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AML Certification CAMS ACAMS Study Notes

Page: 19 / 65
Total 860 questions

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

Question 73

What should afinancial institution (FI) doin response to aformal law enforcement requestto produce documents?

Options:

A.

Verify the officer’s identification and ask for the law enforcement request to be served when theChief Executive Officeris available to sign for it.

B.

Ask for an extension to review the FI’sprivacy policyandconfidentiality policybefore providing any information under the law enforcement request.

C.

Designate a person responsible for theinternal investigationin preparation of documents for the request.

D.

Keepsenior management informedat all times to strategically organize a defense toterminate the law enforcement request.

Question 74

A financial institution accepts new on-line customers. After customers have provided acceptable identification, the institution should next

Options:

A.

Confirm the validity of the customer information.

B.

Obtain an electronic picture of each customer.

C.

Closely monitor the account for 30 days.

D.

Establish the account based on the information provided.

Question 75

The recommended way lot a financial institution to respond to a request from a law enforcement agency is to:

Options:

A.

train all staff to enable them to respond to subpoenas.

B.

hand over documents that are protected by attorney-client privilege

C.

freeze the identified account immediately

D.

have an audit trail system to produce requested documentation

Question 76

What was the topic the Wolfsberg Group’s first guidance addressed?

Options:

A.

Enhanced due diligence for high risk customers

B.

Private banking

C.

AML training for financial institution staff

D.

Merchant acquiring activities

Page: 19 / 65
Total 860 questions