Online Access Free ACAMS.CAMS.v2021-12-17.q305 Practice Test (Page 54)

CAMS Exam Question 261

Which action should an FIU consider taking when it has information that might be useful to another FIU?

A.In accordance with Wolfsburg guidelines, submit the information to the other FIU in written form

B.Take no action until contacted by the other FIU

C.Supply the information to the other FIU spontaneously as soon as the relevance of sharing the information is identified

D.Request approval from the Egmont Group prior to sharing the information with the other FIU

CAMS Exam Question 262

A client who owns a swimming pool company requests to open 19 accounts at a bank, each with a debit card for its swimming pool technicians. When asked about the purpose of each account, the client explains that each technician needs a separate checking account to purchase pool chemicals.
Which available source could be used in the bank's internal investigation on this client's activities?

A.Internet search showing how such business are typically operated

B.Client's credit bureau report

C.Interview swimming pool technicians and chemical suppliers

D.Local law enforcement investigation report

CAMS Exam Question 263

When and how should an institution appraise the AML risk of a newly developed product?
Choose 3 answers

A.The institution should roll the product out on a preliminary basis to determine what risks develop with regard to the product

B.The institution should evaluated where, how and to what extent the product is going to be used

C.The institution should request the Compliance Officer to review and evaluate the AML risk prior to the product going live

D.The institution should review previous administrative actions to determine if the product has created problems for other institutions

CAMS Exam Question 264

A compliance officer learns from an Information Technology (IT) source of a potential new financial service being discussed by the new product approval committee.
What is the correct next course of action?

A.Get as much information as possible from the source so that potential risks can be researched and a report prepared and presented to the head of marketing.

B.Request that the new product approval committee include the compliance officer.

C.Start initial research into potential risks but wait until notified that the service has been approved by the committee before initiating extensive research.

D.Go to the board of directors and try to shut the new service down immediately because the committee did not communicate with the compliance officer.

CAMS Exam Question 265

An anti-money laundering specialist is concerned that several suspicious transaction reports will discuss potential illegal activity of bank employees.
In this situation, which of the following is the immediate concern for the institution?

A.The type of form to be used when reporting to the Board.

B.The timing of the presentation of suspicious transaction reports to the competent authority.

C.Ensuring no delay in informing the Board.

D.Prohibiting distribution of suspicious transaction report copies to the Board.

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CAMS Exam Question 261

CAMS Exam Question 262

CAMS Exam Question 263

CAMS Exam Question 264

CAMS Exam Question 265

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