Free Access ACAMS.CAMS.v2024-03-23.q386 Practice Test (Page 63)

Question 306

When should the anti-money laundering risk assessment be updated?

A.Every two years

B.After a merger or acquisition

C.When the board of directors changes

D.When instructed to by the Financial Action Task Force

Question 307

Why would a credit card account likely not be used in the placement stage of money laundering?

A.Credit cards can access ATMs globally

B.Cash payments are generally restricted

C.Credit refunds have a waiting period

D.Customer identification is required

Question 308

What is a key objective of the Egmont Group?

A.To find ways to promote the development of Financial Intelligence Units and the sharing of expertise.

B.To safeguard the financial system from illicit use and combat money laundering and promote national security.

C.To issue binding standards that establish consistently operated Financial Intelligence Units in member jurisdictions.

D.To provide best practices for financial institutions on how to report suspicious activity to best share the information with law enforcement.

Question 309

A customer comes into the bank and appears to be ill-at-ease waiting in the teller line. When the customer gets to the teller, he become exceedingly nervous and asks for a large cashier's check to be cashed and disbursed to him in $100 bills.
What should the teller do after completing the transaction?

A.File a CTR on the customer by the end of the day

B.Monitor the customer's account going forward

C.File a SAR on the customer

D.Confer with the bank' s account going forward

Question 310

After an institution files an STR with regard to a particular account, a law enforcement agent requests the institution to keep the account open until advised otherwise by law enforcement.
What steps should the institution take?

A.The institution should close the account in order not to be caught in the middle of a law enforcement investigation

B.The institution should follow the request of the law enforcement agent and keep the account open

C.The institution should keep the account open only if doing so comports with the bank's own AML procedures

D.The institution should request a written letter from the law enforcement (agency signed by an appropriate authorized signature)

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