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Ace Your CAMS AML Certification Exam

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Total 772 questions

Certified Anti-Money Laundering Specialist (the 6th edition) Questions and Answers

Question 141

A profitable commercial customer who operates an import-export business has multiple accounts with the same institution at branches m different locations. The customer receives funds from a jurisdiction perceived as highly corrupt according to Transparency International ratings. The customer makes frequent transfers among the accounts and prefers to manage the accounts separately. What should the institution do to mitigate the risk associated with these accounts?

Options:

A.

File a suspicious transaction report

B.

Diminish the importance of the subjective Transparency International rating

C.

Conduct a trade-price manipulation analysis

D.

Develop a system to monitor all the activity

Question 142

The local manager of a remote mortgage origination department of a financial institution has just discovered that sanctions screening of new customers is not being performed.

Which action should the local manager take in this situation?

Options:

A.

Start screening new customers

B.

Immediately inform the regulators

C.

Immediately inform senior management

D.

Do nothing because the department only handles a very small number of mortgages

Question 143

Which situation is the highest risk for money laundering and terrorist financing activity?

Options:

A.

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

B.

A customer purchases casino chips and engages in significant game play before requesting a casino check for the remainder

C.

A customer purchases casino chips using a credit card and engages in minimal game play before redeeming the chips for a casino check

D.

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

Question 144

Which element is generally required of all anti-money laundering programs?

Options:

A.

A computer-based suspicious activity monitoring system

B.

A qualified compliance officer to manage the program

C.

Annual in-person AML training for all employees

D.

An enhanced due diligence program for all new customers

Page: 36 / 58
Total 772 questions