Free Access ACAMS.CAMS.v2022-10-31.q252 Practice Test (Page 27)

Question 126

What is a key objective of the Egmont Group?

A.To provide best practices for financial institutions on how to report suspicious activity to best share the information with law enforcement.

B.To issue binding standards that establish consistently operated Financial Intelligence Units in member jurisdictions.

C.To find ways to promote the development of Financial Intelligence Units and the sharing of expertise.

D.To safeguard the financial system from illicit use and combat money laundering and promote national security.

Question 127

As a result of an audit, a policy exception was identified that had been approved by the compliance officer. The auditor determined that the policy exception is a violation of a regulatory requirement.
What should the auditor do?

A.Consult with legal counsel to determine if the approval of the policy exception was acceptable.

B.Advise the compliance officer on how to appropriately respond to policy exceptions.

C.Include the regulatory violation in the audit report and report it to the board of directors.

D.Include the regulatory violation in the audit report and recommend the compliance officer be subject to disciplinary action by the board of directors.

Question 128

At a small community bank, the compliance officer identifies unusual activity on a customer, who with his personal and company accounts, is the bank's largest depositor. The customer's companies have significant balances on their outstanding loans. The compliance officer notices that there is a lot of unusual movements of money between the customer's individual and business accounts. After filing a suspicious transaction report (STR), the compliance officer gets a call from law enforcement indicating that they want the bank to keep the account open while they conduct an investigation into the customer.
How should the compliance officer escalate this information to the board of directors?

A.By providing a high level summary of the activity and the interactions with law enforcement

B.By providing a copy of the letter from law enforcement asking the bank to keep the account open.

C.By providing a copy of the STR to the board

D.By informing the regulator to bring it up with their next meeting with the board

Question 129

Which statement about a multinational institution's ability to fully investigate unusual activity in all its foreign operations is correct?

A.Local privacy and data protection laws may prevent an affiliate from sharing information.

B.Certain account documents may be stored only in local language which will prohibit a global assessment.

C.The institution should consult with the customer and request permission to conduct a full investigation into all the accounts.

D.Enterprise-wide compliance oversight rules issued in the global institution's headquarters country will override any local limitations in other countries.

Question 130

Why do governments and multi-national bodies impose economic sanctions?

A.To impede kleptocracy

B.To enforce foreign policy objectives

C.To combat an imminent terrorist threat

D.To prevent fraudulent international trade transactions

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Question 126

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Question 128

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Question 130

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