Free Access ACAMS.CAMS.v2024-03-23.q386 Practice Test (Page 56)

Question 271

Which measure to mitigate risk does the Basel Committee's Customer Due Diligence Principles suggest banks apply when accepting business from non-face-to-face customers?

A.Certification of documents presented

B.Requiring an in person interview with the customer

C.Imposing a limit on permissible account activity for a defined period of time

D.Requiring additional review of account opening documents by senior management

Question 272

A bank employee reviews wire transactions looking for indications of wire stripping.
Which two actions should the employee take to complete appropriate bank procedures? (Choose two.)

A.Identify wire transaction activity to or from a financial institution located in a higher risk jurisdiction

B.Identify large incoming wire transactions received on behalf of a foreign client with no explicit reason

C.Compare the wire transaction as it enters and after it leaves the bank

D.Check for suspicious phrases usually used to conceal originator or beneficiary identity

Question 273

What are the regulatory risks to a bank employee who willfully violates anti-money laundering laws?

A.Investigation and reputational damage

B.Fines and suspension from the industry

C.Criminal investigation and imprisonment

D.Enforcement actions including fines against the financial institution

Question 274

Which two statements in the Wolfsberg Group's "Suppression of the Financing of Terrorism" define the role financial institutions should play in the fight against terrorism? (Choose two.)

A.Financial institutions need to assist competent authorities in fighting terrorist financing through prevention, detection and information sharing.

B.Financial institutions need to continuously analyze the types of activity related to terrorist financing and develop models that in the long term will drive down terrorism.

C.Financial institutions should have financial intelligence units dedicated to the investigation of activity that would lead to the detection of terrorist financing as a means to decrease global terrorism.

D.Financial institutions should apply extra due diligence whenever they see suspicious or irregular activities, especially when customers are engaged in sectors or activities that have been identified by competent authorities as being used for the financing of terrorism.

Question 275

A bank located in Arizona is considering a loan application for a new client. The collateral for the loan is a property in Florida.
The loan will be in the name of a limited company (LLC) whose ownership is not disclosed to the bank. The LLC was established by a New York-based attorney.
The loan will be repaid by the LLC in monthly wire transfers of $9,000 which is more than the required monthly payment.
Which aspect indicates potential for money laundering?

A.The attorney associated with the account is outside the bank's lending area

B.The collateral, a property in Florida, is not located in Arizona

C.The LLC's ownership is not disclosed to the bank

D.The repayment in the amount of $9,000 indicates potential structuring

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Question 271

Question 272

Question 273

Question 274

Question 275

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