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AML Certification CAMS Updated Exam

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Total 772 questions

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

Question 133

FATF recommends the incorporation of some measures in customer due diligence (CDD) programs including:

Options:

A.

conducting the risk assessment of products and services.

B.

conducting ongoing due diligence on the business relationship and monitoring of transactions.

C.

identifying the products and services and their suitability to customers.

D.

identifying the number of beneficial owners without the verification of their true identity.

Question 134

Enhanced due diligence (EDD) may be bypassed for which situation?

Options:

A.

On-boarding a branch or majority-owned subsidiary of an EU or US FI located in a high-risk third country that fully complies with group-wide policies and procedures.

B.

On-boarding a subsidiary in a high-risk country with a complex ownership structure of a long-standing and reputable customer based in the EU or US.

C.

On-boarding a casino headquartered in the EU or US that is part of an international hotel chain, provides less than 50% of overall revenue and that fully complies with group-wide policies and procedures.

D.

On-boarding a reputable Politically Exposed Person (PEP) from the EU onto the wealth management arm of a US financial institution (FI).

Question 135

How can a ‘free-look provision’ as part of a life insurance policy help criminals to launder money?

Options:

A.

A policy owner can decide how to pay the premium within a pre-defined period.

B.

A policy owner is able to terminate the contract without penalties such as surrender charges.

C.

A policy owner has freedom to decide who the beneficiary of the policy will be and can in this way move money to a related third party.

D.

A policy owner has freedom to decide who the beneficiary of the policy will be and can in this way move money to an unrelated third party.

Question 136

In addition to monitoring for suspicious activity, what are electronic monitoring systems also valuable for?

Options:

A.

Identifying how customers are using products

B.

Highlighting the skills of the system analysts

C.

Proving to the Board of Directors that the FIU is doing its job

D.

Meeting mandatory regulatory requirements for system implementation

Page: 34 / 58
Total 772 questions