Download Certified Anti-Money Laundering Specialist (the 6th edition).braindumps.CAMS.2020-03-20.1e.86q.vcex

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Exam Certified Anti-Money Laundering Specialist
Number CAMS
File Name Certified Anti-Money Laundering Specialist (the 6th edition).braindumps.CAMS.2020-03-20.1e.86q.vcex
Size 87 Kb
Posted March 20, 2020

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Demo Questions

Question 1
A bank account is established for a new business customer. The business was established five years ago with an address in another state. The business website contains few details other than stating it is a real estate business. 
One principal has an international telephone number and appears to be living in another country. The other principal works out of a recreational vehicle. 
What warrants enhanced due diligence in this scenario?

  • A: Shell company
  • B: Human trafficker
  • C: Politically exposed person
  • D: Money laundering through real estate

Question 2
A branch manager for a small community bank has a new customer who deposits four EUR 50,000 checks into one account. Shortly thereafter, the customer goes to another branch and asks to transfer all but EUR 1,500 to three accounts in different foreign jurisdictions. 
Which suspicious activity should be the focus of the suspicious transaction report?

  • A: The customer opened the account with four large checks
  • B: The customer goes to a different branch to make this transaction
  • C: The customer transfers almost all of the funds out of the account
  • D: The customer asks to transfer funds to accounts in three different foreign jurisdictions 

Question 3
An anti-money laundering audit identifies a significant weakness in how transaction monitoring alerts are cleared. Audit sampling identified potentially suspicious activity that was cleared as not suspicious. Management accepts the audit finding and develops a remediation plan. 
What is the role of the auditor during the correction phase?

  • A: Directing the remediation of the deficiency in a timely manner
  • B: Developing procedures to provide sufficient risk-based documentation for clearing alerts
  • C: Providing training to the alert clearing department on the importance of effective alert clearing
  • D: Validating the successful remediation of the issue once management indicates the issue is resolved

Question 4
The USA PATRIOT Act requires United States (U.S.) financial institutions to collect certain information from non-U.S. banks that hold a correspondent account. 
Which two pieces of information must a non-U.S. bank provide to its U.S. correspondent to enable them to comply with this requirement? (Choose two.)

  • A: The name and address of all shell banks the bank maintains accounts for
  • B: The name and address of all beneficial owners who own 25% or more of the bank
  • C: Prompt notice of any suspicious activity it detects on any customer who uses the correspondent account
  • D: The name and address of a U.S. person who is authorized to receive service of legal process for the bank

Question 5
What are two legal risks of having inadequate privacy policies and procedures? (Choose two.)

  • A: Diminished reputation
  • B: Industry of regulatory sanctions
  • C: Charges of deceptive business practices
  • D: Higher marketing and public relations costs

Question 6
The vice president of the foreign correspondent banking department at a large United States bank has been notified that a foreign bank with an offshore license wants to open a correspondent account. 
Which two things must the vice president acquire under the USA PATRIOT Act? (Choose two.)

  • A: A list of all the customers of the correspondent bank
  • B: A list of the types of businesses served by the correspondent bank
  • C: Information relating to the foreign bank’s anti-money laundering program
  • D: The identity of 10% owners of the correspondent bank, unless it is publicly traded

Question 7
What is an example of the integration stage of money laundering involving a bank or another deposit-taking institution? 

  • A: Depositing illicit funds into an account set up for a front company
  • B: Directing third parties to exchange illicit cash for negotiable instruments
  • C: Wiring illicit funds from an account at one bank to an account at another bank
  • D: Using illicit funds that had previously been deposited to purchase a luxury vehicle

Question 8
Which aspect of the USA PATRIOT Act impacts foreign financial institutions?

  • A: Requiring enhanced due diligence for foreign shell banks
  • B: Expanding sanctions requirements to a U.S. financial institution’s foreign branches
  • C: Expanding the anti-money laundering program requirements to all foreign financial institutions
  • D: Providing authority to impose special measures on institutions that are of primary money-laundering concern

Question 9
Which two statements in the Wolfsberg Group’s “Suppression of the Financing of Terrorism” define the role financial institutions should play in the fight against terrorism? (Choose two.)

  • A: Financial institutions need to assist competent authorities in fighting terrorist financing through prevention, detection and information sharing.
  • B: Financial institutions need to continuously analyze the types of activity related to terrorist financing and develop models that in the long term will drive down terrorism.
  • C: Financial institutions should have financial intelligence units dedicated to the investigation of activity that would lead to the detection of terrorist financing as a means to decrease global terrorism.
  • D: Financial institutions should apply extra due diligence whenever they see suspicious or irregular activities, especially when customers are engaged in sectors or activities that have been identified by competent authorities as being used for the financing of terrorism. 

Question 10
A politically exposed person (PEP) maintains an account at a bank. Last month a money laundering analyst filed a suspicious transaction report about unusual wire deposits originated by unknown individuals in the home country of the official. 
To whom should this situation be escalated?

  • A: The board of directors
  • B: The line of business executive
  • C: The bank’s anti-money laundering officer
  • D: The Financial Action Task Force’s PEP Hotline



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