Free Access ACAMS.CAMS.v2024-03-23.q386 Practice Test (Page 30)

Question 141

Which statement 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 the adequacy of the bank's compliance function should be established, but should not include review of transactions

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

D.In order to maintain independence, the auditors should not discuss internal audit findings with compliance management

Question 142

The bank for International Settlements provides the secretariat for which organization?

A.The Basel Committee

B.FATF

C.The Wolfsberg Group

D.The Egmont Group

Question 143

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 two are authorized signers on the account

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

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

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

Question 144

Which three are the most commonly used risk criteria?

A.Product and Service Risk

B.Reputation Risk

C.Customer Risk

D.Country Risk

Question 145

What national agency is responsible for analyzing and assessing the information it receives to substantiate possible existence of money laundering or terrorist financing activities?

A.The Basel Committee

B.The Wolfsberg Group

C.FATF

D.The Financial Intelligence Unit (FIU)

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Question 141

Question 142

Question 143

Question 144

Question 145

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