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AML Certification Changed CAMS Questions

Page: 33 / 58
Total 772 questions

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

Question 129

Which is a key reason why a financial institution (FI) conducts an enterprise-wide AML risk assessment?

Options:

A.

The need to assess money laundering and terrorist financing risks and ensure there are adequate controls to mitigate those risks.

B.

The identification of specific risk categories (i.e., export, inactivity, layman, and false locations) unique to the bank.

C.

The need to understand its overall budget needs for each department and for internal audit.

D.

The board of directors and senior management are required to have an AML risk assessment for the bank.

Question 130

In order to protect investigative materials from disclosure when conducting an internal Investigation of any employee of a financial institution, legal counsel of that financial should________?

Options:

A.

Request formal company authorization to conduct the investigation. Such authorization should be granted, if possible, by the board of directors or audit committee

B.

Refuse to provide any records or documents to law enforcement because the bank has client privilege with its bank customers

C.

Let the bank hire any and all contract investigators to conduct the internal investigation. That way Legal is not a party to the action and may remain independent

D.

Not mark files or documents with privileged and Confidential: Attorney-Client Privilege and/or Work-Product. Those marks will only encourage law enforcement

Question 131

A compliance officer is conducting a review of the automated transaction monitoring system. What would be most likely to result in a change in the monitoring system parameters?

Options:

A.

The local paper runs stories that sully the institution’s reputation in the marketplace

B.

Law enforcement issues a subpoena for a particular customer’s account records

C.

The national Financial intelligence Unit issues new risk indicators

D.

The institution’s creditworthiness thresholds change

Question 132

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 is deemed suspicious by Bank A.

Who should Bank A file a suspicious transaction report on?

Options:

A.

The transaction in Country A

B.

Bank B in Country A

C.

The transaction in Country B

D.

Bank C in Country C

Page: 33 / 58
Total 772 questions