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CAMS Premium Exam Questions

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Total 772 questions

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

Question 153

What are the European Union Directives on Money Laundering?

Options:

A.

They are voluntary codes of best practice for the financial sector

B.

They are written by the Wolfsberg Group

C.

They require members to implement certain laws of prevent money laundering

D.

They require financial institutions to report suspicious activity to the Egmont Group in Brussels

Question 154

Which action should an FIU consider taking when it has information that might be useful to another FIU?

Options:

A.

In accordance with Wolfsberg guidelines, submit the information to the other FIU in written form

B.

Supply the information to the other FIU spontaneously as soon as the relevance of sharing the information is identified

C.

Take no action until contacted by the other FIU

D.

Request approval from the Egmont Group prior to sharing the information with the other FIU

Question 155

A financial institution has expanded its scope of services so that it is attracting the business of politically exposed persons (PEPs) who had previously never been part of the customer base.

Which two courses of action should the compliance officer include in the institution’s procedures for considering PEPs as customers? (Choose two.)

Options:

A.

Conduct enhanced ongoing monitoring of the business relationship

B.

Expedite due diligence when a PEP is pre-approved by a member of senior management

C.

Obtain appropriate senior management approval for establishing a business relationship with a PEP from a high risk country

D.

Take adequate measures to establish the source of wealth and source of funds which are involved in the business relationship or occasional transaction

Question 156

When should new business products to evaluated for AML concerns?

Options:

A.

After they have been implemented so there is empirical data to review

B.

Before they are launched into the market

C.

At the time of the next enterprise risk assessment

D.

On an annual basis

Page: 39 / 58
Total 772 questions