Free Access ACAMS.CAMS.v2024-03-23.q386 Practice Test (Page 42)

Question 201

In order to protect investigative materials from disclosure when conducting an internal Investigation of any employee of a financial institution, legal counsel of that financial should________?

A.Let the bank hire any and all contract investigators to conduct the internal investigation. That way Legal is not a party to the action and may remain independent

B.Request formal company authorization to conduct the investigation. Such authorization should be granted, if possible, by the board of directors or audit committee

C.Refuse to provide any records or documents to law enforcement because the bank has client privilege with its bank customers

D.Not mark files or documents with privileged and Confidential: Attorney-Client Privilege and/or Work- Product. Those marks will only encourage law enforcement or opposing attorneys to seize those files

Question 202

Which action should financial institutions with cross border correspondent banking activity be required to perform according to the Financial Action Task Force 40 Recommendations?

A.Gather a list of their politically exposed customers

B.Identify natural persons who own or control more than 5%

C.Obtain a third party independent review of the respondent's anti-money laundering program

D.Obtain senior management approval before establishing the relationship

Question 203

Which customer transaction with a securities dealer would indicate the highest suspicion of money laundering?

A.A high level of account activity with very low levels of securities transactions

B.Recurring transfers of money into a brokerage account subsequently invested in short-term securities

C.Frequent trades in unlisted securities throughout the day on a regular basis

D.Investment in securities with a significantly lower risk than the customer's expressed risk tolerance

Question 204

The Board of Directors for a small private bank has asked the management to no longer apply the identity requirements for high net worth individuals to protect their privacy. Which of the following Financial Action Task Force 40 Recommendations should cause an anti-money laundering specialist the most concern?

A.Financial institutions should not warn their customers when information relating to them is being reported to the competent authorities.

B.Financial institutions should not keep anonymous accounts.

C.If financial institutions suspect that funds stem from criminal activity, they should be required to close the account.

D.Financial institutions should maintain all necessary suspicious transaction report records on transactions, both domestic are international, for at least 5 years.

Question 205

In addition to monitoring for suspicious activity, what are electronic monitoring systems also valuable for?

A.Identifying how customers are using products

B.Highlighting the skills of the system analysts

C.Proving to the Board of Directors that the FIU is doing its job

D.Meeting mandatory regulatory requirements for system implementation

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