Free Access ACAMS.CAMS.v2022-03-03.q260 Practice Test (Page 5)

Question 16

How do payable through accounts (PTAs) differ from normal foreign correspondent accounts?

A.The customers have the ability to directly control funds at the correspondent bank

B.The customers can contact the correspondent bank directly to send wire transfers

C.The customers do not have to worry about sanctions list screening such as OFAC

D.The customers can hide their identity through the use of cover payments in U.S. dollars

Question 17

A foreign bank operating under an offshore license wants to open a correspondent account with a United States (U.S.) bank. The foreign bank plans to provide payable through account services to some of its customers.
What must the foreign bank provide to the U.S. bank under the USA PATRIOT Act?

A.A list of politically exposed persons who are owners of the correspondent bank

B.A list of account holders at the financial institution who will use the payable through account

C.The person in the United States who can receive service of legal process for the correspondent bank

D.A list of anti-money laundering training records for the financial institution employees monitoring payable through account transactions

Question 18

When providing reporting of STRs to the board, which of the following should be provided?

A.All the STRs filed with the national FIU

B.A numerical summary of all the STRs

C.A numerical summary of all the STRs and a summary of key STRs, including PEPs, key employees

D.A summary of all key STRs, including PEPs and key employees

Question 19

What are two reasons physical certificates present a money laundering risk to broker-dealers? (Choose two.)

A.The trade information on a physical certificate can be easily altered

B.There is little information readily available to the broker confirming the source of the funds

C.Physical certificates do not expire and may be held by the owner for perpetuity

D.Physical certificates may be provided to nominees for deposit or settled in off-market transactions

Question 20

What should a compliance officer do during an ongoing investigation into a client's activities by a competent authority?

A.Communicate with regulatory and law enforcement authorities in line with applicable local laws

B.Only provide information that is specifically and directly requested

C.Ensure communication with regulatory and law enforcement authorities is conducted onlythrough the Board of Directors

D.Communicate only in writing regulatory and law enforcement authorities in line with applicablelocal laws

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Question 16

Question 17

Question 18

Question 19

Question 20

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