Free Access ACAMS.CAMS.v2025-01-18.q542 Practice Test (Page 9)

Question 36

A financial institution located within the European Union has historically allowed anonymous accounts.
Which of the following is the best method for this institution to use to ensure compliance with the European Union Money LaunderingDirectives?

A.Close these accounts immediately and send funds to account holder.

B.Freeze these accounts and remit funds to the appropriate Financial Intelligence Unit before completing any transaction.

C.Alert local law enforcement authorities of activities observed in these accounts.

D.Perform the required customer due diligence on these accounts before accepting or completing any transaction.

Question 37

Which three conduits for moving terrorist-related funds do terrorist financing generally favor? Choose 3 answers

A.Banks and/or other formal financial systems

B.Informal financial systems

C.Currency exchange firms

D.Cash couriers

Correct Answer: B,C,D

Dealers in antiques, precious metals, precious stones, jewelry, and art are advised to follow these practices to reduce the element of money laundering risk:
Verify the identities of all new vendors and customers and conduct due diligence on them. This is to ensure that the dealers know who they are dealing with and can assess the risk level of each customer or vendor. Due diligence may include obtaining and verifying identification documents, checking against sanctions lists or watchlists, obtaining information on the source and purpose of funds, and applying a risk-based approach to the level and frequency of due diligence.
Avoid accepting cash payment from the buyers. This is to prevent the dealers from being used as a conduit for laundering illicit cash or facilitating cash smuggling. Cash transactions are more difficult to trace and may indicate attempts to evade reporting or record-keeping requirements. Dealers should encourage the use of non-cash payment methods, such as bank transfers, cheques, or credit cards, and keep records of all payment transactions.
Insist all vendors submit an appropriate license issued by enforcement agencies authorizing the sale.
This is to ensure that the dealers are not involved in the trade of stolen, smuggled, or counterfeit goods, which may be linked to money laundering or other criminal activities. Dealers should verify the authenticity and validity of the licenses and keep copies of them for record-keeping purposes.
References:
FATF Guidance on the Risk-Based Approach for Dealers in Precious Metals and Stones, pages 9-10,
13-14, 17-18, 21-22
AML-CFT Handbook for Dealers in Precious Metals and Stones, pages 25-26, 37-38, 52-53 The anti-money laundering framework for precious stones and metals dealers in Singapore, pages 7-8,
11-12, 15-16
Dealers in Precious Metals, Stones or Jewels Required to Establish Anti-Money Laundering Programs, pages 2-3, 6-7, 10-11

Question 38

A junior account manager within an international private bank in Country A noticed that one of his valued customers, who has held an account for several years in the institution, started making cash deposits in batches through various banks in Country B.
The account never received cash deposits and the junior account manager knew that banks in Country B were located very close to each other. What should the junior account manager do?

A.Notify the anti-money laundering specialist of his bank, but do not call the customer.

B.Close the account.

C.File a suspicious transaction report with the Financial Intelligence Unit.

D.Offer the customer a more secure method of depositing in the hope of learning something more during the conversation.

Question 39

A foreign bank maintains a correspondent account in the US. According to an investigation carried out by US authorities, the specific correspondent account seems to have facilitated a transaction involving tainted funds.
Which allows the US authorities to seize the funds of the foreign bank held with the US bank?

A.The FinCEN CDD Final Rule

B.The 6th EU AML Directive

C.Regulations of the OFAC, US Department of Treasury

D.The USA PATRIOT Act

Question 40

Which two individuals are ordinarily beneficial owners of a private banking account according to the Wolfsberg Anti-Money Laundering Principles for Private Banking? (Choose two.)

A.Those two are authorized signers on the account

B.Those who have legal title to a controlling share interest in the customer

C.Those who generally have ultimate control through ownership or other means over the funds in the account

D.Those who are the ultimate source of funds for the account and whose source of wealth should be subject to due diligence

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