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Total 860 questions

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

Question 57

Which of the following statements istrueregarding the2012 Financial Action Task Force (FATF) 40 Recommendationsand/or11 Immediate Outcomes?

Options:

A.

The cornerstone of the40 Recommendationsis the adoption of arisk-based approachby each jurisdiction.

B.

Each jurisdiction can reach out to the FATF for private access to theinterpretive notesto the40 Recommendations.

C.

The40 Recommendationshave not been updated to reflect the impact of new technology.

D.

The11 Immediate Outcomesare recommendations specific tohigh-risk jurisdictionsrequiringenhanced monitoring.

Question 58

Abank is preparing for a regulatory examafter a previousregulatory exam identified weaknesses in its AML program. Since the last exam, the bank has:

    Improved its written AML program

    Hired an experienced AML compliance officer

    Demonstrated a stronger culture of compliance

    Focused on clearing its transaction monitoring case backlog and enhancing its sanctions screening program

Which of the followingare correct? (Select Two.)

Options:

A.

The bank is likely to face secondary sanctions from global financial institutions despite addressing many of the previous concerns.

B.

The bank is protected from reputational risk arising from any regulatory action because regulatory orders must remain confidential.

C.

The bank may face the risk of regulatory orders to remediate its AML program despite addressing many of the previous concerns.

D.

The bank may face civil or criminal penalties if it is unable to demonstrate sustained improvement in addressing the previous concerns.

E.

The regulatory agency may require the bank’s board of directors to publicly share the actions taken to address the previous concerns in order to limit its reputational risk.

Question 59

Alegal instrumentexecuted betweentwo nationsgoverningcross-border information sharingis called a:

Options:

A.

Memorandum of agreement

B.

Declaration of understanding

C.

Memorandum of understanding

D.

Mutual legal assistance treaty

Question 60

Which statements relate to the role of financial intelligence units (FIUs) in combatting financial crime on a national and international level? (Select Three.)

Options:

A.

FIUs can only engage in cross-border collaboration where there exists a reasonable suspicion that is confirmed by a court-issued document.

B.

FIUs are legally empowered to use a wide range of investigative techniques, both in the public and in the private sector.

C.

FIUs use a limited range of investigative techniques.

D.

FIUs have a broad range of financial information to assess suspicious activity alerts.

E.

FIUs can only command data and information requests from public sector entities.

F.

FIUs are able to cooperate both with foreign counterparts and national institutions.

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Total 860 questions