Free Access ACAMS.CAMS.v2024-03-23.q386 Practice Test (Page 47)

Question 226

What is an example of a legal risk a financial institution (FI) could face if it is sanctioned for failure to report suspected fraud activity?

A.Clients of the bank might draw down the reserves of the bank and lead to liquidity issues.

B.Foreign correspondents could terminate their relationships with the sanctioned bank.

C.The bank could see higher default rates on loans granted to companies owned by the fraudster.

D.The bank could be forced to reimburse the victims of the fraudster for the losses suffered.

Question 227

When creating an anti-money laundering program for a foreign bank with branches in the U.S., which three are included among the four minimum elements required under the USA Bank Secrecy Act? Choose 3 answers

A.An ongoing employee training program

B.The development of a Know You Customer program

C.An independent audit functions to test the program

D.The designation of a compliance officer

Question 228

Financial Action Task Force (FATF)-style regional bodies are created and obliged to understand the inherent money laundering and terrorist financing risks in the region of the world they serve.
What is one of the methods they use to understand these risks?

A.They conduct regional-level research and analysis of the money laundering and terrorist financing methods and trends using standards and templates used for FATF typologies reports

B.They require member countries to develop statistical metrics over money laundering and terrorist financing crimes

C.They require participating financial institutions of their members to file suspicious transaction reports to the regional body

D.They conduct global research on money laundering and terrorist financing trends and report their findings in their own typologies report

Question 229

The Wolfsberg Anti-Money Laundering Principles for Private Banking require new clients to be approved by whom?

A.At least one person other than the private banker

B.Only the private banker

C.The private banker's supervisor

D.The board of directors

Question 230

Normal account-opening procedures reveal a customer who contacted a financial institution to open a bank account is the brother of a prominent member of a foreign judiciary. Which of the following actions should the anti-money laundering specialist recommend immediately?

A.Contact the institution's legal advisor.

B.Perform enhanced due diligence.

C.Monitor the customer's account.

D.File a suspicious transaction report with the competent authority.

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