ACAMS ACAMS Certifications CAMS Questions & Answers

• Question 641:

  A customer has held an account at a local credit institution for 10 years. The account has received deposits twice weekly for the same amount and has never shown signs of suspect behavior. Monitoring software indicated that in the past few months the account has received several large deposits that were not in line with the account history. When asked, the customer states she recently sold a piece of property, which is supported with a proof of sale. What should the compliance officer do next?

  A. Investigate these unusual transactions further

  B. Contact the local FIU for advice

  C. File an STR with the competent authorities

  D. Document reasons for not filing a STR

  Correct Answer: C

• Question 642:

  What should law enforcement provide when asking an institution to keep an account open?

  A. An explanation of the underlying conduct that is being investigated

  B. A written request with an explanation of the scope of the investigation

  C. An in-person visit by an investigating official to explain the reasons why the account must remain open

  D. A written request on government agency letterhead with the appropriate signature

  Correct Answer: D

• Question 643:

  An anti-money laundering expert is hired by a new Internet bank to assess the money laundering threat to the bank. What is the most important recommendation for the expert to make given it is an on-line bank?

  A. The bank should limit the amount of money which can be processed per transaction

  B. The bank should ensure that prospective new customers can be properly identified

  C. The bank should set up automated programs to analyze transactions for money laundering activity

  D. The bank should ensure that a firewall is set up to protect the transactions

  Correct Answer: A

• Question 644:

  Why is the Mutual Legal Assistance Treaty (MLAT) a gateway for international cooperation?

  A. They provide a legal basis for transmitting evidence that can be used for prosecution and judicial proceedings

  B. They receive reports of suspicious transactions from financial institutions to disseminate to local Law enforcement and foreign FIUs

  C. They obtain intelligence that might lead to evidence

  D. They issue the Prmc4es of Information Exchange Between Financial intelligenceUnits (FIUs)

  Correct Answer: A

• Question 645:

  Which element is generally required of all anti-money laundering programs?

  A. A computer-based suspicious activity monitoring system

  B. A qualified compliance officer to manage the program

  C. Annual in-person AMLtraining for all employees

  D. An enhanced due diligence program for all new customers

  Correct Answer: B

• Question 646:

  What should a compliance officer do during an ongoing investigation into a client's activities by a competent authority?

  A. Ensure communication with regulatory and law enforcement authorities is conducted only through the Board of Directors

  B. Communicate only in writing regulatory and law enforcement authorities in line with applicable local laws

  C. Communicatewith regulatory and law enforcement authorities in line with applicable local laws

  D. Only provide information that is specifically and directly requested

  Correct Answer: A

• Question 647:

  How can dealers in high-value items be at risk for money laundering?

  A. The value of precious metals such as gold and silver is constantly fluctuating.

  B. Carrying large amounts of gems of high value is physically easy

  C. Paperwork is not required to ship precious metals and gems

  D. Drug dealers prefer cash to precious metalsand gems

  Correct Answer: B

• Question 648:

  Which activity is most likely to facilitate money laundering through on-line systems with inadequate controls?

  A. Conducting a large volume of transactions

  B. Providing continuous worldwide access

  C. Conducting anonymous transactions

  D. Conducting large value transactions

  Correct Answer: B

• Question 649:

  In the FATF 40 recommendations, the focus of AML efforts has been expanded beyond Financial Institutions. Which three businesses and/or professions are covered? Choose 3 answers

  A. casinos, when customers engage in financial transactions equal to or above a designated Threshold

  B. Real estate agents when they are involved in transactions for clients concerning buying and selling properties

  C. Dealers in art, when theyengage in any cash transaction with a customer at or above a designated threshold

  D. Trust and company service providers

  Correct Answer: BCD

• Question 650:

  When requested by law enforcement via legal process to provide records or documentation, what should the officers of financial institution do?

  A. Provide all records and documents the officer believes would be pertinent to the law enforcement agent's investigation

  B. Refuse to provide any records or documents until the agent narrows the scope of the request down to what he or she actually needs

  C. Not act on the legal process until the bank officer has contact w4h the agent and learns what the agent is investigating

  D. if there is no basis for contesting the request, provide what is requested

  Correct Answer: C