ACAMS ACAMS Certifications CAMS Questions & Answers

• Question 621:

  Which of the following is the most common risk with a Personal or Private Investment Company (PIC)?

  A. They are almost always owned by politically exposed persons

  B. They are usually established in financial secrecy havens

  C. They often lack transparent ownership

  D. They are not publicly traded

  Correct Answer: C

• Question 622:

  A profitable commercial customer who operates an import-export business has multiple accounts with the same institution at branches m different locations. The customer receives funds from a jurisdiction perceived as highly corrupt according to Transparency International ratings. The customer makes frequent transfers among the accounts and prefers to manage the accounts separately. What should the institution do to mitigate the risk associated with these accounts?

  A. File a suspicious transaction report

  B. Diminish the importance of the subjective Transparency International rating

  C. Conduct a trade-pnce manipulation analysis

  D. Develop a system to monitor all the activity

  Correct Answer: A

• Question 623:

  What should be part of an institution's monitoring and STR filing process? Choose 3 answers

  A. Review on a regular basis of all high-risk accounts and transactions

  B. Review of STR filing trends and typologies

  C. Periodic training on the identification of red flags

  D. Requirement that the Board of Directors approve the filing of an STR

  Correct Answer: ABC

• Question 624:

  A commission regotorie would be used in which gateway to obtain information from another country?

  A. An FIU request under the Egmont principles

  B. An MLAT request

  C. A supervisory channel request with the Basel Committee

  D. A FATF request

  Correct Answer: B

• Question 625:

  The purpose of an anti-money laundering program should be to do what?

  A. Detect allillegal activity perpetrated by customers

  B. Avoid criticism and sanctions from government regulators

  C. Focus monitoring efforts on riskier transactions and customers

  D. Detect and report cash structuring and suspicious wire transactions

  Correct Answer: C

• Question 626:

  A compliance officer is looking to modify procedures covering correspondent banking relationships. Which three would be recommended under the Wolfsburg Principles on Correspondent Banking? Choose 3 answers

  A. Prohibition on offering products or services to shell banks

  B. Risk-based rating of central banks and regional development banks

  C. Periodic risk-based reviews of cents

  D. Assessing the regulatory status and history of the client

  Correct Answer: ACD

• Question 627:

  When an institution conducts an internal investigation into an account following a law enforcement inquiry, it should consider a number of factors to independently determine if the account should be dosed. Which three considerations should be made when making the determination about closing an account? Choose 3 answers

  A. The institution's policies and procedures for closing an account

  B. Oral requests by a law enforcement agency or prosecutor for the account to be dosed

  C. signed written requests by a law enforcement agency or prosecutor on official letterhead for the account to remain open

  D. The level of seriousness of the underlying conduct

  Correct Answer: ABC

• Question 628:

  An audit completed the previous week revealed that a private banking customer submitted incomplete documents when establishing an account earlier m the year. The customer received weekly electronic fund transfers from a narcotic-producing jurisdiction. While the relationship manager who opened the account is on leave for 5 weeks, the customer requests that the institution remit a substantial sum to a country that represents a high risk of money laundering. The relationship manager is a friend of the anti-money laundering specialist. What should the anti- money laundering officer do first?

  A. File a suspicious transaction report with the competent authority

  B. Investigate the transfer of funds

  C. Suspend the transfer until the relationship manager returns

  D. Postpone the follow-up on the audit finding

  Correct Answer: A

• Question 629:

  Why would a credit card account likely not be used in the placement stage of money laundering?

  A. Customer identification is required

  B. Cash payments are generally restricted

  C. Credit refunds have a waiting period

  D. Credit cards can access ATMs globally

  Correct Answer: B

• Question 630:

  What are some red flags financial institutions should be aware of when trying to verify the identity of a customer? Choose 3 answers

  A. Customer having unusual documents from a foreign country

  B. Customer being new to the community

  C. Customer having no permanent address

  D. Customer not having a connected phone

  Correct Answer: ACD