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ICA Certificate in Anti Money Laundering — Information & Free Practice

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About ICA Certificate in Anti Money Laundering

ICA Certificate in Anti Money Laundering · GB

Key exam facts

Provider
International Compliance Association (ICA); certification awarded in association with Alliance Manchester Business School, the University of Manchester.
Format
One online multiple-choice examination, available during the self-paced course; this is the Level 2 Certificate, not the Advanced Certificate or Diploma.
Exam questions
Total questions: 25.
Time limit
One hour of examination time. Course access is up to two months; the course can be completed in as little as four weeks.
Passing score
70% minimum pass mark; ICA specifies at least 18 correct answers out of 25 for Certificate and Specialist Certificate MCQ assessments.
Exam fee
UK/GBP course fee £765, plus applicable taxes. Non-members also pay £195 for 12 months of ICA membership, plus applicable taxes. The course fee includes two assessment attempts; a third/final online assessment and extension is listed at £75 plus applicable local taxes. Currency depends on location; group discounts may apply.

Topics covered

  • Money laundering fundamentals

    • What is money laundering?
    • What forms of property can be laundered?
    • Why is money laundered?
    • Who facilitates money laundering?
    • The three-stage model of money laundering
    • Limitations of the three-stage model
    • Predicate offences
    • What is anti-money laundering?

  • Terrorist financing, proliferation financing and sanctions fundamentals

    • What is terrorist financing?
    • How is terrorism financed?
    • What is the counter financing of terrorism (CFT)?
    • What is proliferation financing?
    • How is weapons proliferation financed?
    • What is counter-proliferation financing (CPF)?
    • Relationship between money laundering, terrorist financing and proliferation financing
    • Sanctions
    • Importance of sanctions regimes
    • Key international sanctions regimes
    • Sanctions lists and screening requirements

  • International AML frameworks

    • Understanding the AML legal and regulatory structures
    • The United Nations Office on Drugs and Crime (UNODC)
    • The Financial Action Task Force (FATF)
    • European Union (EU)
    • The Egmont group and Wolfsberg Group
    • National legislation
    • Rules, codes, guidance and best practice

  • Institutional vulnerabilities in financial services

    • Why are financial services vulnerable?
    • Retail banking
    • Cash deposits
    • Deposit accounts
    • Loans
    • Credit cards
    • Bank safety deposit boxes
    • Wire transfers
    • Correspondent banking
    • Private banking services
    • Trade finance
    • Insurance services
    • Investment products and services
    • Prepaid cards and stored value products
    • Money services businesses (MSBs)
    • Cryptocurrency exchanges and virtual asset service providers (VASPs)
    • Mobile financial services (m-FS)

  • Institutional vulnerabilities in DNFBPs

    • Legal and accounting services
    • Accountancy services
    • Legal services
    • Client money accounts
    • Company service providers
    • Dummy trading companies
    • Shell companies and offshore companies
    • Trustee services
    • Discretionary trusts
    • Blind trusts
    • Dummy settlors
    • Real estate sector
    • Dealers in precious metals and stones
    • Betting and gaming (gambling) sector

  • Assessing risk and customer due diligence

    • Risk-based approach
    • Risk assessment: the risk factors
    • Risk mitigation
    • Risk monitoring: review
    • Recordkeeping
    • Identifying money laundering, terrorist financing and proliferation financing activity
    • Customer due diligence (CDD)
    • Simplified due diligence
    • Enhanced due diligence (EDD)
    • Unwrapping beneficial ownership
    • Politically exposed persons (PEPs)
    • Monitoring client activity

  • Suspicious activity detection and reporting

    • Legal obligation to report suspicious activity
    • Reporting suspicious activity
    • The suspicious activity reporting process
    • Client confidentiality
    • Handling the risk of tipping off

  • AML programme management and compliance culture

    • The importance of AML policies and procedures
    • The content of a policy
    • Board and senior management oversight
    • AML procedures
    • Monitoring compliance with the policy and procedures
    • Resources
    • Culture

How to prepare

Work through the topics, read the explanation after each answer, and revisit the areas where you miss questions. Use the official outline and reference materials below to guide your study.

These independent practice questions are not actual exam items and do not guarantee a passing result.

Frequently asked questions

What is the exam format?

One online multiple-choice examination, available during the self-paced course; this is the Level 2 Certificate, not the Advanced Certificate or Diploma.

How many questions are on the exam?

Total questions: 25.

How long is the exam?

One hour of examination time. Course access is up to two months; the course can be completed in as little as four weeks.

What is the passing score?

70% minimum pass mark; ICA specifies at least 18 correct answers out of 25 for Certificate and Specialist Certificate MCQ assessments.

How much does the exam cost?

UK/GBP course fee £765, plus applicable taxes. Non-members also pay £195 for 12 months of ICA membership, plus applicable taxes. The course fee includes two assessment attempts; a third/final online assessment and extension is listed at £75 plus applicable local taxes. Currency depends on location; group discounts may apply.

Official sources and references

Confirm current exam arrangements with the exam provider.