Free Access ACAMS.CAMS.v2025-01-18.q542 Practice Test (Page 96)

Question 471

A bank is preparing for its anti-money laundering independent review, which is performed every two years under the direction of the compliance officer. The bank's corporate audit department will conduct the review.
The compliance officer will review the final report before it is released to the Board of Directors.
What is the issue with this situation?

A.Independent reviews must be performed annually

B.The review must be performed by a group outside of the bank

C.The final report must be presented directly to the board of directors

D.There is a conflict of interest with the management of the review process

Question 472

Which of the following is the financial stage of money laundering?

A.integration

B.structuring

C.off shoring

D.placement

Question 473

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 residing in a having funds from countries with inadequate AML standards

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

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

D.Persons who receive funds from a correspondent banking relationship

Question 474

The compliance officer for a private bank has been tasked with reviewing the procedure for authorized signatories on customer accounts to ensure it is in line with relevant Wolfsberg Anti-Money Laundering Principles for Private Banking.
Which three statements from the procedure are in line with Wolfsberg? (Choose three.)

A.Where the Authorized Signatory is not a lawyer or accountant, due diligence as to the source of funds and wealth of the Authorized Signatory should be undertaken.

B.The responsible private banker must establish the identity of a holder of general powers over an account (e.g. a signatory for the account) and, as appropriate, verify that identity.

C.Where due diligence has been satisfactorily completed on all authorized signers, the responsible private banker may reduce the due diligence performed on the account holder and/or beneficial owner.

D.The responsible private banker must obtain the necessary documentation establishing the authorized signer's authority to act on behalf of the account holder or beneficial owner (e.g. a Power of Attorney).

E.If an individual has signing authority over an account but does not act on a professional basis as a manager of funds, the responsible private banker must understand and document the relationship between that authorized signer, the account holder, and, if different, the beneficial owner of the account.

Question 475

An anti-money laundering specialist notes a significant reduction in suspicious transaction report filings at a particular branch. Which of the following actions is most appropriate?

A.Place the branch on the watchlist to assure a review during the next quarter.

B.Analyze the branch activity reports to determine whether there has been a decrease in branch activity.

C.Review branch exception reports to determine changes in activity in accordance with customer profiles.

D.Review staff records to see whether inexperienced personnel are in critical positions without appropriate training.

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