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AML Certification CAMS ACAMS Study Notes

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Total 860 questions

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

Question 73

As a result of an audit, a policy exception was identified that had been approved by the compliance officer.

The auditor determined that the policy exception is a violation of a regulatory requirement.

What should the auditor do?

Options:

A.

Advise the compliance officer on how to appropriately respond to policy exceptions.

B.

Include the regulatory violation in the audit report and report it to the board of directors.

C.

Consult with legal counsel to determine if the approval of the policy exception was acceptable.

D.

Include the regulatory violation in the audit report and recommend the compliance officer be subject todisciplinary action by the board of directors.

Question 74

Which method is used to launder money in casinos?

Options:

A.

Purchase chips with cash and play at a table

B.

Purchase chips with cash and redeem for cash

C.

Purchase chips with cash and redeem for a check

D.

Purchase chips with cash and sell to another person for cash

Question 75

Which two statements in the Wolfsberg Group’s “Suppression of the Financing of Terrorism” define the role financial institutions should play in the fight against terrorism? (Choose two.)

Options:

A.

Financial institutions need to assist competent authorities in fighting terrorist financing through prevention, detection and information sharing.

B.

Financial institutions need to continuously analyze the types of activity related to terrorist financing anddevelop models that in the long term will drive down terrorism.

C.

Financial institutions should have financial intelligence units dedicated to the investigation of activity that would lead to the detection of terrorist financing as a means to decrease global terrorism.

D.

Financial institutions should apply extra due diligence whenever they see suspicious or irregular activities, especially when customers are engaged in sectors or activities that have been identified by competentauthorities as being used for the financing of terrorism.

Question 76

A customer brings $15,000 worth of chips into a casino and plays various games. The customer redeems all

the remaining chips and requests a wire transfer of the proceeds to an unrelated third party.

What are two red flags that indicate money laundering? (Choose two.)

Options:

A.

Customer redeeming all remaining chips

B.

Playing various games before cashing out

C.

Bringing $15,000 worth of chips into the casino

D.

Requesting a wire transfer to an unrelated third party

Page: 19 / 61
Total 860 questions