Free Access ACAMS.CAMS.v2022-10-31.q252 Practice Test (Page 2)

Question 1

In which three situations is correspondent banking most vulnerable to money laundering? Choose 3 answers

A.When allowing financial institutions, without proper due diligence, to access correspondent network for routing their financial transactions

B.When allowing the correspondent bank account to be used as a payable through account (PTA)

C.When allowing foreign banks to use the correspondent account to conduct large financial transactions on behalf of their customers

D.When allowing the correspondent bank account to be used by other banks

Question 2

According to the Financial Action Task Force 40 Recommendations, Designated Non-Financial Businesses and Professionals include which entities?

A.Commodities traders

B.Money services businesses

C.Hawala operators

D.Real estate agents

Question 3

The board of directors receives notice from the primary regulator of the bank that potentially suspicious activity has been identified and the bank president appears to be involved. The Board asks the compliance officer for advice.
Which action should the compliance officer take when informed?

A.Inform the bank's legal counsel and follow their instructions

B.Inform the president of the regulator's suspicions and ask for his advice

C.Destroy all records relating to the matter

D.Insist on the president's immediate resignation

Question 4

What are the regulatory risks to a bank employee who willfully violates anti-money laundering laws?

A.Investigation and reputational damage

B.Fines and suspension from the industry

C.Criminal investigation and imprisonment

D.Enforcement actions including fines against the financial institution

Question 5

An accounting firm opened an account at a bank that is intended to be used as the operational account for the business. After a few months, a comprehensive review of the account was triggered due to unusual activity on the account. Which most likely triggered the review?

A.The account sends monthly donations to several charities that operate in the same communities as the accounting firm.

B.The account receives international payments that are substantially higher than other fees they typically receive.

C.The account receives several payments a day from multiple customers who operate in different industries.

D.The account receives international wires from companies in the Middle East where the accounting firm has several branches.

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