Free Access ACAMS.CAMS.v2024-03-23.q386 Practice Test (Page 21)

Question 96

Which safeguard is in place for Financial Intelligence Units (FIUs) to share information securely according to Egmont?

A.A computer with access to the Egmont Secure Web is accessible to all members of the FIU.

B.Information sharing is conducted according to processes contained in Memoranda of Understanding.

C.Intelligence is shared via messaging applications.

D.Investigators are allowed to request information from a foreign FIU directly.

Question 97

Which two individuals are ordinarily beneficial owners of a private banking account according to the Wolfsberg Anti-Money Laundering Principles for Private Banking? (Choose two.)

A.Those who generally have ultimate control through ownership or other means over the funds in the account

B.Those who are authorized signers on the account

C.Those who are the ultimate source of funds for the account and whose source of wealth should be subject to due diligence

D.Those who have legal title to a controlling share interest in the customer

Question 98

A Money Laundering Reporting Officer's (MLRO) lack of action led to deficiencies in the bank's AML program and a civil monetary penalty being levied against the MLRO. Why was this direct action taken against the MLRO?

A.The MLRO agreed to the civil penalty so that the bank would not be found liable for the AML program deficiencies.

B.MLROs can be held to an individual accountability standard and face potential penalties for contributing to AML program deficiencies.

C.Action was brought against the MLRO because banks cannot be found liable for AML program deficiencies.

D.The MLRO is the only individual that can be held responsible for AML program deficiencies.

Question 99

How should a financial institution respond to a verbal request from a law enforcement agency to keep an account open to assist in an investigation?

A.Request a subpoena to maintain the account

B.Request a letter on the agency's letterhead

C.Request a search warrant from the local court

D.Agree to keep the account open

Question 100

Which is the first valid step in the Mutual Legal Assistance Treaties (MLAT) international cooperation process?

A.The central authority that receives the request sends it to a local judicial officer to find out if the information is available.

B.The central authority of the requesting country sends a commission letter of request to the central authority of the other country.

C.The investigator may remove the evidence collected without asking permission to do so.

D.An investigator from the requesting country visits the country where the information is sought and takes statements from the identified witnesses or suspects.

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Question 100

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