ICA Specialist Certificate in Trade Based Money Laundering — Information & Free Practice

About ICA Specialist Certificate in Trade Based Money Laundering

ICA Specialist Certificate in Trade Based 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 for the ICA Specialist Certificate; self-led study.

Exam questions

Total questions: 25.

Time limit

1 hour for the online examination. The two-month course access period is separate.

Passing score

ICA states a 70% minimum pass mark for Certificate and Specialist Certificate assessments, operationalised as at least 18 correct answers out of 25.

Exam fee

GB course fee: GBP £765, plus applicable taxes. Non-members also pay GBP £195 for 12 months of ICA membership. The course fee includes two MCQ attempts; a third and final attempt can be purchased separately.

Topics covered

• International Trade and Receivables Finance Explained

  • Introduction to international trade
  • Trade finance products and service risks
  • Supply chain finance
  • Parties to documentary trade finance products

• Introduction to Money Laundering, Terrorist Financing and Proliferation

  • What is money laundering?
  • What is meant by the term ‘terrorism’?
  • Money laundering and terrorist financing
  • What is trade-based money laundering?
  • Red flags in international trade
  • Why is international trade-based activity attractive to criminals and terrorist financers?
  • Emerging crime trends and sources of illicit finance

• International Laws, Regulations and Industry Guidance

  • The Financial Action Task Force (FATF)
  • The United Nations (UN)
  • The Wolfsberg Group
  • The International Chamber of Commerce
  • Financial intelligence units (FIUs)

• Managing Risk

  • The risk-based approach
  • Risk types
  • Customer due diligence (CDD)
  • Detecting and identifying suspected criminal conduct or proceeds
  • Identifying suspicious activity
  • The importance of training
  • Case histories
  • The challenges to countering trade-based money laundering
  • Examples of good and poor practice

• Money Laundering Typologies

  • Variable physical goods
  • Variable pricing of goods
  • Black market peso exchange
  • Misuse of standby letters of credit
  • Vulnerable sectors

• Terrorist Financing, Resourcing and Sanctions

  • Terrorist financing
  • Terrorist resourcing
  • Proliferation and dual-use goods
  • Sanctions

• Further Financial Crime Risk Considerations

  • Offshore financial centres (OFCs)
  • Shell banks
  • International business corporations
  • Correspondent banking
  • Fraud
  • Smuggling
  • Transfer pricing
  • Capital flight
  • Foreign exchange
  • Free-trade zones
  • Corruption
  • Case studies

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

Official sources and references

• ICA TBML syllabus

  pp. 1–2

• ICA frequently asked questions

  How long will it take to complete my ICA course, and how is it assessed? — Certificate & Specialist Certificate Courses

• ICA frequently asked questions

  What is the minimum pass mark for my assignment or assessment? — Certificate & Specialist Certificate

• ICA TBML course

  Course details

• ICA TBML course

  Course title and course details

Confirm current exam arrangements with the exam provider.