Free Access ACAMS.CAMS.v2025-01-18.q542 Practice Test (Page 68)

Question 331

How can a 'free-look provision' as part of a life insurance policy help criminals to launder money?

A.A policy owner has freedom to decide who the beneficiary of the policy will be and can in this way move money to a related third party.

B.A policy owner is able to terminate the contract without penalties such as surrender charges.

C.A policy owner can decide how to pay the premium within a pre-defined period.

D.A policy owner has freedom to decide who the beneficiary of the policy will be and can in this way move money to an unrelated third party.

Question 332

Which three statements are true regarding the extraterritorial reach of laws and legislation of the U.S.?

A.The criminal anti-money laundering law can apply to transactions that occur partially overseas

B.Economic and trade sanctions by OFAC may pose extraterritorial risks for financial institutions and businesses outside the U.S.

C.The extraterritorial reach covers all transactions throughout the global economy

D.The defendant does not need to know the funds came from an illegal activity under state, federal or foreign law

Question 333

Which question about the respondent bank should a bank be able to answer before establishing correspondent accounts?

A.Who its owners are and what its regulatory history is

B.Who their AML officer is and what that person's qualifications are

C.How engaged the Board of Directors is in compliance efforts

D.Which controls they have in place to mitigate sanctions list risk

Question 334

When the minimum CDD standards of the home and host countries differ, the offices in the host countries should follow which requirements?

A.The CDD standards required by the home country

B.The higher standard of the two

C.The minimum required

D.Local rules and regulations

Question 335

A comprehensive set of risk-based guidelines for maintaining business relationships is being developed.
Which situation indicates that the institution should terminate the relationship with a client?

A.The client does business in countries with active terrorist organizations.

B.The client conducts international financial transactions exceeding U.S. $500 million.

C.The client exceeds the criteria of an acceptable risk model created by another institution that is not similar in size and complexity.

D.The client exceeds the criteria of an acceptable risk model created by the institution and does not perform acceptable remedial actions.

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Question 331

Question 332

Question 333

Question 334

Question 335

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