Free Access ACAMS.CAMS.v2022-03-03.q260 Practice Test (Page 4)

Question 11

A bank receives an anonymous tip from an employee about another employee through its confidential hotline.
Which activity warrants further review?

A.An employee in accounting works with customers to help understand how to reduce service charges

B.A teller distributes bank brochures to customers who regularly conduct cash transactions below reporting limits

C.An employee in bookkeeping accepts funds transfer requests from customers via telephone

D.A mortgage officer works with home loan applicants to resolve adverse credit issues

Question 12

A close relative of a privately-owned bank's senior manager requests to open an account. Because of this relationship, the staff expedites the opening of the account without following established account-opening procedures. Applying the Basel Committee on Banking Supervision principles, which of the following poses the highest operational risk?

A.The possibility of lawsuits that adversely affect the operations of a bank.

B.Not having appropriate information to share with Financial Intelligence Units.

C.Failure to conduct proper due diligence.

D.The bank's exposure to politically exposed persons.

Question 13

An anti-money laundering specialist at a large institution is responsible for information senior management about the status of the anti-money laundering program across the organization. Which report is the most useful?

A.Notification of management changes in the different major divisions

B.Details on inquires received from law enforcement

C.Results of related audits and examinations

D.The total credit exposure for non-cooperative countries and territories

Question 14

How can a financial institution verify the nature and purpose of a business and its legitimacy?

A.By using an independent information verification process, such as by accessing public and private databases

B.By undertaking a company search or other commercial inquires to see that the institution has not been, or is not in the process of being dissolved of terminated

C.By reviewing a copy of the corporation's latest audited reports and accounts

D.By reviewing the company's website

Question 15

Which statements regarding the USA PATRIOT ACT best describe key aspects that have extraterritorial reach? (Choose three.)

A.It allows foreign banks to voluntarily designate a registered agent in the US to accept service of subpoenas.

B.It excludes as foreign FIs businesses that would be considered broker-dealers, money transmitters, and currency exchangers.

C.It allows federal banking supervisors to require records of the identity of the owners of a foreign bank from a Fl operating in the US.

D.It obliges the government to trace the origin of the funds when a seizure of assets occurs in a correspondent account that has been opened and maintained for a foreign bank in the US.

E.It allows for the US Attorney General to subpoena records from a foreign bank with US correspondent accounts, including those that are located outside the US.

F.It allows the Secretary of the Treasury to order a US financial institution (FI) to close a correspondent account when a subpoena has not been responded by a foreign bank in a timely manner.

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