Free Access ACAMS.CAMS.v2022-03-03.q260 Practice Test (Page 46)

Question 221

Which three statements are true regarding the extraterritorial reach of laws and legislation of the U.S.?

A.The criminal anti-money laundering law can apply to transactions that occur partially overseas

B.Economic and trade sanctions by OFAC may pose extraterritorial risks for financial institutions and businesses outside the U.S.

C.The extraterritorial reach covers all transactions throughout the global economy

D.The defendant does not need to know the funds came from an illegal activity under state, federal or foreign law

Question 222

A client who owns a swimming pool company requests to open 19 accounts at a bank, each with a debit card for its swimming pool technicians. When asked about the purpose of each account, the client explains that each technician needs a separate checking account to purchase pool chemicals.
Which available source could be used in the bank's internal investigation on this client's activities?

A.Local law enforcement investigation report

B.Interview swimming pool technicians and chemical suppliers

C.Client's credit bureau report

D.Internet search showing how such business are typically operated

Question 223

An anti-money laundering specialist is concerned that several suspicious transaction reports will discuss potential illegal activity of bank employees. In this situation, which of the following is the immediate concern for the institution?

A.Prohibiting distribution of suspicious transaction report copies to the Board.

B.The type of form to be used when reporting to the Board.

C.The timing of the presentation of suspicious transaction reports to the competent authority.

D.Ensuring no delay in informing the Board.

Question 224

A Money Laundering Reporting Officer's (MLRO) lack of action led to deficiencies in the bank's AML program and a civil monetary penalty being levied against the MLRO. Why was this direct action taken against the MLRO?

A.Action was brought against the MLRO because banks cannot be found liable for AML program deficiencies.

B.MLROs can be held to an individual accountability standard and face potential penalties for contributing to AML program deficiencies.

C.The MLRO agreed to the civil penalty so that the bank would not be found liable for the AML program deficiencies.

D.The MLRO is the only individual that can be held responsible for AML program deficiencies.

Question 225

Under the Wolfsburg AML Principles on Private Banking when establishing a relationship with a trust a financial institution should perform due diligence on which three parties? Choose 3 answers

A.Those who have power over the funds (e.g., trustees)

B.Those who have the power to appoint or remove trustees

C.Those entitled to the funds (e.g., beneficiaries)

D.The provider of funds (e.g., settlor)

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Question 221

Question 222

Question 223

Question 224

Question 225

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