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
  • Market Segmentation – A detailed analysis by Type, Deployment Mode, Organization Size, End User, and By Region
  • Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Dominance:

North America is predicted to contribute the greatest market share in terms of revenues throughout the projection period because it is a technologically advanced region with a high number of early adopters and the presence of key market players. Factors such as the proliferation of inorganic growth methods among key AML vendors, advances in the deployment of AI, ML in AML solutions, and rising demand for cloud-based AML solutions are projected to fuel the demand for anti-money laundering solutions.

Europe is predicted to contribute to the fastest-growing region with the greatest CAGR throughout the projection period due to its technological advancements and early acceptance of new technologies. Continuous regulatory landscape developments, such as new stringent data privacy laws such as AMLD5, GDPR, and PCI DSS, as well as emerging trends related to trade-based money laundering and virtual currencies, such as a shift towards the non-bank financial sector and non-financial profession, are expected to fuel the demand for AML solutions in the European region.

The global anti-money laundering market is segmented as follows:

By Type

By Deployment Mode

By Organization Size

By End-User

  • Banks and Financials
  • Insurance Providers
  • Gaming & Gambling

By Region

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • France
    • UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

Request For Free trial Report of the Global Anti-Money Laundering Market @ https://www.fnfresearch.com/sample/anti-money-laundering-market

Report Scope

Report Attribute Details
Market Size in 2021 USD 2,582.5 Million
Projected Market Size in 2028 USD 6,014.7 Million
CAGR Growth Rate 15.7% CAGR
Base Year 2021
Forecast Years 2022-2028
Key Market Players ACI Worldwide (US), BAE Systems (UK), Nice Actimize (US), FICO (US), SAS Institute (US), Oracle Corporation (US), Experian (Ireland), LexisNexis Risk Solution (US), Fiserv (US),FIS (US), Dixtior (Portugal), TransUnion (US), Wolter's Kluwer (The Netherlands), Temenos (Switzerland), Nelito Systems (India), TCS (India), Workfusion (US), Napier (UK), Quantaverse (US), Complyadvantage (UK), Acuant (US), FeatureSpace (UK), Feedzai (US), Finacus Solutions (India), CaseWare RCM (Canada), Comarch SA (Poland), and Others
Key Segment By Type, Deployment Mode, Organization Size, End User, and By Region
Major Regions Covered North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
Purchase Options Request customized purchase options to meet your research needs.

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Mon, 01 Aug 2022 04:39:00 -0500 text/html https://www.benzinga.com/pressreleases/22/08/g28294655/anti-money-laundering-market-size-to-hit-6014-7-million-by-2028-global-anti-money-laundering-indus
Killexams : Supreme Court upholds validity of anti-money laundering laws No result found, try new keyword!The Supreme Court on Wednesday upheld the validity of the Prevention of Money Laundering Act (PMLA). The court also upheld the contested powers available to the Enforcement Directorate. The Supreme ... Tue, 26 Jul 2022 23:23:34 -0500 en-in text/html https://www.msn.com/en-in/money/news/supreme-court-upholds-validity-of-anti-money-laundering-laws/ar-AA100ZHT Killexams : Indian Authorities Must Strengthen Anti-Money Laundering and Terrorism Finance Regulations Ahead of Central Bank Digital Currency Rollout

Dhvani Shah, a penultimate year student at Gujarat National Law University, India, discusses the need for stricter regulations before India introduces Central Bank Digital Currency in 2023...

In a June 2022 press conference, the Reserve Bank of India’s (RBI) deputy governor confirmed the government’s plan to adopt Central Bank Digital Currency (CBDC) gradually during fiscal year 2023. This comment was followed by Annual Report 2021–22, released by the RBI, stating CBDC would be introduced into the Indian economy through a three-step approach. The idea would first be tested for its practicality, followed by a pilot project and a subsequent full-fledged launch.

Currently, 86 percent of central banks across the world are in the process of exploring the potential of CBDC; just a few countries, such as Nigeria, have successfully adopted CBDCs. In the face of war, Russia has allegedly sought refuge under its CBDC digital ruble launched in February 2022 to evade global sanctions.

The unique selling proposition (USP) of any cryptoasset/cryptocurrency is the anonymity it offers. Cryptocurrencies, which are largely built on peer-to-peer systems, attract launderers since the entire cost of cash-out can be less than 15 percent of the profits of crime, unlike other money laundering schemes, which may cost up to 50 percent.

Critics have voiced concerns regarding the misuse of CBDC for money laundering and terrorism financing. In light of these concerns, this article aims to analyze money laundering through cryptocurrency, as well as the insufficiency of regulations governing them. It concludes with a suggested amicable resolution for the introduction of CBDC into the economy.

Understanding CBDC

CBDC is a digital form of fiat currency issued by a country’s central bank. The digital rupee will function as a digital form of legal tender issued by RBI and supported by the government, allowing for contactless transactions and quicker settlement. On the RBI’s balance sheet, the sovereign currency, i.e., digital rupee, would show as a liability and would be exchangeable at par with cash.

A June 2021 controversy involving WazirX, India’s largest cryptocurrency exchange platform, highlights the importance of analyzing ties between digital currencies and regulations related to anti-money laundering (AML) and combating the financing of terrorism (CFT). WazirX was issued a show cause notice by the Enforcement Directorate (ED) for an alleged contravention of the Foreign Exchange Management Act, 1999 (FEMA). The FEMA investigation revealed that there are significant flaws in the way WazirX operates, including its bookkeeping, due diligence standards, and method of recording transactions on the blockchain(s). WazirX caters to approximately 900,000 customers, including foreign clients, and trades in over 70 different cryptocurrencies. Its onboarding process is relatively simple; clients are essentially exempt from physical verification and due diligence. There is also a lack of the usual safeguards used to protect cryptocurrency transactions for for AML/CFT purposes. Thus, virtual currency was treated as akin to money for the purposes of FEMA and the mandatory AML/CFT precautions, and FEMA guidelines were applicable to Virtual Currency Exchanges.

Currently, there is no exhaustive set of rules regulating the money laundering and terrorism financing concerns of digital currencies in India. As per the guidelines published under Section 35A of the Banking Regulation Act, 1949, and Rule 9(14) of the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005, (PMLA) the RBI requires reporting entities to follow specific client identification procedures for opening accounts and monitoring suspicious transactions for the purpose of reporting to competent authorities. For bringing cryptocurrency exchanges under the purview of the reporting entity under the Prevention of Money-Laundering Act, 2002 (PMLA), section 2(s)(sa) of the PMLA states a “person carrying on designated business or profession” should be amended to include in its ambit persons/intermediaries dealing in cryptocurrency. This extends the applicability of the current PMLA to crypto-exchanges. The 2005 Rules also provide for digital KYC, which requires the capture of a live photo of the customer with the exact location where the photo is taken. This could be instrumental in determining the source of a suspicious account transaction.

In May 2021, an RBI notification required banks and financial institutions trading in cryptocurrencies to adhere to the current KYC, AML, and CFT, obligations of regulated entities under PMLA and relevant provisions under the FEMA for overseas remittances. The notification was issued in accordance with the Supreme Court of India’s decision in Internet and Mobile Association of India v. Reserve Bank of India, wherein the RBI’s two-year-old banking ban on virtual currency was found to be beyond the authority of the Indian Constitution, as it interfered with the fundamental right of cryptocurrency exchanges to participate in commerce and business.

A cornerstone of AML/CTF precautionary norms is the requirement for the identification of people associated with the transaction by the banks. With the introduction of CBDCs, this identification has become easier, and the data obtained might include personal, credit and financial history and sensitive information. However, such financial intelligence on a person could backfire in authoritarian regimes, as it would create leeway for state surveillance. But since anonymity is an integral part of digital currency transactions, some cryptocurrencies, including Monero, Zcash, DASH, Verge, and Horizen, offer absolute anonymity to their users, making it incredibly difficult to track the parties involved in transactions. Source anonymity and a lack of records of suspicious transactions are the two biggest impediments to the identification of crimes relating to money laundering and terrorism financing. Because of their secrecy and accessibility, cryptocurrencies are probably the ideal safe harbor for such illegal operations.

As a result, unless anonymity is removed from all cryptocurrency transactions, locating or freezing the digital wallet for suspicious transactions would be extremely difficult for an agency such as the ED.

For all of these reasons, the government should put proper laws and enforcement mechanisms in place before introducing CBDCs into the Indian economy.

Suggestions

Ahead of the introduction of CBDCs into the Indian economy, privacy should be a key consideration. To be in compliance with AML and CFT regulations, CBDC payment mechanisms would need to include the identification of users by at least one authority in the digital payment network.

Payment Interface Providers could act as middlemen between banks and the public and minimize privacy concerns by providing pseudonymous accounts while linking each account to a core ledger with the original information available to such providers. These Payment Interface Providers, in this case, would be responsible for the AML/CFT compliances and reporting of suspicious transactions to the relevant authorities.

The need of the hour is the introduction of efficient legislation drafted with foresight into probable future issues while dealing with digital currency. An autonomous regulatory authority can be formed through a constitutional amendment, which will guide India’s path to the digitization of its currency and decentralizing finance, which will result in greater convenience and the financial inclusion of its people. It can also supervise and take action on any human rights or state surveillance concerns arising out of the introduction of CBDCs. Additionally, the RBI could launch professional courses and issue relevant professional licenses. The courses could be holistic developments including finance and cybersecurity studies specifically created to cater to the government’s needs in this respect. There could be repercussions for misuse, such as the cancellation of a practitioner’s license or imprisonment, which would induce fear and reduce the risks associated with involving third parties and their unlawful intervention in the financial structure of the country.

Conclusion

A digital payments sector boom is possible in India through the introduction of CBDCs, as it shows great capability for financial inclusion, cheaper banking and payment costs and overall global economic digitalization. Since organized crime syndicates and criminals would not hesitate to manipulate the system, law enforcement and regulators must maintain efficient and constructive oversight of the industry by strengthening the relevant AML/CFT measures in India.

Dhvani Shah is a penultimate year student of law at Gujarat National Law University.

Suggested citation: Dhvani Shah, Indian Authorities Must Strengthen Anti-Money Laundering and Terrorism Finance Regulations Ahead of Central Bank Digital Currency Rollout, JURIST – Student Commentary, July 25, 2022, https://www.jurist.org/commentary/2022/07/dhvani-shah-cryptocurrency-regulations-india/.


This article was prepared for publication by Hayley Behal, JURIST Commentary Co-Managing Editor. Please direct any questions or comments to her at commentary@jurist.org


Opinions expressed in JURIST Commentary are the sole responsibility of the author and do not necessarily reflect the views of JURIST's editors, staff, donors or the University of Pittsburgh.

Mon, 25 Jul 2022 05:41:00 -0500 Dhvani Shah en text/html https://www.jurist.org/commentary/2022/07/dhvani-shah-cryptocurrency-regulations-india/
Killexams : ACAMS Launches CCAS Scholarship Program for BIPOC Professionals Seeking Crypto-Related Compliance Training

CCAS Scholarship winners will be among the first to receive the new AFC crypto certification for institutions engaged with the cryptoasset sector

MIAMI, July 27, 2022 (GLOBE NEWSWIRE) -- In recognition of the important roles that diversity, equity, and inclusion (DEI) play in the global compliance sector, ACAMS is launching a new scholarship for Black, Indigenous, and People of Color (BIPOC) professionals seeking to enroll in the new Certified Cryptoasset Anti-Financial Crime Specialist (CCAS) certification program. Under the initiative, ACAMS will award the CCAS Scholarship to 30 BIPOC compliance practitioners in the anti-financial crime (AFC) space, granting them a one-year member membership to the association free-of-cost and a waiver of all fees for the CCAS exam package, including study materials and access to the program’s Virtual Classroom series.

The new AFC crypto certification, which will be available from Q4 2022, is designed to equip AFC professionals working in banks, non-bank financial institutions, and the crypto sector with the knowledge and skillset necessary to mitigate the financial-crime risks associated with virtual assets. CCAS applicants will train on how cryptoassets and the distributed blockchain ledger function as well as the anti-money laundering (AML) and risk-management controls that can prevent criminal exploitation of the technology.

Scholarship recipients who successfully complete the CCAS program will be among the first in the world to obtain the new certification, which was developed under the guidance of subject-matter experts with backgrounds in law enforcement, regulatory oversight, and AFC compliance within the crypto space and traditional banking, payments, and money services sectors.

“The CCAS Scholarship is not only a recognition of the fact that DEI is a core value of the global AFC community, but it’s also a way to strengthen institutions by helping to bring talented compliance practitioners to the table,” said ACAMS CEO Scott Liles. “As many of the most seasoned AFC professionals well know, having a diversity of perspectives and experiences inhouse can be critical for compliance teams seeking to fight financial crime effectively.”

“As the crypto industry continues to evolve in ways that challenge institutions and draw the scrutiny of regulators and law enforcement, it’s fundamentally important that AFC teams are trained and ready to look at financial activity with fresh eyes.” 

The initiative is the second of its kind for ACAMS following the launch in June 2021 of the CAFCA Scholarship, which waived costs for 30 BIPOC professionals taking part in the Certified AML FinTech Compliance Associate (CAFCA) program. As with the CAFCA initiative, CCAS Scholarship winners will be selected by a panel of representatives from ACAMS and the broader AFC industry.

Applicants can apply for the CCAS Scholarship through August 31, 2022. Winners will be announced on October 31, 2022.

Find out more about the scholarship’s criteria and application process here: https://www.acams.org/en/resources/diversity-equity-inclusion/scholarships/the-ccas-scholarship

Learn how the new CCAS certification can help shield institutions from crypto-related compliance risks here: https://www.acams.org/en/certifications/certified-cryptoasset-anti-financial-crime-specialist-certification-ccas

About ACAMS®

ACAMS is the largest international membership organization dedicated to providing opportunities for anti-financial crime (AFC) education, best practices, and peer-to-peer networking to AFC professionals globally. With over 90,000 members across 180 jurisdictions, ACAMS is committed to the mission of ending financial crime through the provision of anti-money laundering/counterterrorism-financing and sanctions knowledge-sharing, thought leadership, risk-mitigation services, ESG initiatives, and platforms for public-private dialogue. The association’s CAMS certification is the gold-standard qualification for AFC professionals, while the CGSS certification is its premier specialist qualification for sanctions professionals. ACAMS’ 60 Chapters globally further amplify the association’s mission through training and networking initiatives. Visit acams.org for more information.


Lashvinder Kaur
Association of Certified Anti-Money Laundering Specialists
+44 7388 264478
LKaur@acams.org
Wed, 27 Jul 2022 04:24:00 -0500 en-US text/html https://www.wavy.com/business/press-releases/globenewswire/8607090/acams-launches-ccas-scholarship-program-for-bipoc-professionals-seeking-crypto-related-compliance-training/
Killexams : ACAMS Launches CCAS Scholarship Program for BIPOC Professionals Seeking Crypto-Related Compliance Training

CCAS Scholarship winners will be among the first to receive the new AFC crypto certification for institutions engaged with the cryptoasset sector

MIAMI, July 27, 2022 (GLOBE NEWSWIRE) -- In recognition of the important roles that diversity, equity, and inclusion (DEI) play in the global compliance sector, ACAMS is launching a new scholarship for Black, Indigenous, and People of Color (BIPOC) professionals seeking to enroll in the new Certified Cryptoasset Anti-Financial Crime Specialist (CCAS) certification program. Under the initiative, ACAMS will award the CCAS Scholarship to 30 BIPOC compliance practitioners in the anti-financial crime (AFC) space, granting them a one-year member membership to the association free-of-cost and a waiver of all fees for the CCAS exam package, including study materials and access to the program’s Virtual Classroom series.

The new AFC crypto certification, which will be available from Q4 2022, is designed to equip AFC professionals working in banks, non-bank financial institutions, and the crypto sector with the knowledge and skillset necessary to mitigate the financial-crime risks associated with virtual assets. CCAS applicants will train on how cryptoassets and the distributed blockchain ledger function as well as the anti-money laundering (AML) and risk-management controls that can prevent criminal exploitation of the technology.

Scholarship recipients who successfully complete the CCAS program will be among the first in the world to obtain the new certification, which was developed under the guidance of subject-matter experts with backgrounds in law enforcement, regulatory oversight, and AFC compliance within the crypto space and traditional banking, payments, and money services sectors.

“The CCAS Scholarship is not only a recognition of the fact that DEI is a core value of the global AFC community, but it’s also a way to strengthen institutions by helping to bring talented compliance practitioners to the table,” said ACAMS CEO Scott Liles. “As many of the most seasoned AFC professionals well know, having a diversity of perspectives and experiences inhouse can be critical for compliance teams seeking to fight financial crime effectively.”

“As the crypto industry continues to evolve in ways that challenge institutions and draw the scrutiny of regulators and law enforcement, it’s fundamentally important that AFC teams are trained and ready to look at financial activity with fresh eyes.”

The initiative is the second of its kind for ACAMS following the launch in June 2021 of the CAFCA Scholarship, which waived costs for 30 BIPOC professionals taking part in the Certified AML FinTech Compliance Associate (CAFCA) program. As with the CAFCA initiative, CCAS Scholarship winners will be selected by a panel of representatives from ACAMS and the broader AFC industry.

Applicants can apply for the CCAS Scholarship through August 31, 2022. Winners will be announced on October 31, 2022.

Find out more about the scholarship’s criteria and application process here: https://www.acams.org/en/resources/diversity-equity-inclusion/scholarships/the-ccas-scholarship

Learn how the new CCAS certification can help shield institutions from crypto-related compliance risks here: https://www.acams.org/en/certifications/certified-cryptoasset-anti-financial-crime-specialist-certification-ccas

About ACAMS®

ACAMS is the largest international membership organization dedicated to providing opportunities for anti-financial crime (AFC) education, best practices, and peer-to-peer networking to AFC professionals globally. With over 90,000 members across 180 jurisdictions, ACAMS is committed to the mission of ending financial crime through the provision of anti-money laundering/counterterrorism-financing and sanctions knowledge-sharing, thought leadership, risk-mitigation services, ESG initiatives, and platforms for public-private dialogue. The association’s CAMS certification is the gold-standard qualification for AFC professionals, while the CGSS certification is its premier specialist qualification for sanctions professionals. ACAMS’ 60 Chapters globally further amplify the association’s mission through training and networking initiatives. Visit acams.org for more information.

CONTACT: Lashvinder Kaur Association of Certified Anti-Money Laundering specialists +44 7388 264478 LKaur@acams.org
Wed, 27 Jul 2022 03:27:00 -0500 en-NZ text/html https://nz.finance.yahoo.com/news/acams-launches-ccas-scholarship-program-152100000.html

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