Free Access ACAMS.CAMS.v2024-03-23.q386 Practice Test (Page 71)

Question 346

Which method most likely indicates the placement stage of laundering dirty money in a land based casino?

A.Transferring substantial amounts of money from a client's credit card to a client's casino's VIP account

B.Buying casino chips against a bank draft

C.Redeeming smaller denomination casino chips for largest denomination chips

D.Using cash to buy casino winnings from legitimate winners at a premium

Question 347

When should a financial institution (FI) exit a relationship? (Choose two.)

A.The request from law enforcement to close the account

B.The FI's stated policies and procedures for closing an account

C.The suspicious conduct of the account holder

D.The reputational risk to the FI posed by closing the account

E.The FI's requirements for opening an account

Question 348

In the summer, an institution identifies anti-money laundering concerns regarding a customer's account activity. The customer, an ice cream parlor, has deposited a lot of checks drawn on banks in foreign countries, sent large number of high dollar international wires to different countries, made cash deposits of a few hundred dollars every few days and written multiple checks for a few hundred dollars to the same dozen payees every two weeks.
Which two transaction types warrant investigation? (Choose two.)

A.Regular cash deposits

B.The wires to foreign countries

C.Repeated checks to the same payees

D.Checks drawn on banks in foreign countries

Question 349

Which does the USA PATRIOT Act stipulate for foreign banks concerning correspondent banking?

A.US banks that maintain correspondent accounts for foreign banks must keep identification records of foreign bank owners with 50% or more ownership in the bank

B.A subpoena issued to a foreign bank that maintains a correspondent account in the US can require the bank to submit any records except for records in a foreign jurisdiction.

C.The US federal banking agency can require foreign banks to produce records or information related to any account opened in the US or other countries.

D.Illicit funds deposited with a foreign bank can be seized by the US government by confiscating the same amount of funds deposited in a correspondent account in the US.

Question 350

A commission rogatory would be used in which gateway to obtain information from another country?

A.A supervisory channel request with the Basel Committee

B.An MLAT request

C.A FATF request

D.An FIU request under the Egmont principles

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