Free Access ACAMS.CAMS.v2024-03-23.q386 Practice Test (Page 3)

Question 6

Which aspect of the USA PATRIOT Act impacts foreign financial institutions?

A.Requiring enhanced due diligence for foreign shell banks

B.Expanding sanctions requirements to a U.S. financial institution's foreign branches

C.Expanding the anti-money laundering program requirements to all foreign financial institutions

D.Providing authority to impose special measures on institutions that are of primary money-laundering concern

Question 7

According to Basel Committee on Banking Supervision guidelines, which of the following statements best describes the relationship between the internal audit function and compliance?

A.The internal audit methodology should include an assessment of compliance risk.

B.An internal audit program of adequacy of the bank's compliance function should be established, but should not include review of transactions.

C.The auditors should not discuss internal audit findings with compliance management to maintain independence.

D.The compliance function and internal audit function should be combined.

Question 8

A retail bank has just acquired a credit card business. The bank's anti-money laundering policy requires that new employees are trained within 30 days of their hire date and refresher training is delivered to all employees on an annual basis.
Is the bank's existing anti-money laundering training adequate to be delivered to employee of the newly acquired credit card business?

A.No, anti-money laundering training needs to be tailored and focused on the risks specific to the business.

B.Yes, the existing training covers the bank's policies, procedures, and processes.

C.Yes, the existing training covers the anti-money laundering regulations that the bank is required to follow.

D.No, anti-money laundering training needs to be delivered face-to-face for credit card businesses.

Question 9

What poses the greatest money laundering risk for a financial institution offering on-line services to customers?

A.There is a lack of human review of the customer's transactions

B.Institutions offering on-line services have no possibility to properly verigy the identity of their customers

C.Customers have direct access to their accounts without being detected

D.There is a greater difficulty in matching the customer with the procided identification documentation

Question 10

An example of an external factor that will affect an organization's AML risk is:

A.acceptance of new customer types.

B.political system changes in a specific jurisdiction.

C.introduction of a new product which will be offered to a wide range of clients.

D.introduction of mobile banking for all clients.

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