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Total 772 questions

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

Question 29

Abank organized under foreign lawand located outside of the U.S. maintains acorrespondent banking relationshipwith aU.S.-based bankto handlefinancial transactions in U.S. dollarsfor its clients.

In compliance with theUSA PATRIOT Act of 2001, allU.S. banks and broker-dealers in securities must obtain a signed certificationfrom allnon-U.S. foreign bank clients conducting business with them.

What information does theUSA PATRIOT Act of 2001require theforeign bank to certify to the U.S. bank? (Select Three.)

Options:

A.

The ownership details of the foreign bank.

B.

The foreign bank will not allow indirect use of the correspondent bank accounts by Politically Exposed Persons (PEPs).

C.

The jurisdictions in which the foreign bank maintains a physical presence.

D.

The foreign bank’s operations will be limited to the country of incorporation.

E.

The foreign bank will not allow indirect use of the correspondent bank accounts by shell banks.

Question 30

Which scenariobest justifies why a financial institution (FI) might close a customer’s account?

Options:

A.

The account hastransactions that triggered multiple Suspicious Activity Reports (SARs).

B.

The account showsperiodic fixed amount remittances for tuition fees.

C.

The customeruses a shipping company dealing with specially designated nationals (SDNs).

D.

The customeris the object of a civil subpoena.

Question 31

Which is the most severe consequence for a financial institution if the regulator finds it is in breach of AML regulatory obligations?

Options:

A.

Loss of license

B.

Civil sanctions

C.

Monetary fines

D.

Negative reputation

Question 32

The AML investigator is reviewing the transaction monitoring alerts and the customer's historical profile for the past two years. A review of the negative news search from a blog indicates

that the customer was previously part of a terrorist group. Which activities warrant further escalation? (Select Two.)

Options:

A.

The customer remitted monies in several transactions to the account of a recognized charity non-profit organization.

B.

The customer has bought and sold several real estate properties over the last year.

C.

The credit transactions in the account relate mostly to salary and rental income from property.

D.

The account received a large cash deposit followed by systematic automated teller machine (ATM) withdrawals until the balance was nominal.

E.

The customer conducts multiple cash transactions on a regular basis which do not match the customer's occupation.

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Total 772 questions