Free Access ACAMS.CAMS.v2024-12-05.q439 Practice Test (Page 37)

Question 176

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 177

Which is true about Financial Action Task Force (FATF)-Style Regional Bodies (FSRBs)?

A.FSRBs set standards for their member countries that supplement FATF's standards.

B.Tools used by FRSBs include training measures and mutual evaluations of its members.

C.AFATF-member country cannot also be a member of an FSRB.

D.To be a member of an FSRB, a country must have enacted AML and Anti-Terrorist Financing laws.

Question 178

What was cited by the Wolfsburg Group in its Statement on the Suppression of the Financing of Terrorism as being vulnerable to terrorist financing?

A.Alternative remittance

B.Trade finance

C.Private banking

D.Correspondent banking

Question 179

Which method is used to launder money via wire remittances sent through a bureau de change or money services business?

A.A large number of wire transfers are sent from a large number of senders in country A to a large number of recipients in country B during the period of December 1 to December 15.

B.A customer in country A receives four small wire transfers from four different individuals located in country B on December 21. The aggregate of the wire transfers falls below the legal reporting threshold.

C.A customer in country A makes frequent wire transfers to a single customer in country B that are slightly under the legal reporting threshold.

D.A customer in country A makes a weekly small wire transfer to the bank account of an individual in country B.

Question 180

One area of responsibility for the Board of Directors when implementing a successful AML program is to:

A.ensure the appointment of a qualified chief AML officer.

B.create a culture of compliance based on the profit expectation.

C.manage the day-to-day processes of the compliance program.

D.hire a third-party firm to be responsible for the AML compliance.

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