Latest ACAMS CAMS Free Certification Exam Material with 512 Q&As [Q56-Q78]

QUESTION 56
The bank for International Settlements provides the secretariat for which organization?

QUESTION 57
Which are essential elements of a KYC program identified by the Base1 Committee on Banking Supervision?
(Select Two.)

QUESTION 58

QUESTION 59
The findings of an internal audit discover that a large group of employees do not know how to handle Politically Exposed Persons (PEPs). Which is the next course of action that should be taken?

QUESTION 60
In order to protect investigative materials from disclosure when conducting an internal Investigation of any employee of a financial institution, legal counsel of that financial should ____________?

QUESTION 61
Suspicious activity triggered a suspicious transaction report filing on a company that holds an account at a large commercial bank. Investigations revealed that a member of the bank’s Board of Directors is the major shareholder of the company. Further review revealed the bank had no reasonable explanation for the activity, but could not confirm if criminal activity occurred. Which of the following is the next best course of action for the compliance officer?

QUESTION 62
Law enforcement submitted a request to a bank for information regarding one of its customers.
How should the bank respond according to Financial Action Task Force Guidance?

QUESTION 63
A European Union (EU) bank has a correspondent banking relationship with a U.S. bank. Under USA PATRIOT Act Section 311, the U.S. government has enacted special measures against a designated entity that has a payable-through account with the EU bank. Which of the following actions might the U.S. bank be required to take regarding the EU bank’s services for the designated entity?

QUESTION 64
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

QUESTION 65
Which two services should be implemented so that Butler can find available rooms on the technical requirements? Each correct answer presents part of the solution.
NOTE: Each correct selection is worth one point.

QUESTION 66
OFAC-issued regulations apply to which entities? (Choose two.)

QUESTION 67
What are the European Union Directives on Money Laundering?

QUESTION 68
According to the Basel Committee on Banking Supervision standards, which statements best describe sound practices in relation to customer due diligence (CDD) policies and procedures? (Choose three.)

QUESTION 69
What was the topic the Wolfsberg Group’s first guidance addressed?

QUESTION 70
Which aspect of the USA PATRIOT Act impacts foreign financial institutions?

QUESTION 71
A compliance officer was recently reviewing transactional data for an international charity and found transactions that present a higher risk.
Which reason is cause for terminating the banking relationship?

QUESTION 72
Which unusual or suspicious activity by a financial institution’s (FI’s) employee requires additional investigation and scrutiny?

QUESTION 73
A suspicious transaction report filed on a car dealer structuring deposits initiates a criminal investigation. The dealer changes branches and begins placing transactions with a frontline employee to whom the dealer has given numerous gifts.
This employee handles all of the dealer’s structured deposits and does not report the suspicious activity internally.
The competent authority has advised the anti-money laundering specialist to avoid tipping off the employee until the investigation is finalized.
What action should the specialist take next?

QUESTION 74
A company service provider in Country A sets up a corporate structure for a client from Country B, which is known for corruption. The corporate structure includes a holding company in Country A with a bank account in one of the international banks located there.
During on-boarding, the client’s wealth was estimated at $7 million. Shortly thereafter, the client’s father became president of Country
B. During a routine client review two years later, it was identified that client’s wealth had grown to $510 million.
What are two red flags that indicate money laundering or financial terrorism? (Choose two.)

QUESTION 75
Which two statements are true regarding the European Union Money Laundering Directives? (Choose two.)

QUESTION 76
Which red flag indicates high potential for money laundering in a real estate purchase?

QUESTION 77
A financial institution accepts new on-line customers. After customers have provided acceptable identification, the institution should next

QUESTION 78
An anti-money laundering specialist has been asked to create internal anti-money laundering policies, procedures and controls for a recently chartered offshore financial institution.
Which three should be included? Choose 3 answers