Online Access Free ACAMS.CAMS.v2022-03-23.q332 Practice Test (Page 29)

CAMS Exam Question 136

Which three elements should be considered in an institution's enhanced due diligence process to assure itself that it has secured sufficient understanding of its higher risk respondent bank customers according to the Wolfsberg Principles on Correspondent Banking?

A.A risk-based determination as to whether or not the respondent is a shell bank

B.Whether a Politically Exposed Person (PEP) has an interest or management role in the respondent

C.The sources of wealth for all significant ownership interests

D.The quality of the respondent's AML and client identification controls

CAMS Exam Question 137

A.Seize Bank A's $5 million correspondent account in the U.S.

B.The U.S. government has initiated forfeiture action against the WTS.
Which potential action can the U.S. take under the USA PATRIOT ACT pursuant to the issuance seizure warrant?

C.Seize $1 million from Bank A's correspondent account in the U.S.

D.Seize $5 million from the non-U.S. branch of Bank A where the WTS' account is located.

E.Seize WTS' $1 million account at the non-U.S. branch of Bank A.

CAMS Exam Question 138

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

B.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.

C.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.

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

CAMS Exam Question 139

In establishing procedures for the review of suspicious transactions and filling of STRs, what thing should an institution focus on?

A.A system for tracking STRs and ensuring that appropriate supporting documentation is segregated and maintained

B.The appropriateness of having a centralized review of suspicious transactions and recommendations to file an STR to ensure consistency

C.The need not to ensure that the institution has a strong case of impropriety before filling an STR

D.The need to have on-going training as to potential red flags that the institution might encounter

CAMS Exam Question 140

Under requirements for correspondent accounts in the USA PATRIOT Act, the word "certification" refers to a written representation by a

A.federal receiver" certifying that he is not the beneficial owner of the correspondent account.

B.respondent bank, certifying that they do not do business with politically exposed persons.

C.correspondent bank, certifying that they do not open correspondent accounts for alternative remittance companies.

D.respondent bank, certifying that they do not do business with shell banks.

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CAMS Exam Question 136

CAMS Exam Question 137

CAMS Exam Question 138

CAMS Exam Question 139

CAMS Exam Question 140

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