[2021] CAMS PDF Questions - Perfect Prospect To Go With PassLeaderVCE Practice Exam
ACAMS CAMS Pdf Questions - Outstanding Practice To your Exam
NEW QUESTION 228
A U.K. real estate agent has three foreign clients interested in purchasing an apartment building, valued at E30 million, in the outskirts of London as an investment property. The clients are not willing to have their names provided to the bank. The clients want to purchase to be made in the names of three private companies for privacy reasons. The plan is to wire the funds into an account held in the name of another private company at a bank in London.
Which red flag should stop the agent from discussing this potential purchase further?
- A. The clients are not willing to have their names provided to the bank
- B. The clients have the funds necessary to fund a E30 million purchase
- C. The clients are foreign
- D. The clients want to purchase to be made in the names of the private companies
Answer: A
NEW QUESTION 229
Since its last regulatory examination, a financial institution has aggressively grown by adding profitable new products and services. The institution has not historically received regulatory criticism regarding its anti-money laundering compliance program.
However, a recent regulatory examination cited significant deficiencies in the anti-money laundering program that were attributed primarily to the lack of oversight by the institution's leadership in implementing adequate controls over the new products and services.
Which area of international control should leadership first address to correct the weaknesses in the program?
- A. Anti-money laundering compliance staff
- B. Anti-money laundering policy
- C. Anti-money laundering policy
- D. Money laundering risk assessment
Answer: D
NEW QUESTION 230
Outgoing foreign transactions of similar amounts trigger a monitoring alert for a customer's accounts. During the evaluation of the accounts, the bank discovers the wire transfers were very small amounts and occurred within the last 3 months following a long period of inactivity. The wire transfers appear to originate from legal sources. To assess the potential of terrorist financing, the institution must ensure the
- A. account holder does not reside in a country included on the U.S. State Department State Sponsors of Terrorism List.
- B. beneficiaries of transfers are not on a terrorist watch list.
- C. account holder presents proof the funds are legal.
- D. beneficiaries of transfers are not included on the Transparency International List.
Answer: A
NEW QUESTION 231
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
Answer: B
NEW QUESTION 232
Which three are examples of best practices terms of ensuring an adequate AML program?
- A. Perform a risk analysis on a regular basis and compare it to the coverage of the AML program
- B. Review the accuracy of account opening applications
- C. Review applicable domestic and international AML guidance
- D. Engage an independent party to perform a periodic review of the program
Answer: A,B,C
NEW QUESTION 233
The marketing department presents a business plan targeting individuals holding important public positions. What are some steps the financial institution should implement as part of the plan to target such individuals?
- A. Take all reasonable steps to check the background of the individual based on public information
- B. Investigate the source of funds
- C. Determine the purpose of the account
- D. Determine if the client appears on the Basel Committee on Banking Supervision's list of public officials
Answer: A,B,C
NEW QUESTION 234
What is a key risk associated with Correspondent Accounts according to the Basel Customer Due Diligence paper?
- A. The service fees are insufficient to cover the cost of managing the account
- B. It is not used on a daily basis
- C. The respondent bank's customer acceptance and know your customer policies are ineffective
- D. The volume and value of transactions passing through the account may not be in line with the original correspondent agreement
Answer: C
NEW QUESTION 235
What is suspicious activity or red flag with regard to a customer's activity? Choose 3 answers
- A. Paying the tellers he deals with a regular gratuity
- B. Asking about the bank's fee schedule for a series of transactions
- C. Exchanging small denomination bills for large ones
- D. Engaging in wiretransactionswith an offshore account
Answer: A,C,D
NEW QUESTION 236
Which of the following is the main reason Internet gambling is an ideal web-based money laundering method?
- A. High credibility of gambling websites.
- B. Ease of connection and low subscription rate with major Internet service providers.
- C. Large number of offshore websites located in known high-crime areas.
- D. Ability to transfer value across jurisdictions.
Answer: D
NEW QUESTION 237
A foreign bank operating under an offshore license wants to open a correspondent account with a United States (U.S.) bank. The foreign bank plans to provide payable through account services to some of its customers.
What must the foreign bank provide to the U.S. bank under the USA PATRIOT Act?
- A. A list of account holders at the financial institution who will use the payable through account
- B. A list of anti-money laundering training records for the financial institution employees monitoring payable through account transactions
- C. A list of politically exposed persons who are owners of the correspondent bank
- D. The person in the United States who can receive service of legal process for the correspondent bank
Answer: C
NEW QUESTION 238
Under the Wolfsburg AML Principles on Private Banking when establishing a relationship with a trust a financial institution should perform due diligence on which three parties? Choose 3 answers
- A. The provider of funds (e.g., settlor)
- B. Those entitled to the funds (e.g., beneficiaries)
- C. Those who have the power to appoint or remove trustees
- D. Those who have power over the funds (e.g., trustees)
Answer: A,C,D
NEW QUESTION 239
An employee hears a colleague on the telephone with a customer giving advice on how to ensure that a suspicious transaction report will not be filed as a result of a future transaction.
What action should the employee take?
- A. Ignore the situation because the colleague is the relationship manager for that customer
- B. Tell the colleague that it is against policy to give such advice
- C. Report the conversation to the local police
- D. Report the conversation to the compliance officer
Answer: D
NEW QUESTION 240
A recent anti-money laundering audit revealed several regulatory reporting violations and lapses with the organization's anti-money laundering policy. As a result, the compliance officer has created a follow-up matrix to document progress in correcting the identified deficiencies.
To whom should the compliance officer provide regular updates of corrective action to help ensure the appropriate oversight?
- A. Human Resources
- B. Business line managers
- C. Audit management
- D. Designated board committee
Answer: D
NEW QUESTION 241
A large international bank has detected potentially suspicious activity in one of its customer accounts. Following an investigation, the bank has determined the activity to be typical of suspected money laundering.
To which entity should this activity be reported on a suspicious transaction report according to Financial Action Task Force?
- A. National Security Council
- B. Financial Intelligence Unit
- C. Federal law enforcement agency
- D. Local law enforcement agency
Answer: D
NEW QUESTION 242
What is the result of an increased awareness of the potential for gatekeepers to assist in money laundering in recent years?
- A. The FATF recommendations cover lawyers performing financial transactions
- B. Lawyers who represent money launderers can more easily be prosecuted
- C. The IMF has raised the profile of gatekeepers, requiring that countries regulate them
- D. Accountants are no longer considered gatekeepers, since they are not permitted to set up companies or trusts
Answer: B
NEW QUESTION 243
Who has the day-to-day responsibility of communicating and reinforcing the established anti-money laundering compliance culture and program?
- A. Business lines
- B. Board of directors
- C. Compliance officer
- D. Senior management
Answer: C
NEW QUESTION 244
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