Free Access ACAMS.CAMS.v2024-03-23.q386 Practice Test (Page 58)

Question 281

The Wolfsberg Principles for Private Banking list circumstances that would require additional due diligence, including activities that involve which three of these choices?

A.High Risk Countries, including those identified by credible sources as having inadequate Anti-Money Laundering standards

B.Foreign jurisdictions

C.Public officials, including those individuals who have or had positions of public trust

D.igh Risk activities, involving clients and beneficial owners whose source of wealth originates from activities known to be vulnerable to money laundering

Question 282

What are some of the shortcomings in using letters regulatory? Choose 3 answers

A.They are based on a pre-existing mutual treaty between the countries

B.They are usually restricted to obtaining evidence that can be used for prosecution and other judicial proceedings

C.They can be time-consuming

D.They must be approved in advance by the countries judicial authorities

Question 283

Which transaction should result in a SAR/STR filing?

A.A small business owner deposits checks totaling $9,950 USD on a daily basis without providing a legitimate purpose.

B.A small business owner deposits $25,000 USD in cash proceeds with a business equipment bill of sale.

C.A national food-chain restaurant with multiple cash transactions at various branch locations.

D.A national food-chain restaurant makes multiple, anticipated cash transactions that are above the daily reporting threshold.

Question 284

An internal review of anti-money laundering training documentation revealed only new agents employed by a financial institution that sells life insurance products were trained. Additionally, it typically took the institution
8 months to begin training for new actuaries. The compliance officer explained training was limited to actuaries because they perform the only high-risk function. The institution relied on e-learning techniques without follow- up assessment.
Which of the following issues would the internal review most likely recommend?

A.All staff, apart from the Board of Directors, must be trained.

B.The institution must provide anti-money laundering training to actuaries within 6 months.

C.Pro duct-specific anti-money laundering training should be provided company-wide.

D.Continue using e-learning to emphasize anti-money laundering content during training.

Question 285

Which two statements about the Wolfsberg Group are true?

A.It is composed of representatives of financial intelligence units from around the world

B.It based its original guidance around combating the laundering of proceeds of narcotics trafficking

C.It has no power to impose its principles/guidance

D.It focuses primarily on Know Your Customer, AML and CTF guidance

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