Free Access ACAMS.CAMS.v2022-03-03.q260 Practice Test (Page 22)

Question 101

Which three criteria does a shell bank meet according to the Wolfsberg Principles on Correspondent Banking? Choose 3 answers.

A.It is not subject to inspection by the banking authority that licensed it to conduct banking activities

B.It does not conduct business at a fixed address in a jurisdiction in which it is authorized to conduct business.

C.It is not subject to AML laws that require it to implement an AML program

D.It does not employ one or more individuals at its fixed address where it is authorized to conduct business or maintain operating records at that address

Question 102

A compliance officer at a financial institution (FI) received an investigation request for a customer from a local law enforcement agency. Which action should be taken by the FI?

A.Consider retaining qualified, experienced legal counsel.

B.Assign employees responsible for the customer to the investigation team.

C.Obtain approval from the Financial Intelligence Unit (FIU) before submitting the customer's information.

D.Omit some responses to meet the regulatory deadline.

Question 103

Which safeguard is in place for Financial Intelligence Units (FIUs) to share information securely according to Egmont?

A.A computer with access to the Egmont Secure Web is accessible to all members of the FIU.

B.Information sharing is conducted according to processes contained in Memoranda of Understanding.

C.Intelligence is shared via messaging applications.

D.Investigators are allowed to request information from a foreign FIU directly.

Question 104

In some instances, a financial institution may receive a warrant from law enforcement authorities to search its premises. A search warrant is a grant of permission from a court for a law enforcement agency to search certain designated premises and seize specific categories of items or information. Generally, what is the required threshold for the requesting agency to establish in order to obtain a search warrant of a financial institution?

A.Reasonable belief

B.Probable cause

C.A preponderance of the evidence

D.Clear and convincing proof

Question 105

What kind of person should perform the independent testing of an institution's anti-money laundering program?

A.A certified specialist in the anti-money laundering field

B.A person who reports directly to the Board of Directors or a Board Committee

C.A former anti-money laundering officer from a similar institution

D.A retired government regulator or federal law enforcement officer

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Question 101

Question 102

Question 103

Question 104

Question 105

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