Free Access ACAMS.CAMS.v2022-03-03.q260 Practice Test (Page 25)

Question 116

Which statement describes the relationship between the internal audit function and compliance?

A.The internal audit methodology should include an assessment of compliance risk

B.In order to maintain independence, the auditors should not discuss internal audit findings with compliance management

C.An internal audit program of the adequacy of the bank's compliance function should be established, but should not include review of transactions

D.The compliance function and internal audit function should be combined

Question 117

A United States (U.S.) bank was recently alerted by law enforcement of an increase in sale of large denomination U.S. bank notes to casas de cambio. They suspect that a Mexican syndicate is operating a money laundering scheme in the bank's jurisdiction.
Which two steps should be taken to trace funds through the bank to assist law enforcement in their investigation? (Choose two.)

A.Identify the money laundering scheme and submit a suspicious transaction report

B.Identify multiple wire transfers initiated by casas de cambio to jurisdictions outside of Mexico that bear no apparent business relationship with that casa de cambio

C.Identify deposits by casas de cambio that include third-party items including sequentially numbered monetary instruments

D.Identify if there is a decrease in the sale of large denomination U.S. bank notes to casas de cambio by the bank

Question 118

Which should authorities do to safeguard AML information exchanged with other countries?

A.Destroy the information once the investigation is complete.

B.Protect exchanged information as they would protect similar information received from domestic sources.

C.Require the use of non-disclosure agreements with anyone accessing the exchanged information.

D.Use the court system to ensure confidentiality of exchanged information through court orders.

Question 119

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 presents proof the funds are legal.

B.beneficiaries of transfers are not on a terrorist watch list.

C.beneficiaries of transfers are not included on the Transparency International List.

D.account holder does not reside in a country included on the U.S. State Department State Sponsors of Terrorism List.

Question 120

Which three characteristics make non-profit organizations vulnerable to misuse for terrorist financing?

A.Having access to a considerable sources of funds

B.Having a global presence for national and international operations and financial transactions

C.Enjoying the public trust

D.Being listed as government nonprofit organization

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Question 116

Question 117

Question 118

Question 119

Question 120

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