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CAMS Reviews Questions

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Total 772 questions

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

Question 109

A compliance officer provides an overview of the bank’s anti-money laundering program to a group of new

tellers during employee orientation.

Which training element should be delivered to this audience?

Options:

A.

Results of recent risk assessments

B.

Large cash transaction reporting procedures

C.

The financial institution’s surprise cash audit policy

D.

Past check fraud losses incurred by the financial institution

Question 110

A customer opens a corporate account with a broker-dealer on behalf of several beneficial owners, with a

stated long-term investment goal. The customer deposits $25.5 million into the account and three days later transfers $5 million to an overseas bank. Shortly thereafter, the customer begins making numerous purchases of pesos. The compliance officer receives a query regarding the movement of funds. Within a month of account opening, the customer depletes the account.

Which two red flags should prompt the firm’s compliance officer to take action? (Choose two.)

Options:

A.

The new account deposit is $25.5 million

B.

A corporate account is opened on behalf of several beneficial owners

C.

The compliance officer receives the query regarding the movement of funds

D.

The customer’s stated investment goal is not reflective of account activity

Question 111

A division anti-money laundering officer for a financial institution has been conducting a monthly self-assessment.

The officer reviews the accounts opened for compliance with a long standing Know Your Customer policy.

The self-assessment for the latest month shows a significant increase in compliance deficiencies for the first time in more than a year.

Which of the following is the next course of action for the anti-money laundering officer to take?

Options:

A.

Inform the Board promptly of the Know Your Customer policy trend over the last 6 months.

B.

Determine if there is a readily identifiable cause for the deficiencies.

C.

Implement a revision to the account-opening training program.

D.

Revise the policy to simplify Know Your Customer compliance before the report is issued.

Question 112

Law enforcement submitted a request to a bank for information regarding one of its customers.

How should the bank respond according to Financial Action Task Force Guidance?

Options:

A.

Provide all information requested to support the investigation

B.

Ensure that the request will not violate any local privacy regulations or legislation

C.

Ensure the information is necessary to the investigation before responding to the request

D.

Contact the customer informing the person of the investigation to ensure the bank provides correct

information

Page: 28 / 58
Total 772 questions