Free Access ACAMS.CAMS.v2024-12-05.q439 Practice Test (Page 87)

Question 427

In order to protect investigative materials from disclosure when conducting an internal Investigation of any employee of a financial institution, legal counsel of that financial should ____________?

A.Refuse to provide any records or documents to law enforcement because the bank has client privilege with its bank customers

B.Let the bank hire any and all contract investigators to conduct the internal investigation. That way Legal is not a party to the action and may remain independent

C.Request formal company authorization to conduct the investigation. Such authorization should be granted, if possible, by the board of directors or audit committee

D.Not mark files or documents with privileged and Confidential: Attorney-Client Privilege and/or Work-Product.
Those marks will only encourage law enforcement or opposing attorneys to seize those files

Question 428

What are three factors a financial institution should examine with regard to a new customer who is opening up a new account? Choose 3 answers

A.The type and size of the business the customer runs

B.The previous financial institutions where the customer has banked

C.The legal structure of the customer's business

D.The country or location where the customer is from or does business

Question 429

In order to protect investigative materials from disclosure when conducting an internal Investigation of any employee of a financial institution, legal counsel of that financial should________?

A.Not mark files or documents with privileged and Confidential: Attorney-Client Privilege and/or Work- Product. Those marks will only encourage law enforcement or opposing attorneys to seize those files

B.Refuse to provide any records or documents to law enforcement because the bank has client privilege with its bank customers

C.Request formal company authorization to conduct the investigation. Such authorization should be granted, if possible, by the board of directors or audit committee

D.Let the bank hire any and all contract investigators to conduct the internal investigation. That way Legal is not a party to the action and may remain independent

Question 430

What does the Financial Action Task Force 40 Recommendations address on transparency of beneficial ownership?

A.Gatekeepers

B.Correspondent banking

C.Payable through accounts

D.Legal persons and arrangements

Question 431

How do drug traffickers and other criminals use the fine art industry to disguise illicit proceeds?

A.They immediately resell priceless works of art after purchase from a foreign auction house

B.They use anonymous agents to buy the art and have the payment wired from offshore havens

C.They commingle legitimate and illicit proceeds by principals for payment of fine art

D.They use forged or fraudulent invoicing of priceless works of art by auction houses

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Question 427

Question 428

Question 429

Question 430

Question 431

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