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Passed Exam Today CAMS

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Total 772 questions

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

Question 33

AFinancial Intelligence Unit (FIU)in a countryhas received a SARinvolving significantsuspicious fund transfers, not only within its jurisdiction but also in aforeign country. Furtherinformation is requiredfrom the foreign country to determine whether the matter needs to be referred for prosecution locally.

Which of the following statements istruein this scenario?

Options:

A.

Sovereignty of nations means thatinformation cannot be accessed from foreign countries.

B.

It isagainst international lawson data protection to access information from foreign countries.

C.

Any information related to money laundering can bereceived from any organization at anytime, regardless of jurisdiction.

D.

Countries that are members of the Egmont Group can request assistancefor information from each other.

Question 34

In order to demonstrate commitment to AML compliance within a bank, the Board of Directors should:

Options:

A.

monitor the fulfilment of AML compliance duties within the bank.

B.

keep senior management apprised of key developments in the AML regime and the impact of applicable laws and legislations.

C.

ensure senior management maintains accountability for the effectiveness of the AML program implementation.

D.

establish a written AML policy that contains the basic principles to be followed by staff from the top down.

Question 35

A UK national has accounts with a bank in Belgium, who maintains a branch in New York. The UK national has been recently added and screened against the Office of Foreign Assets Control (OFAC) Specially Designated Nationals and Blocked Persons List. Which action should the Belgian bank take?

Options:

A.

Allow all transactions up to the limit imposed by OFAC and report the transactions to the local financial intelligence unit.

B.

Freeze the assets of the customer and report to OFAC.

C.

Close the account and ask the customer to send the funds to a bank account in the US.

D.

Continue performing transactions as the bank's headquarters is in Belgium.

Question 36

To understand if the customer operates in line with the firm's risk appetite for a specific industry segment, a financial institution must:

Options:

A.

obtain sufficient customer information to understand the nature and purpose of customer relationships for the purpose of developing a customer risk profile.

B.

obtain identifying information for beneficial owners through a completed certification form from the individual opening the account on behalf of the legal entity customer.

C.

obtain the name and address, country identification number and date of birth of a non-customer who purchases a monetary instrument.

D.

obtain the name, date of birth for an individual, address and identification number from each customer before opening the account.

Page: 9 / 58
Total 772 questions