Free Access ACAMS.CAMS.v2022-03-03.q260 Practice Test (Page 34)

Question 161

When an institution files an STR with regard to a particular account, what steps should the institution take visa account?

A.The institution should not close the account due to the risk of tipping off the customer and upsetting the criminal investigation

B.The institution should keep the account open due to the need to continue to monitor the account

C.The institution should consult its counsel and AML compliance officer and determine whether closing the account is in accord with the institution's procedures

D.The institution should close the account due to the obvious risk it represents

Question 162

A compliance officer is looking to modify procedures covering correspondent banking relationships. Which three would be recommended under the Wolfsburg Principles on Correspondent Banking? Choose 3 answers

A.Assessing the regulatory status and history of the client

B.Risk-based rating of central banks and regional development banks

C.Prohibition on offering products or services to shell banks

D.Periodic risk-based reviews of cents

Question 163

In relationship to life insurance business, the third European Directive states that Member States may allow the identity verification of the beneficiary under the policy after the business relationship has been established, but before which events?

A.At or before a premium payment has been accepted for the policy purchased

B.At or before the policy is issued to the beneficiary by the insurance company

C.At or before 30 days of the relationship being established under the policy

D.At or before the time of payout or before the beneficiary intends to exercise rights vested under the policy

Question 164

Which of the following should an anti-money laundering specialist consider the most serious deficiency when detected during a regulatory audit of the anti-money laundering program?

A.The company has failed to download the most recent regulation from the Financial Intelligence Unit web site.

B.The company has not implemented an anti-money laundering training program.

C.The compliance officer fails to have on-going meetings with upper management to keep them apprised of current money laundering trends.

D.The company's anti-money laundering manual has not been updated to reflect a recent internal control enhancement.

Question 165

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?

A.Ensure that the request will not violate any local privacy regulations or legislation

B.Ensure the information is necessary to the investigation before responding to the request

C.Contact the customer informing the person of the investigation to ensure the bank provides correct information

D.Provide all information requested to support the investigation

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Question 161

Question 162

Question 163

Question 164

Question 165

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