Online Access Free ACAMS.CAMS.v2022-03-23.q332 Practice Test (Page 55)

CAMS Exam Question 267

A compliance officer identifies a potentially significant risk in a popular financial product. Further investigation reveals there is no mitigating control.
Which course of action should the compliance officer take?

A.Launch a long-term project to remediate the control deficiency

B.Note the risk and address it during the next round of policy and procedure review

C.Immediately cease providing the product and only offer it after effective permanent mitigation is implemented

D.Implement a temporary mitigation that enables effective management of the risk until a permanent plan can be developed

CAMS Exam Question 268

A compliance officer is looking to update an institution's private bank procedures. What should be included as recommended by the Wolfsberg AML Principles on Private Banking?

A.Review of client files annually if there are unusual transactions

B.Dedicated automated AML monitoring of client activity

C.The institution's senior management has primary responsibility for the relationship

D.Approval of Politically Exposed Persons (PEPs) by at least one person other than the relationship manager

CAMS Exam Question 269

What is the currency threshold under the European Union Fourth Anti-Money Laundering Directive?

A.15,000 Euros

B.5,000 Euros

C.3,000 Euros

D.10,000 Euros

CAMS Exam Question 270

To guard against acquisition or control of a financial institution by money launderers or their associates, supervisory agencies should require

A.adequate surety bonds, cash deposits, or equivalencies.

B.prospective owners have prior experience in the area of finance.

C.thorough due diligence on prospective owners.

D.comprehensive compliance programs.

CAMS Exam Question 271

The ultimate goal of economic sanctions is to:

A.prevent terrorists from profiting from trade.

B.protect the reputation of the country.

C.protect national security.

D.reduce the profits of sanctioned countries.

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CAMS Exam Question 267

CAMS Exam Question 268

CAMS Exam Question 269

CAMS Exam Question 270

CAMS Exam Question 271

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