ACAMS ACAMS Certifications CAMS Questions & Answers

• Question 41:

  The AML compliance officer of a financial institution (FI) has been advised that the institution is being investigated by the country's financial intelligence unit (FIU). What should the AML compliance officer do? (Choose two.)

  A. Monitor the progress of the investigation by keeping clear records.

  B. Share investigation results with other FIs to help them prepare.

  C. Send an informative communication to all employees about the investigation.

  D. Provide all information to the FIU as soon as possible to avoid delays.

  E. Inform senior leadership and the board of the investigation.

  Correct Answer: AE

• Question 42:

  Which accurately describes the social and economic impacts of money laundering?

  A. Money laundering impacts the financial sector, which is critical for economic growth.

  B. Increased money laundering generally results in greater economic stability as profits are reinvested in the jurisdiction.

  C. Foreign investors are often attracted to jurisdictions with significant money laundering activity as the same conditions favour legitimate economic activity.

  D. Money launderers generally remit any tax revenue that would be due in the jurisdictions in which they operate via front businesses.

  Correct Answer: A

• Question 43:

  Which should a FI implement in order to identify and investigate money laundering activity from their clients? (Choose two.)

  A. Whistleblower hotline

  B. Code of conduct

  C. Transaction monitoring

  D. Adverse news screening

  E. Integrity policy

  Correct Answer: CD

• Question 44:

  What should a bank do if it suspects one of its employees may be involved in mortgage loan fraud?

  A. Conduct an investigation by gathering and analyzing information on the employee.

  B. Automatically file a police report about the employee's potential misconduct.

  C. Initiate civil litigation against the employee to recover damages for losses incurred.

  D. File a SAR/STR on the employee's activities if management thinks it is suspicious.

  Correct Answer: A

• Question 45:

  AML training programs should extend beyond basic concepts to deliver targeted training by:

  A. offering internal policies training, such as customer identification and verification procedures and policies.

  B. offering periodic refresher training on AML bases (usually annually) for existing employees.

  C. offering general background and history training pertaining to money laundering controls.

  D. offering appropriate training tailored to the individual's specific roles, like alerts investigators and SARs writers.

  Correct Answer: D

• Question 46:

  According to the USA PATRIOT Act, under which condition would U.S. FIs maintain correspondent accounts for foreign shell banks?

  A. Correspondent accounts at foreign shell banks can be maintained by U.S. FIs, but the bank must be certified by FATF.

  B. Correspondent accounts at foreign shell banks can be maintained by U.S. FIs, but only in certain countries.

  C. Correspondent accounts for foreign shell banks at U.S. FIs must go through a rigorous, risk-based approval process.

  D. Correspondent accounts for foreign shell banks at U.S. FIs cannot maintain these types of accounts.

  Correct Answer: D

• Question 47:

  Which is a purpose of imposing sanctions?

  A. Limit opportunities for desirable behavior

  B. Encourage business deals

  C. Deter countries from choosing a desirable course of action

  D. Accomplish foreign policy and national security goals

  Correct Answer: D

• Question 48:

  A law enforcement agency submits several requests to a FI. Which request is legitimate and requires the bank to respond?

  A. Seize privileged documents upon written request.

  B. Freeze an account in terms of a court order.

  C. Produce documents and testimony without a subpoena.

  D. Keep an account open upon verbal request.

  Correct Answer: B

• Question 49:

  While conducting a review of a medium-risk customer, an analyst noted that a newly added authorized signatory is a foreign politically exposed person (PEP). Which is the appropriate next step for the analyst to take?

  A. Review beneficial ownership to finalize the risk category of the customer.

  B. Remove the PEP as the authorized signatory.

  C. Re-categorize the customer as high-risk.

  D. Categorize the authorized PEP signatory as high-risk.

  Correct Answer: C

• Question 50:

  Which is an indicator that there is an attempt to conceal a company's true beneficial ownership?

  A. Recent changes to the company's ownership structure have been documented internally and are reflected in documents filed with local authorities.

  B. Beneficial ownership information from the time that the company was formed several years ago does not match the current beneficial ownership information.

  C. The person filling out an application on the company's behalf indicates that a beneficial owner is a nominee for another person not named in the company's documentation.

  D. The company has a subsidiary in another jurisdiction, and the beneficial ownership of the subsidiary includes a local investor in that jurisdiction.

  Correct Answer: C