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Total 772 questions

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

Question 125

Which information must a United States financial institution retain for having foreign correspondent accounts as part of the USA PATRIOT Act record keeping requirements?

Options:

A.

Records identifying the owners of each foreign bank

B.

Section 314(b) information sharing results related to foreign correspondent accounts

C.

Purchase of monetary instruments of $3,000 or more involving foreign correspondent accounts

D.

A suspicious activity report filed and the supporting documentation involving foreign correspondent accounts

Question 126

When an institution files an STR with regard to a particular account, what steps should the institution take visa account?

Options:

A.

The institution should close the account due to the obvious risk it represents

B.

The institution should keep the account open due to the need to continue to monitor the account

C.

The institution should consult its counsel and AML compliance officer and determine whether closing the account is in accord with the institution’s procedures

D.

The institution should not close the account due to the risk of tipping off the customer and upsetting the criminal investigation

Question 127

A benefit of using bearer shares in corporate formations is that bearer shares are:

Options:

A.

widely accepted in the financial world.

B.

entered in the register of owners.

C.

associated with lower costs in setting up a company.

D.

easily transferred so the holder claims ownership.

Question 128

A money transmitter’s nation-wide agent network remits funds to a country in Africa on behalf of an immigrant community based in the United States. A terrorist group is known to operate openly in this African country. In reviewing transaction records, the compliance officer detects a pattern where two customers together visit the same agent each week and remit the same amount of funds, $2,500, to the same recipient in the country in Africa.

What should alert the compliance officer to possible money laundering or terrorist financing activity by the two customers?

Options:

A.

The customers always visit together.

B.

The customers always visit the same agent.

C.

The funds are being sent to the same recipient each week.

D.

The dollar amount of each transaction is just below the record keeping threshold.

Page: 32 / 58
Total 772 questions