Free Access ACAMS.CAMS.v2024-03-23.q386 Practice Test (Page 43)

Question 206

A compliance officer at a large financial institution has been tasked by senior management to lead a team in an internal review and potential revision of the institution's customer onboarding program following a regulatory enforcement action of another institution.
Which step should the compliance officer perform first?

A.Reviewing the institution's risk assessment

B.Resolving substantive discrepancies in customer verification

C.Conducting enhanced due diligence on high risk customers

D.Revising training materials for frontline staff

Question 207

Which are social/economic consequences of money laundering? (Choose two.)

A.Civil war

B.Weakening financial institutions

C.Increase in corruption and organized crime

D.Increase in tax revenue

E.Weakening of the country's infrastructure

Question 208

In which two ways does a government Financial Intelligence Unit interact with public and private sectors?
(Choose two.)

A.It receives and analyzes disclosures filed by financial and non-bank institutions

B.It disseminates information and the results of its analysis to competent authorities

C.It governs the methods of investigation used by competent authorities

D.It mediates disputes between financial institutions and investigative authorities

Question 209

A financial institution receives a regulatory enforcement action because of deficiencies in its anti-money laundering program.
Which action should the board of directors take?

A.Instruct the compliance officer to develop a plan to remediate the institution's anti-money laundering program

B.Hire an attorney with instructions to protest the enforcement action

C.Purchase and install a new suspicious activity monitoring system

D.Terminate the compliance officer and staff

Question 210

What are the European Union Directives on Money Laundering?

A.They are voluntary codes of best practice for the financial sector

B.They are written by the Wolfsberg Group

C.They require members to implement certain laws of prevent money laundering

D.They require financial institutions to report suspicious activity to the Egmont Group in Brussels

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