[Q141-Q160] Get Special Discount Offer on CAMS Dumps PDF [UPDATED Dec-2022]

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Get Special Discount Offer on CAMS Dumps PDF [UPDATED Dec-2022]

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If you’re looking for the prestigious AML certificate issued by a reputed international organization that specializes in and is dedicated to the detection and prevention of financial crime, then you should opt for the ACAMS Certified Anti-Money Laundering Specialist (CAMS) certification exam which ensures an individual’s skill in the field of anti-money laundering.

NO.141 The bank for International Settlements provides the secretariat for which organization?

The Basel Committee

FATF

The Wolfsberg Group

The Egmont Group

NO.142 Which statement about a multinational institution’s ability to fully investigate unusual activity in all its foreign operations is correct?

Local privacy and data protection laws may prevent an affiliate from sharing information.

Certain account documents may be stored only in local language which will prohibit a global assessment.

The institution should consult with the customer and request permission to conduct a full investigation into all the accounts.

Enterprise-wide compliance oversight rules issued in the global institution’s headquarters country will override any local limitations in other countries.

NO.143 Which of the following are the most suspicious transaction indicators related to casino activities?

A client requests a winnings check (cheque) in a third party’s name.

Acquaintances bet against each other in even-money games and it appears they are intentionally losing to one of the parties.

A new client who is a large volume player asks the casino operator about the ability to transfer the funds to other locations in the same country.

A client requests the transfer of winnings to the bank account of a third party in a country without an effective anti-money laundering regime.

NO.144 What is one recommendation of the Basel Committee’s 2001 paper Customer Due Diligence for Banks”?

Numbered accounts should not be allowed

Certain types of private banking can be exempt from KYC procedures

Banks should develop dear descriptions of acceptable customers

Politically Exposed Persons (PEPs) should not be accepted as customers

NO.145 When a regulatory body requires international assistance in a money laundering inquiry, such assistance is typically obtained by

Filing a request under Egmont guidelines.

Submitting a request for overseas assistance to the corresponding supervisory body.

Contacting the Financial Action Task Force, Organization for Economic Co-operation and Development, or other international organizations and seeking their intervention.

Communicating with the Head of Compliance for the financial institution.

NO.146 What is operational risk?

The potential for loss of public confidence in an organization’s integrity

The potential for loss resulting from too much credit or loan exposure to one borrower

The potential for loss due to inadequate processes, people, systems, or external events

The potential for lawsuits, fines, and penaltiesincreasingan organization’s expenses

NO.147 A bank located in New York has identified suspicious transactions at a correspondent bank in ChinA. For one of the international customers, the correspondent bank is not following agreed upon protocols.
Which factor indicates that the bank should terminate the relationship?

The correspondent bank has opened branches in a country on the Office of Foreign Assets Control list.

The compliance officer at the correspondent bank is currently being investigated due to bribery allegations.

The correspondent bank has recently exceeded acceptable limits in the primary banks’ recently developed risk model.

The primary institution has requested transactional details from the correspondent bank to aide in their investigation.

NO.148 A United States (U.S.) bank was recently alerted by law enforcement of an increase in sale of large denomination U.S. bank notes to casas de cambio. They suspect that a Mexican syndicate is operating a money laundering scheme in the bank’s jurisdiction.
Which two steps should be taken to trace funds through the bank to assist law enforcement in their investigation? (Choose two.)

Identify the money laundering scheme and submit a suspicious transaction report

Identify if there is a decrease in the sale of large denomination U.S. bank notes to casas de cambio by the bank

Identify deposits by casas de cambio that include third-party items including sequentially numbered monetary instruments

Identify multiple wire transfers initiated by casas de cambio to jurisdictions outside of Mexico that bear no apparent business relationship with that casa de cambio

NO.149 What are three potential issues for foreign financial institutions maintaining correspondent accounts with U.S. banks under the Patriot Act? Choose 3 answers

Cancellation of correspondent banking relationships

Forfeiture of funds in a U.S. interbank account

Prohibition of correspondent accounts for shell banks

U.S. residents maintaining private banking accounts

NO.150 A new compliance officer is reviewing the bank’s anti-money laundering program and notices that the risk assessment was completed six months ago. Since that time, the bank acquired another financial institution, renamed the internal records group, and streamlined cash handling procedures.
Which factor causes the compliance officer to update the bank’s risk assessment?

The bank acquired another institution

The internal records group has been re-named

The cash handling procedures were streamlined

The risk assessment was completed six months ago

NO.151 What is an example of the integration stage of money laundering involving a bank or another deposit-taking institution?

Depositing illicit funds into an account set up for a front company

Directing third parties to exchange illicit cash for negotiable instruments

Wiring illicit funds from an account at one bank to an account at another bank

Using illicit funds that had previously been deposited to purchase a luxury vehicle

NO.152 A charity has unaudited accounts. Which of the following represents the highest risk factor for terrorist financing?

Disbursement of funds to entities unrelated to the purpose of the charity.

An international board composed of politically exposed persons.

Frequent deposits from third parties into the charity’s bank account.

Frequent changes to the senior management of the charity.

NO.153 In which type of banking transaction is price manipulation, as a form of money laundering, a common practice?

Redeeming an annuity

Sending a wire transfer

Issuing a letter of credit

Subscribing to a cash management account

NO.154 In the summer, an institution identifies anti-money laundering concerns regarding a customer’s account activity. The customer, an ice cream parlor, has deposited a lot of checks drawn on banks in foreign countries, sent large number of high dollar international wires to different countries, made cash deposits of a few hundred dollars every few days and written multiple checks for a few hundred dollars to the same dozen payees every two weeks.
Which two transaction types warrant investigation? (Choose two.)

Regular cash deposits

The wires to foreign countries

Repeated checks to the same payees

Checks drawn on banks in foreign countries

NO.155 In relationship to life insurance business, the third European Directive states that Member States may allow the identity verification of the beneficiary under the policy after the business relationship has been established, but before which events?

At or before a premium payment has been accepted for the policy purchased

At or before the policy is issued to the beneficiary by the insurance company

At or before the time of payout or before the beneficiary intends to exercise rights vested under the policy

At or before 30 days of the relationship being established under the policy

NO.156 The anti-money laundering compliance officer for a small money transmitter has several agent locations in the same geographic area in the United States. The customers are immigrants from Country A and the majority of the funds are remitted to Country A.
In a meeting with one of the agents, it is recently discovered that two new customers have been coming in three times a week and sending funds to the same recipient in Country B.
Each cash transaction always totals exactly $8,000.
What should alert the agent to possible money laundering activity by the two customers?

They remit funds to the same person

They have been coming in three times a week

It is unusual for customers to remit to Country B

Each of their transactions is just below the cash reporting threshold

NO.157 What are three factors a financial institution should examine with regard to a new customer who is opening up a new account? Choose 3 answers

The country or location where the customer is from or does business

The type and size of the business the customer runs

The legal structure of the customer’s business

The previous financial institutions where the customer has banked

NO.158 An anti-money laundering specialist working at a bank just received a legal request from a law enforcement agency mandating the release of all financial transaction records relating to an account at the bank. The specialist immediately recognizes the account as one owned by the bank Chief Executive Officer’s brother.
During research to gather the requested documents, the specialist finds several internal memos he had sent to the bank president with concerns regarding possible suspicious activity relating to this account. The specialist recalls the bank president verbally responded to each memo with an explanation of the activity and indicated there was no cause for concern. Which of the following should the specialist do with respect to these internal memos?

Place these memos in his personal files in case they are subsequently requested.

Ask the bank president to document his instructions to the specialist.

Call the law enforcement agent and suggest he modify the legal request to include these memos.

Advise the bank’s senior legal advisor of the situation.

NO.159 A bank maintains a number of United States (U.S.) dollar correspondent accounts for foreign financial institutions. Upon a routine review of a U.S. dollar correspondent account owned by Foreign Bank A, a number of transactions appear to have been originated by Foreign Bank B outside the expected activity for this account.
These transactions appear suspicious and a suspicious transaction report was filed by the compliance officer.
Which step should the compliance officer take?

File a report with the appropriate tax authorities in the jurisdictions of Foreign Bank A and Foreign Bank B

Notify senior management of the money laundering risks by allowing Foreign Bank A to maintain its U.S.
dollar correspondent account

Notify Foreign Bank A of the discovery and seek documentation supporting Foreign Bank A was collusive and a willing partner with Foreign Bank B in the activity

Notify other U.S. financial institutions who maintain U.S. dollar correspondent accounts for Foreign Bank A and Foreign Bank B in an effort to shut down the activity

NO.160 When creating an anti-money laundering program for a foreign bank with branches in the United States, which of the following are included among the four minimum elements required under the USA PATRIOT Act?
1. The development of a Know Your Customer program.
2. An ongoing employee training program.
3. The designation of a compliance officer.
4. An independent audit function to test the program.

1, 2, and 3 only

1, 2, and 4 only

1, 3, and 4 only

2, 3, and 4 only