Free Access ACAMS.CAMS.v2025-01-18.q542 Practice Test (Page 85)

Question 416

Under requirements for correspondent accounts in the USA PATRIOT Act, the word "certification" refers to a written representation by a

A.respondent bank, certifying that they do not do business with shell banks.

B.correspondent bank, certifying that they do not open correspondent accounts for alternative remittance companies.

C.respondent bank, certifying that they do not do business with politically exposed persons.

D.federal receiver" certifying that he is not the beneficial owner of the correspondent account.

Question 417

A law enforcement agent calls a bank anti-money laundering investigator for supporting information about a suspicious transaction report that was filed the previous month.
How should the investigator respond?

A.Require a search warrant before releasing the information

B.Share the requested information during the telephone call

C.Refer the agent to the bank's compliance officer

D.Send the information to an address provided by the agent

Question 418

The compliance officer at a crowd funding website is in charge of monitoring new crowd funding projects.
Recently, the number of crowd funding projects has significantly increased.
Which red flag indicates the highest anti-money laundering risk?

A.Those with the largest number of donors

B.Projects with the highest monetary success threshold

C.Projects that start and close and are fully funded within a very short period

D.Projects that get funding within days of their start

Question 419

Which three are examples of best practices terms of ensuring an adequate AML program?

A.Review applicable domestic and international AML guidance

B.Perform a risk analysis on a regular basis and compare it to the coverage of the AML program

C.Engage an independent party to perform a periodic review of the program

D.Review the accuracy of account opening applications

Question 420

Which action does the Financial Action Task Force (FATF) recommend be taken against jurisdictions that have strategic deficiencies?

A.Conduct due diligence

B.Apply counter-measures

C.Add the jurisdiction to the United Nations' list of sanctioned jurisdictions

D.Create an action plan to address the deficiencies without the support of the FATF

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Question 416

Question 417

Question 418

Question 419

Question 420

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