ACAMS ACAMS Certifications CAMS Questions & Answers

• Question 241:

  According to the Basel Committee on Banking Supervision, banks should deal with high-risk customers by:

  A. maintaining segregated records to enable easy inspection by law enforcement in case of a subpoena.

  B. assigning those customers to specified private bankers for better monitoring of their offshore transactions.

  C. performing enhanced due diligence including enhanced ongoing monitoring of the account activity.

  D. seeking approval from the board of directors before establishing the relationship.

  Correct Answer: C

• Question 242:

  Which assessments are involved in the processes of mutual evaluation and follow-up by the FATF?

  A. Risk assessments and technical standards assessments

  B. Technical compliance assessments and effectiveness assessment

  C. Sanction risk assessments and the country's National Risk Assessment

  D. Country audit assessments and transaction monitoring assessments

  Correct Answer: B

• Question 243:

  Which private banking situation requires due diligence actions to be implemented according to the AML principles of the Wolfsberg group?

  A. A local wealthy individual wants to become a customer of a local retail bank.

  B. A beneficial owner of an exchange house wants to open an account with the bank.

  C. A wealthy individual from a high-risk country wants to open an account with a private bank.

  D. A new customer asks to set up an exchange house using the bank as the correspondent.

  Correct Answer: C

• Question 244:

  Which are common types of economic sanctions? (Choose three.)

  A. Targeted sanctions

  B. Technological sanctions

  C. SWIFT network sanctions

  D. Sectoral sanctions

  E. Supervisory sanctions

  F. Comprehensive sanction

  Correct Answer: ADF

• Question 245:

  When performing a risk assessment, which factors should be considered when identifying and measuring risk? (Choose two.)

  A. Customer composition

  B. Financial performance

  C. Product offerings

  D. Regulatory environment

  E. Company culture

  Correct Answer: AC

• Question 246:

  What national agency is responsible for analyzing and assessing the information it receives to substantiate possible existence of money laundering or terrorist financing activities?

  A. The Financial Intelligence Unit (FIU)

  B. FATF

  C. The Basel Committee

  D. The Wolfsberg Group

  Correct Answer: A

• Question 247:

  Financial institutions (FIs) perform AML risk assessments to ensure:

  A. a record for regulators indicating an AML risk assessment was completed at least once.

  B. internal audit assurance that all AML-related policy and procedures are board approved.

  C. satisfaction of the board of directors' approved risk appetite.

  D. proper controls surrounding higher-risk products, services, customers, and geographic locations.

  Correct Answer: D

• Question 248:

  Which methods are typically used to launder money using insurance companies? (Choose two.)

  A. The policy holder overpays the policy and moves the funds out of the policy despite paying early withdrawal penalties.

  B. The policy holder enters a sibling as a beneficiary of the insurance policy rather than themselves.

  C. The policy holder purchases a bond and redeems it at a discount prior to its full term.

  D. The policy holder uses an offshore company to pay the insurance installments.

  E. The policy holder is strongly interested in how many costs are incurred when taking out an insurance policy.

  Correct Answer: AD

• Question 249:

  Based on studies executed by the Organization for Economic Cooperation and Development (OECD), which occupations are particularly vulnerable to the use of false identities and identity theft?

  A. Government officers

  B. Sea port officers

  C. Lawyers

  D. Laborers

  Correct Answer: C

• Question 250:

  A financial institution (FI) has decided to revamp its compliance program to be more risk-based. Which option should the FI use as part of the new risk-based compliance program?

  A. Leadership-based

  B. Predictive-based

  C. Transaction-based

  D. Data-based

  Correct Answer: D