ACAMS.CAMS.v2020-09-20.q189

Exam Code:CAMS
Exam Name:Certified Anti-Money Laundering Specialists
Certification Provider:ACAMS
Free Question Number:189
Version:v2020-09-20
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Recent Comments (The most recent comments are at the top.)

   - Mar 05, 2021

No.# Pg 147 of ACAMS study guide

ADE

   - Mar 04, 2021

No.# Answer is 123
A: Section 311
B: Section 319a
C: Section 313

   - Mar 04, 2021

No.# AML Analyst/officer files STR

   - Mar 04, 2021

No.# In some jurisdictions, trusts may be formed to take advantage of strict secrecy rules in order to conceal the identity of the true owner or beneficiary of the trust property

   - Mar 04, 2021

No.# ACAMS study guide “If there are no grounds for contesting the subpoena, the institution should take all appropriate measures to comply with the summons or subpoena on a timely and complete basis.”

   - Mar 04, 2021

No.# Below-the-line testing is a method of relaxing the threshold value you currently have your scenario running with in order to generate alerts so you can make sure you aren't missing some true positives, or to make sure that your threshold isn't unnecessarily low and you are generating false positives

   - Mar 04, 2021

No.# Below-the-line testing is a method of relaxing the threshold value you currently have your scenario running with in order to generate alerts so you can make sure you aren't missing some true positives, or to make sure that your threshold isn't unnecessarily low and you are generating false positives

   - Mar 04, 2021

No.# wrong answer the key word 'Correspondent banks'

ACAMS study guide pg 106: risk analysis and governance: The first step in managing ML risks is to identify and analyze
the risks, which will lead to the design and effective implementation of appropriate controls.

   - Mar 04, 2021

No.# ACAMS study guide pg 100.
FATF identifies these jurisdictions in two public documents issued three times a year.

   - Mar 04, 2021

No.# Pg 15 ACAM study guide.

PTAs differ from normal correspondent accounts in that the foreign bank's customers have the ability to directly control funds at the correspondent bank."

   - Mar 04, 2021

No.# Although C is a good procedure for internal bank update

However to obtain certain information from its customers.

Isnt A 'Send a notice to customers asking them to provide the necessary information' the correct answer?

A bank has to send KYC request to get the information from the customer

   - Mar 04, 2021

No.# Its been months and still not updated

P187 of ACAMS study guide

Being new to community is not a red flag

   - Mar 03, 2021

No.# Wrong Answer but has not been updated for months

A Junior Manager cannot file a STR with the FIU.

Only AML Analyst/Officer can

   - Mar 03, 2021

No.# The answer is wrong and it has not been updated after several months

Money laundering can also adversely affect currencies and interest rates as launderers reinvest funds where their schemes are less likely to be detected, rather than where rates of return are higher.

   - Mar 03, 2021

No.# Answer should be A: "Provide for periodic review as well as timely updates to implement changes in regulations this should be done at least on an annual basis" (Page 153 of study guide)

   - Mar 03, 2021

No.# Shell banks are prohibited as per section 313.

   - Dec 09, 2020

No.# .Option B is correct escalate to Compliance.. they check whether it has nexus to North Korea..based on the investigation results, either we block the transaction and file STR or we release..

   - Nov 06, 2020

No.# A money launderers invest funds where their shemes are less likely to be detected, rather than where rates of return are higher.

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Other Version
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Exam Question List
Question 1: Which of the following facilitates law enforcement agents ob...
Question 2: Which statement about a multinational institution's ability ...
Question 3: A branch manager for a small community bank has a new custom...
Question 4: What is the main role of the Egmont Group in combating money...
Question 5: In May 2002, the Wolfsburg Principles on Private Banking wer...
Question 6: A periodic review of the account of a small household goods ...
Question 7: During a law enforcement investigative interview regarding p...
Question 8: What should law enforcement provide when asking an instituti...
Question 9: Which of the following are the most suspicious transaction i...
Question 10: Which action does the Financial Action Task Force (FATF) rec...
Question 11: Which method is indicative of potential money laundering and...
Question 12: Which of the following customers require the most enhanced d...
Question 13: In which type of banking transaction is price manipulation, ...
Question 14: A customer comes into a financial institution and deposits a...
Question 15: What are some of the shortcomings in using letters regulator...
Question 16: What does the Financial Action Task Force 40 Recommendations...
Question 17: How does microstructuring differ from structuring?...
Question 18: Which statement is true about banking regulatory agencies ha...
Question 19: Why are Money Services Business (MSBs) frequently accused of...
Question 20: A popular restaurant in town has begun depositing less cash ...
Question 21: A compliance officer at a large financial institution has be...
Question 22: The new compliance officer has reviewed the bank's anti-mone...
Question 23: After an institution files an STR with regard to a particula...
Question 24: Which of the following should an anti-money laundering speci...
Question 25: On who does the ultimate responsibility for an institution's...
Question 26: Which of the following is among the Financial Action Task Fo...
Question 27: Which two mechanisms should be implemented to assist with cr...
Question 28: Which event occurs most frequently in money laundering in th...
Question 29: What does the Egmont Group's support for its members include...
Question 30: What are the regulatory risks to a bank employee who willful...
Question 31: How should a financial institution deter money laundering th...
Question 32: According to experts, what is the most effective way to prev...
Question 33: What can a compliance officer do in the absence of automated...
1 commentQuestion 34: What are two requirements of United States financial institu...
Question 35: Bank A is located in Country A. A wire transfer from Bank B ...
Question 36: An anti-money laundering specialist working at a bank just r...
Question 37: After evaluating recent changes to international standards, ...
Question 38: How can a 'free-look provision' as part of a life insurance ...
Question 39: According to the Financial Action Task Force 40 Recommendati...
Question 40: An anti-money laundering specialist at a large institution i...
Question 41: In many jurisdictions, financial institutions are prohibited...
Question 42: Under which two circumstances may law enforcement be given a...
Question 43: A bank located in New York has identified suspicious transac...
Question 44: A personal banking customer who simultaneously opens several...
Question 45: On what basis are international sanctions imposed against en...
Question 46: The local manager of a remote mortgage origination departmen...
Question 47: Which aspect of the USA PATRIOT Act impacts foreign financia...
Question 48: Which three stages of money laundering are on-line banking v...
Question 49: AML cooperation between countries consists of which three of...
Question 50: What is the goal of the Egmont Group in providing a forum fo...
Question 51: A financial institution's monitoring system triggers an aler...
Question 52: Which of the following is considered a shell bank as defined...
Question 53: Which product is considered to be of highest money launderin...
1 commentQuestion 54: To ensure that an institution's anti-money laundering progra...
Question 55: In the summer, an institution identifies anti-money launderi...
2 commentQuestion 56: In which situation can money laundering adversely affect a c...
Question 57: Which step should be taken to understand the types of financ...
Question 58: The anti-money laundering compliance officer for a small mon...
Question 59: What is true regarding disclosure to a law enforcement agenc...
Question 60: According to Basel Committee on Banking Supervision guidelin...
Question 61: Which three characteristics make non-profit organizations vu...
Question 62: Which example describes the vulnerability of the securities ...
Question 63: Which action should countries take related to the financing ...
Question 64: Which three areas do FATF's 40 recommendations cover? Choose...
Question 65: Following a recent exercise which explained how a correspond...
Question 66: How can dealers in high-value items be at risk for money lau...
Question 67: A compliance officer was recently reviewing transactional da...
1 commentQuestion 68: A junior account manager within an international private ban...
Question 69: A suspicious transaction report has been filed on an account...
Question 70: How should a financial institution respond to a verbal reque...
Question 71: Which function provided by lawyers can be useful to a potent...
Question 72: What are some useful tools or methods in conducting an inter...
Question 73: Which three are examples of best practices terms of ensuring...
Question 74: With which of the following should an anti-money laundering ...
Question 75: An internal investigation log is primarily intended to:...
Question 76: Bank A is a non-United States (U.S.) bank that has $5 millio...
Question 77: What is the currency threshold under the European Union Four...
Question 78: Under the Wolfsburg AML Principles on Private Banking when e...
Question 79: A bank located in Arizona is considering a loan application ...
Question 80: With which person(s) should an anti-money laundering officer...
Question 81: Which of the following activities conducted at a financial i...
Question 82: Upon a routine account review a money laundering investigato...
Question 83: Which two channels can be utilized during a cross-border mon...
Question 84: An anti-money laundering specialist at a financial instituti...
Question 85: Which of the following best describes the Basel Committee on...
Question 86: A customer runs an export business for agricultural products...
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Question 88: A school teacher recently opened a private banking account w...
Question 89: A financial institution has expanded its scope of services s...
Question 90: To ensure compliance with economic sanctions established by ...
Question 91: Which statement is true according to the FATF?...
Question 92: The anti-money laundering specialist of a small bank has ide...
Question 93: The compliance officer for a private bank has been tasked wi...
Question 94: Transfers of money over the last 6 months to a corporation i...
1 commentQuestion 95: What are some red flags financial institutions should be awa...
Question 96: What are the attributes of "Cuckoo Smurfing" the money laund...
Question 97: What are three elements of a sound Customer Due Diligence Pr...
Question 98: What are three factors a financial institution should examin...
1 commentQuestion 99: A government has instituted new anti-money laundering laws w...
1 commentQuestion 100: How do payable through accounts (PTAs) differ from normal fo...
Question 101: What are two requirements with respect to supporting documen...
Question 102: An institution receives a request for credit from a local co...
Question 103: In which two ways does a government Financial Intelligence U...
Question 104: How can a financial institution verify the nature and purpos...
1 commentQuestion 105: How does the Financial Acton Task Force (FATF) communicate i...
Question 106: An institution has made the decision to exit a client relati...
Question 107: Separating illicit proceeds from their source by a series of...
Question 108: What was the topic the Wolfsberg Group's first guidance addr...
Question 109: A large cash deposit most likely reflects money laundering w...
Question 110: Which activity is most likely to facilitate money laundering...
Question 111: Which method is used to launder money via wire remittances s...
Question 112: Which three criteria does a shell bank meet according to the...
Question 113: To deter money laundering through new accounts, a financial ...
Question 114: An anti-money laundering specialist is concerned that severa...
1 commentQuestion 115: An incoming urgent international wire transfer in U.S. dolla...
1 commentQuestion 116: What is the primary action a financial institution should ta...
Question 117: A compliance officer is looking to update an institution's p...
2 commentQuestion 118: An organization's automated surveillance system identifies l...
Question 119: What is most valuable when using the internet as an investig...
Question 120: In addition to monitoring for suspicious activity, what are ...
Question 121: What might limit a compliance officer's ability to respond t...
Question 122: According to the Financial Action Task Force 40 Recommendati...
Question 123: An anti-money laundering specialist has been asked to create...
Question 124: A bank employee reviews wire transactions looking for indica...
Question 125: An anti-money laundering specialist has been hired by an ind...
1 commentQuestion 126: When requested by law enforcement via legal process to provi...
Question 127: Which indicator should be suspicious to a compliance officer...
Question 128: According to the Financial Action Task Force Special Recomme...
Question 129: What are two risks to institutions for violating anti-money ...
Question 130: Which scenario is closest to the definition of money launder...
Question 131: Which of the following customer activities poses the highest...
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Question 133: Which question about the respondent bank should a bank be ab...
Question 134: An audit completed the previous week revealed that a private...
Question 135: The Board of Directors for a small private bank has asked th...
Question 136: Which information must a United States financial institution...
Question 137: What does the Basel Committee's Customer Due Diligence for B...
Question 138: What are some of the methods for sharing information and coo...
Question 139: An anti-money laundering analyst is reviewing a new customer...
Question 140: A financial institution located within the European Union ha...
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Question 144: When hiring new employees, what should an institution do to ...
Question 145: A division anti-money laundering officer for a financial ins...
Question 146: How can violations of anti-money laundering laws be a risk t...
Question 147: A bank's anti-money laundering section receives an anonymous...
Question 148: Which three procedures should a compliance officer looking t...
1 commentQuestion 149: Why do trusts established in certain offshore jurisdictions ...
Question 150: An account officer who maintains an excellent relationship w...
1 commentQuestion 151: A junior account manager within an international private ban...
Question 152: A politically exposed person (PEP) maintains an account at a...
Question 153: A private banker of a major international bank is onboarding...
Question 154: Which three are principles found in the document "Principles...
Question 155: What is the result of an increased awareness of the potentia...
Question 156: An organization uses an automated surveillance system that g...
1 commentQuestion 157: The most important concerns imposed on foreign financial ins...
Question 158: Which three conduits for moving terrorist-related funds do t...
Question 159: Which of the following reflect money laundering risk indicat...
Question 160: A relationship manager in a bank has had a private banking c...
Question 161: A bank is preparing for its anti-money laundering independen...
Question 162: A large cash deposit most likely reflects money laundering w...
Question 163: To ensure compliance with economic sanctions established by ...
Question 164: Which three are the most commonly used risk criteria?...
Question 165: An AML compliance officer receives notice of government upda...
Question 166: What are two requirements for monitoring and reporting suspi...
Question 167: A bank sells reloadable open-loop prepaid cards to both cust...
Question 168: Which method to finance terrorism involves falsifying transa...
Question 169: Which of the following competent authorities should directly...
Question 170: Why would a credit card account likely not be used in the pl...
Question 171: An institution has made the decision to exit a client relati...
Question 172: Which primary international authoritative body designates sa...
Question 173: What is a key risk associated with Correspondent Accounts ac...
Question 174: An internal investigation log is primarily intended to:...
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Question 176: A bank in an offshore jurisdiction approaches an institution...
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Question 178: A prospective AML officer comes highly recommended by a bank...
Question 179: When the minimum CDD standards of the home and host countrie...
1 commentQuestion 180: A compliance officer is tasked with implementing an enterpri...
Question 181: A commission regotorie would be used in which gateway to obt...
Question 182: Why do governments and multi-national bodies impose economic...
Question 183: When should the anti-money laundering risk assessment be upd...
Question 184: Which statement describes the relationship between the inter...
Question 185: What is operational risk?
Question 186: Which of the following best describes the Black Market Peso ...
Question 187: An anti-money laundering specialist notes a significant redu...
Question 188: The marketing department presents to an anti-money launderin...
Question 189: Under requirements for correspondent accounts in the USA PAT...