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Question: You have been recruited to lead the development of a Compliance and Anti-Money Laundering function for a start-up FinTech firm

16 Oct 2023,2:17 PM

 

You have been recruited to lead the development of a Compliance and Anti-Money Laundering function for a start-up FinTech firm. Heather, the CEO, and founder of the Fin Tech firm, primarily has a background in IT. However, Heather has recognised that Fin Tech in the world of compliance, anti-money laundering and sanctions risk management, is a profitable and growing area. Heather has very little experience of working in a regulated environment and financial crime risk management. The CEO is keen to rapidly expand but does not seem happy with all the red tape that risk management seems to entail. Heather perceives AML risk management as expensive, although she is aware that it is necessary, but as the CEO wants you to keep costs at a minimum to maximise profitability.

 

Your first task in your new role is to convince the CEO and Senior Management of the importance of compliance with money laundering and sanctions directives and to provide guidance on what a good governance framework may look like.

 

You have decided that the most effective way to describe the importance of a good risk framework is to deliver a presentation to the CEO and the Senior Management Team. Heather likes the sound of this but has asked for a summary on your key points in advance of your presentation.

 

Question 1

 

  1. Explain the role and responsibilities of the board/senior management in relation to AML/CFT requirements in a jurisdiction of your choice. Use examples to demonstrate the possible risks to the firm if it fails to meet these requirements in support of your explanation.

(20 marks)

  1. Define what is meant by the ‘Risk Based Approach’ in line with international best practice and describe three (3) key controls that you would recommend to support the implementation of a Risk Based Approach. Use examples from your chosen sector and jurisdiction to illustrate your explanation.

(20 marks)

  1. Select two (2) of the controls you have identified in part 2 and evaluate the potential challenges that implementing these controls may present to the firm.

(20 marks)

 

Include any relevant legislation and incorporate examples to support your analysis.

 

Question 2

The CEO is impressed with your initial proposal for the presentation. However, due to the recent focus in the media with respect to Sanctions and Sanctions Compliance the CEO needs to understand what this may mean for the firm, particularly as the CEO has aggressive expansion plans to move into the United States and jurisdictions that are perceived as higher risk.

i.      Describe the role that OFAC play in the global sanctions community and provide an analysis of how this may affect a firm in a jurisdiction of your choice.

Include any relevant legislation and incorporate any examples to support your analysis.

(15 marks)

Question 3

 

Describe three methods on how money or value is transferred to support terrorist financiers to achieve their objectives. Analyse the challenges that regulated firms face in detecting terrorist financing activity, in respect of the methods you have identified Provide examples in each case.

(25 marks)

Total 100 marks

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