Free Access ACAMS.CAMS.v2024-03-23.q386 Practice Test (Page 68)

Question 331

Which factor should a bank consider before sharing information about a customer with its broker-dealer affiliate in the case of an investigation?

A.Whether both institutions have an account or are in the process of opening an account for the customer

B.Whether there is a mutual legal assistance treaty in place between the two institutions

C.Whether privacy and data protection rules permit the bank to share the information with the affiliate

D.Whether the broker-dealer affiliate can rely on the due diligence done by the bank

Question 332

To ensure that an institution's anti-money laundering program is current, which step should be taken?

A.The program should be evaluated and updated at least every six months be the Board of Directors

B.The program should be reviews by a federal law enforcement officer for gaps in controls

C.The program should be sent to the institution's government regulator on a periodic basis

D.The program should be reassessed at least annually

Question 333

A compliance officer learns from an Information Technology (IT) source of a potential new financial service being discussed by the new product approval committee.
What is the correct next course of action?

A.Request that the new product approval committee include the compliance officer.

B.Go to the board of directors and try to shut the new service down immediately because the committee did not communicate with the compliance officer.

C.Get as much information as possible from the source so that potential risks can be researched and a report prepared and presented to the head of marketing.

D.Start initial research into potential risks but wait until notified that the service has been approved by the committee before initiating extensive research.

Question 334

The Chief Compliance Officer (CCO) of a financial institution has been asked by a manufacturing customer reliant upon imported raw materials if there will be repercussions to his business following the weak assessment of the recent publicly issued Financial Action Task Force (FATF) Mutual Evaluation Report (MER). How should the CCO respond?

A.Delayed processing of cross-border transfer of funds between countries may occur due to increased scrutiny to determine the legitimacy of each transfer.

B.Citing inaccurate content of the MER. the president of the country has called upon the FATF to publicly withdraw the MER and commission an independent review of findings.

C.Mandate termination of all cross-border trading until evidence can be provided to show an improved position of compliance for the weaknesses stated in the MER.

D.Negative consequences will not occur because the manufacturing customer has been trading with reputable countries and suppliers for many years without incident.

Question 335

How does the Financial Action Task Force (FATF) communicate its findings regarding jurisdictions with strategic anti-money laundering / Counter Financing of Terrorism deficiencies?

A.By issuing four formal documents to the deficient jurisdictions

B.By issuing two formal documents three times per year

C.By issuing informal communication to FATF members

D.By issuing documentation to the private sector

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Question 331

Question 332

Question 333

Question 334

Question 335

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