Free Access ACAMS.CAMS.v2025-01-18.q542 Practice Test (Page 94)

Question 461

A compliance officer at a large financial institution has been tasked by senior management to lead a team in an internal review and potential revision of the institution's customer onboarding program following a regulatory enforcement action of another institution.
Which step should the compliance officer perform first?

A.Revising training materials for frontline staff

B.Reviewing the institution's risk assessment

C.Conducting enhanced due diligence on high risk customers

D.Resolving substantive discrepancies in customer verification

Question 462

A financial institution has expanded its scope of services so that it is attracting the business of politically exposed persons (PEPs) who had previously never been part of the customer base.
Which two courses of action should the compliance officer include in the institution's procedures for considering PEPs as customers? (Choose two.)

A.Conduct enhanced ongoing monitoring of the business relationship

B.Expedite due diligence when a PEP is pre-approved by a member of senior management

C.Obtain appropriate senior management approval for establishing a business relationship with a PEP from a high risk country

D.Take adequate measures to establish the source of wealth and source of funds which are involved in the business relationship or occasional transaction

Question 463

When must a United States (U.S.) bank block or reject an international funds transfer when there is an Office of Foreign Assets Control designated party to the transaction?

A.Only if the U.S. bank is involved in the funds transfer

B.Only if a U.S. person or entity is the ultimate beneficiary

C.Only if a non-U.S. person or entity is the ultimate beneficiary

D.Only if the U.S. bank's correspondent informs it of the involvement of the designated party

Question 464

Which three circumstances are indicators for defining a customer as required additional diligence according to the Wolfsberg Principles on Private Banking? Choose 3 answers

A.Persons who receive funds from a correspondent banking relationship

B.Persons determined to be Politically Exposed Persons (PEPs)

C.Persons residing in a having funds from countries with inadequate AML standards

D.Persons engaged in business activities known to be susceptible to money laundering

Question 465

Which is a red flag for funds transfers?

A.Funds transfers are received in numerous small quantities from entities that are in related industries.

B.Funds transfers are repeatedly sent to the same beneficiary out of line with the business purpose.

C.Funds transfers are repetitive and within expected patterns.

D.Funds transfers are to a higher-risk geographic location with a known supplier within the same industry as the originator.

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Question 461

Question 462

Question 463

Question 464

Question 465

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