Free Access ACAMS.CAMS.v2022-10-31.q252 Practice Test (Page 8)

Question 31

According to the Basel Committee on Banking Supervision, banks should deal with high-risk customers by:

A.assigning those customers to specified private bankers for better monitoring of their offshore transactions.

B.maintaining segregated records to enable easy inspection by law enforcement in case of a subpoena.

C.performing enhanced due diligence including enhanced ongoing monitoring of the account activity.

D.seeking approval from the board of directors before establishing the relationship.

Question 32

What are three potential issues for foreign financial institutions maintaining correspondent accounts with U.S.
banks under the Patriot Act?

A.U.S. residents maintaining private banking accounts

B.Forfeiture of funds in a U.S. interbank account

C.Prohibition of correspondent accounts for shell banks

D.Cancellation of correspondent banking relationships

Question 33

Which three definitions of money laundering are included in the expanded definition of the European Union Fourth Directive? (Choose three.)

A.The transfer of cash in excess of 15,000 euros across country borders regardless of whatever the cash was derived from criminal activity

B.The acquisition or use of property knowing, when it was received, that it was derived from criminal activity

C.The creation of shell companies to disguise the identity of its owners

D.The conversion or transfer of property with knowledge that it is derived from criminal activity

E.Concealing or disguising the nature, source, location, disposition, movement, rights with respect to, or ownership of property, knowing that the property is derived from criminal activity

Question 34

Which three elements should be considered in an institution's enhanced due diligence process to assure itself that it has secured sufficient understanding of its higher risk respondent bank customers according to the Wolfsberg Principles on Correspondent Banking?

A.The sources of wealth for all significant ownership interests

B.Whether a Politically Exposed Person (PEP) has an interest or management role in the respondent

C.A risk-based determination as to whether or not the respondent is a shell bank

D.The quality of the respondent's AML and client identification controls

Question 35

A casino incorporated in an offshore location approaches a financial institution to open an account relationship. The casino operates in a country that complies with Financial Action Task Force 40 Recommendations. The casino provides documentation of beneficial ownership. According to the Financial Action Task Force 40 Recommendations, the primary concern for the financial institution prior to opening the account is to

A.Secure gaming insurance.

B.Verify the casino is licensed.

C.Determine whether the casino conducts on-line gaming.

D.Ensure the financial institution knows the casino's customers.

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Question 31

Question 32

Question 33

Question 34

Question 35

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