Online Access Free ACAMS.CAMS.v2022-03-23.q332 Practice Test (Page 61)

CAMS Exam Question 297

When an institution investigates a suspicious transaction and files an STR, which three steps should the institution take? Choose 3 answers

A.Interview all pertinent employees who may know something about the transaction

B.Review all relevant transactions in light of expected and normal business transactions

C.Allow only the institution's outside counsel to conduct the investigation in order to maintain the attorney-client privilege

D.Ensure that all relevant documents are identified, secured and maintained

CAMS Exam Question 298

A bank located in Arizona is considering a loan application for a new client. The collateral for the loan is a property in Florida.
The loan will be in the name of a limited company (LLC) whose ownership is not disclosed to the bank. The LLC was established by a New York-based attorney.
The loan will be repaid by the LLC in monthly wire transfers of $9,000 which is more than the required monthly payment.
Which aspect indicates potential for money laundering?

A.The repayment in the amount of $9,000 indicates potential structuring

B.The LLC's ownership is not disclosed to the bank

C.The collateral, a property in Florida, is not located in Arizona

D.The attorney associated with the account is outside the bank's lending area

CAMS Exam Question 299

Financial institutions (FIs) perform AML risk assessments to ensure:

A.a record for regulators indicating an AML risk assessment was completed at least once.

B.proper controls surrounding higher-risk products, services, customers, and geographic locations.

C.internal audit assurance that all AML-related policy and procedures are board approved.

D.satisfaction of the board of directors' approved risk appetite.

CAMS Exam Question 300

What is an example of the integration stage of money laundering involving a bank or another deposit-taking institution?

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

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

C.Directing third parties to exchange illicit cash for negotiable instruments

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

CAMS Exam Question 301

A foreign politically exposed person (PEP) requests to add a beneficiary to a life insurance policy.
How should the request be processed to mitigate risk?

A.Perform due diligence on the beneficiary

B.Decline the request to add a beneficiary due to increased risk

C.Determine the source of wealth and source of funds

D.Decline the request if the beneficiary is a foreign PEP

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CAMS Exam Question 297

CAMS Exam Question 298

CAMS Exam Question 299

CAMS Exam Question 300

CAMS Exam Question 301

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