Free Access ACAMS.CAMS.v2022-03-03.q260 Practice Test (Page 42)

Question 201

To guard against acquisition or control of a financial institution by money launderers or their associates, supervisory agencies should require

A.prospective owners have prior experience in the area of finance.

B.adequate surety bonds, cash deposits, or equivalencies.

C.comprehensive compliance programs.

D.thorough due diligence on prospective owners.

Question 202

What is operational risk?

A.The potential for lawsuits, fines, and penalties increasing an organization's expenses

B.The potential for loss of public confidence in an organization's integrity

C.The potential for loss due to inadequate processes, people, systems, or external events

D.The potential for loss resulting from too much credit or loan exposure to one borrower

Question 203

An automotive parts company in South America sends multiple $500,000 wire transfers per week to ABC Holdings Ltd. in Asia referencing payment for silk flower shipments. Research reveals Sunrise Holdings, Ltd is registered in the British Virgin Islands with no available ownership information.
What are two red flags that indicate how trade-based money laundering could be occurring in this instance?
(Choose two.)

A.The type of commodity being shipped appears inconsistent with the exporter or importer's regular business activities

B.Significant discrepancies appear between the description of the commodity on the bill of lading and the invoice

C.The transaction involves the use of front (or shell) companies

D.The packaging is inconsistent with the commodity or shipping method

Question 204

Which response represents a high-level principle for FATF-Style Regional Bodies (FSRB)?

A.Dependent with different experiences to strengthen the overall effort

B.Access to documents and assistance with meetings

C.Membership, mission, financial procedures, and budget

D.Reciprocity for effective participation and recognition of work

Question 205

After review of the financial institution's enterprise-wide anti-money laundering risk assessment, the new compliance officer identifies several deficiencies that need attention.
Which deficiency could lead to the highest potential for unmitigated risk?

A.The risk assessment is several years old and does not cover all current products and services.

B.The risk assessment does not anticipate potential risks even though the financial institution has no immediate plans involving those risks.

C.The risk assessment is revisited too frequently thereby diverting critical resources from other compliance tasks.

D.The risk assessment is managed by a different team from the previous assessment therefore disrupting continuity of institutional knowledge.

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