Free Access ACAMS.CAMS.v2022-03-03.q260 Practice Test (Page 49)

Question 236

A customer has held an account at a local credit institution for 10 years. The account has received deposits twice weekly for the same amount and has never shown signs of suspect behavior. Monitoring software indicated that in the past few months the account has received several large deposits that were not in line with the account history.
When asked, the customer states she recently sold a piece of property, which is supported with a proof of sale.
Which of the following should the compliance officer do next?

A.Investigate these unusual transactions further.

B.Contact the local Financial Intelligence Unit for advice.

C.File a suspicious transaction report with the competent authorities.

D.Document reasons for not filing a suspicious transaction report.

Question 237

In reviewing recent transaction activity, a compliance officer for a money transmitter notices that several customers are each remitting the same amount of money but much more frequently.
How should the institution respond?

A.Conduct further investigation to determine whether this is truly suspicious activity

B.Immediately contact the customers and ask them why they are remitting money more often

C.File a suspicious transaction report

D.Instruct the tellers not to process remittances for these customers in the future

Question 238

An institution has made the decision to exit a client relationship due to anti-money laundering concerns. Prior to starting the close out process, the institution receives a written request from a law enforcement agency to keep the account open. The client is the subject of an ongoing investigation and law enforcement wants the institution to continue to monitor the account and report any suspicious activity.
What is primary consideration the institution should keep in mind when deciding whether to agree to this request?

A.The anticipated cost of complying with the law enforcement request

B.Whether the institution can continue to meet its regulatory obligations with the accounts open

C.The fact that the institution has a solid record in complying with law enforcement requests

D.The number of suspicious transaction reports previously filed on the client

Question 239

What action should a bank CEO's assistant take when the bank CEO expenses large sums of money to a charitable organization run by the bank CEO's direct family member?

A.Meet with the bank CEO to learn why the donations are being made.

B.Report the actions to the Executive Board of the bank.

C.Submit the concern anonymously to the bank's internal Compliance Hotline.

D.Investigate the charitable organization's relationship with the bank CEO.

Question 240

A retail bank has just acquired a credit card business. The bank's anti-money laundering policy requires that new employees are trained within 30 days of their hire date and refresher training is delivered to all employees on an annual basis.
Is the bank's existing anti-money laundering training adequate to be delivered to employee of the newly acquired credit card business?

A.Yes, the existing training covers the bank's policies, procedures, and processes.

B.No, anti-money laundering training needs to be tailored and focused on the risks specific to the business.

C.Yes, the existing training covers the anti-money laundering regulations that the bank is required to follow.

D.No, anti-money laundering training needs to be delivered face-to-face for credit card businesses.

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Question 236

Question 237

Question 238

Question 239

Question 240

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