Certification Training for CAMS Exam Dumps Test Engine [2021]
Sep 10, 2021 Step by Step Guide to Prepare for CAMS Exam
NEW QUESTION 170
Which primary international authoritative body designates sanctions?
- A. Organizationof Economic Co-operation and Development (OECD)
- B. United Nations (UN)
- C. Financial Action Task Force (FATF)
- D. International Monetary Fund (IMF)
Answer: B
NEW QUESTION 171
According to the Financial Action Task Force 40 Recommendations, Designated Non-Financial Businesses and Professionals include which entities?
- A. Money services businesses
- B. Commodities traders
- C. Hawala operators
- D. Real estate agents
Answer: D
NEW QUESTION 172
Bank A is located in Country A.
A wire transfer from Bank B located in Country B is processes by Bank A,where the funds are being moved to a customer at Bank C located in Country C.
The wire transfer isdeemed suspicious by Bank A.
- A. Bank C in Country C.
- B. Bank B in Country A.
- C. The transaction in Country B.
- D. The transaction in Country A.
Answer: B
NEW QUESTION 173
Which two individuals are ordinarily beneficial owners of a private banking account according to the Wolfsberg Anti-Money Laundering Principles for Private Banking? (Choose two.)
- A. Those who are the ultimate source of funds for the account and whose source of wealth should be subject to due diligence
- B. Those two are authorized signers on the account
- C. Those who generally have ultimate control through ownership or other means over the funds in the account
- D. Those who have legal title to a controlling share interest in the customer
Answer: A,C
Explanation:
Explanation/Reference: https://www.wolfsberg-principles.com/sites/default/files/wb/pdfs/wolfsberg-standards/10.%
20Wolfsberg-Private-Banking-Prinicples-May-2012.pdf (2)
NEW QUESTION 174
What is true regarding disclosure to a law enforcement agency by a financial institution of the supporting documentation for a suspicious transaction report?
- A. A copy of all the documentation released must also be provided to the account holder's attorney
- B. Documentation must be provided as quickly as possible using email
- C. Confirm that the request originated from a representative of the law enforcement agency
- D. The financial institution may notify the account holder of the request
Answer: C
NEW QUESTION 175
Under requirements for correspondent accounts in the USA PATRIOT Act, the word "certification" refers to a written representation by a
- A. respondent bank, certifying that they do not do business with shell banks.
- B. correspondent bank, certifying that they do not open correspondent accounts for alternative remittance companies.
- C. federal receiver" certifying that he is not the beneficial owner of the correspondent account.
- D. respondent bank, certifying that they do not do business with politically exposed persons.
Answer: B
NEW QUESTION 176
In performing a risk analysis, which factor(s) should a financial institution review?
- A. Its customer base, location, products and services
- B. The adequacy and completeness of its STR filings
- C. Recent regulatory actions against financial institutions of comparable size
- D. The level of its gross revenue
Answer: A
NEW QUESTION 177
The anti-money laundering specialist of a small bank has identified suspicious activity at a branch located in an area of town where drug dealers are known to operate. An investigation of this activity discloses that the suspicious transactions occurred within the last 3 months and were processed by the same teller (cashier). The teller (cashier) did not file an internal report of unusual activity on these transactions. When checking personnel files, the specialist finds that the teller (cashier) has been a trusted employee for over 15 years, has an impeccable work record, and has participated in several anti-money laundering training sessions. The specialist recently became aware that the employee's daughter has contracted a rare disease and is undergoing a very expensive treatment program. Regarding the teller's (cashier's) failure to report the unusual activity to the institution, the specialist should recommend
- A. Suspending the teller's (cashier's) employment.
- B. Directing the teller (cashier) to file a suspicious transaction report.
- C. Continuing to monitor the accounts.
- D. Refreshing anti-money laundering training for the teller (cashier).
Answer: C
NEW QUESTION 178
In relationship to life insurance business, the third European Directive states that Member States may allow the identity verification of the beneficiary under the policy after the business relationship has been established, but before which events?
- A. At or before a premium payment has been accepted for the policy purchased
- B. At or before 30 days of the relationship being established under the policy
- C. At or before the policy is issued to the beneficiary by the insurance company
- D. At or before the time of payout or before the beneficiary intends to exercise rights vested under the policy
Answer: D
NEW QUESTION 179
In 2004, Consolidated KYC Risk Management was issued by the Basel Committee on Banking Supervision (BCBS). What is a key message in this document?
- A. Policies and procedures should be designed not merely to comply strictly with all relevant laws and regulations
- B. Consolidated KYC risk management for a group is critical and trumps jurisdictional rules hat limit information sharing
- C. KYC Risk Management required a yearly consolidation effort
- D. KYC Risk Management means as established decentralized process for promulgating policies and procedures
Answer: A
NEW QUESTION 180
Which situation is the highest risk fr money laundering and terrorist financing activity?
- A. A customer purchases casino chips using a credit card and engages in minimal game play before redeeming the chils for a casino check
- B. A customer purchases casino chips, using small denomination bank notes, but does not engage in game play before redeeming the chips for a casino check
- C. A customer purchases casino chips using credit from an account at an affiliated casino and engages in significant game play before redeeming the chips for a casino check
- D. A customer purchases casino chips and engages in significant game play before requesting a casino check for the remainder
Answer: D
NEW QUESTION 181
Who has the day-to-day responsibility of communicating and reinforcing the established anti-money laundering compliance culture and program?
- A. Business lines
- B. Board of directors
- C. Compliance officer
- D. Senior management
Answer: C
Explanation:
Explanation/Reference: http://files.acams.org/pdfs/English_Study_Guide/Chapter_4.pdf
NEW QUESTION 182
In many jurisdictions, financial institutions are prohibited from hiring a person who has been convicted of what type of offense?
- A. Kidnapping
- B. Protests of government action
- C. Driving while under the influence
- D. Offenses involving dishonesty
Answer: D
NEW QUESTION 183
Which two actions should Financial Intelligence Units (FIUs) take when submitting a request to another FIU?
(Choose two.)
- A. Make best efforts to provide complete and factual information
- B. Disclose the reason and purpose for the request
- C. Send the same request to all FIUs
- D. Provide feedback on how the information was used
Answer: A,B
NEW QUESTION 184
What are three potential issues for foreign financial institutions maintaining correspondent accounts with U.S. banks under the Patriot Act? Choose 3 answers
- A. Prohibition of correspondent accounts for shell banks
- B. Cancellation of correspondent banking relationships
- C. Forfeiture of funds in a U.S. interbank account
- D. U.S. residents maintaining private banking accounts
Answer: A,B,C
Explanation:
Reference:http://www.ffiec.gov/bsa_aml_infobase/pages_manual/olm_027.htm
NEW QUESTION 185
After evaluating recent changes to international standards, an anti-money laundering specialist should consider enhanced due diligence on accounts held by which three groups of people?
- A. Retail Account Holders
- B. Precious Metal Dealers
- C. Foreign Exchange Dealers
- D. Lawyers
Answer: B,C,D
NEW QUESTION 186
What are two requirements with respect to supporting documentation that is used to identify potentially suspicious activity, according to Financial Action Task Force? (Choose two.)
- A. It must be kept in a manner so that it can be provided promptly
- B. It must be retained for at least seven years
- C. It must be retained for at least five years
- D. It must only be released to the government through a subpoena process
Answer: A,C
NEW QUESTION 187
A popular restaurant in town has begun depositing less cash than it has in prior years. In a review of the customer's accounts, you notice that credit card receipts have increased with no .
The account officer discovers that the restaurant has installed a privately-owned automated teller machine (ATM) onsite and has begun construction on a patio dining area.
Which red flag should trigger additional investigation?
- A. Increased credit card receipts
- B. Lower cash deposits
- C. Construction of the new patio dining area
- D. Privately-owned ATM
Answer: A
NEW QUESTION 188
Financial Action Task Force (FATF)-style regional bodies are created and obliged to understand the inherent money laundering and terrorist financing risks in the region of the world they serve.
What is one of the methods they use to understand these risks?
- A. They conduct regional-level research and analysis of the money laundering and terrorist financing methods and trends using standards and templates used for FATF typologies reports
- B. They conduct global research on money laundering and terrorist financing trends and report their findings in their own typologies report
- C. They require member countries to develop statistical metrics over money laundering and terrorist financing crimes
- D. They require participating financial institutions of their members to file suspicious transaction reports to the regional body
Answer: D
NEW QUESTION 189
Which action should financial institutions with cross border correspondent banking activity be required to perform according to the Financial Action Task Force 40 Recommendations?
- A. Obtain senior management approval before establishing the relationship
- B. Gather a list of their politically exposed customers
- C. Identify natural persons who own or control more than 5%
- D. Obtain a third party independent review of the respondent's anti-money laundering program
Answer: A
NEW QUESTION 190
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