Online Access Free ACAMS.CAMS.v2024-06-28.q652 Practice Test (Page 114)

CAMS Exam Question 561

Which does the USA PATRIOT Act stipulate for foreign banks concerning correspondent banking?

A.US banks that maintain correspondent accounts for foreign banks must keep identification records of foreign bank owners with 50% or more ownership in the bank

B.A subpoena issued to a foreign bank that maintains a correspondent account in the US can require the bank to submit any records except for records in a foreign jurisdiction.

C.The US federal banking agency can require foreign banks to produce records or information related to any account opened in the US or other countries.

D.Illicit funds deposited with a foreign bank can be seized by the US government by confiscating the same amount of funds deposited in a correspondent account in the US.

CAMS Exam Question 562

Which method is used to launder money via wire remittances sent through a bureau de change or money services business?

A.A large number of wire transfers are sent from a large number of senders in country A to a large number of recipients in country B during the period of December 1 to December 15.

B.A customer in country A makes a weekly small wire transfer to the bank account of an individual in country

C.A customer in country A makes frequent wire transfers to a single customer in country B that are slightly under the legal reporting threshold.

D.A customer in country A receives four small wire transfers from four different individuals located in country B on December 21. The aggregate of the wire transfers falls below the legal reporting threshold.

CAMS Exam Question 563

A customer has held an account at a local credit institution for 10 years. The account has received deposits twice weekly for the same amount and has never shown signs of suspect behavior. Monitoring software indicated that in the past few months the account has received several large deposits that were not in line with the account history.
When asked, the customer states she recently sold a piece of property, which is supported with a proof of sale.
Which of the following should the compliance officer do next?

A.Document reasons for not filing a suspicious transaction report.

B.Investigate these unusual transactions further.

C.Contact the local Financial Intelligence Unit for advice.

D.File a suspicious transaction report with the competent authorities.

CAMS Exam Question 564

The compliance officer for a private bank has been tasked with reviewing the procedure for authorized signatories on customer accounts to ensure it is in line with relevant Wolfsberg Anti-Money Laundering Principles for Private Banking.
Which three statements from the procedure are in line with Wolfsberg? (Choose three.)

A.The responsible private banker must obtain the necessary documentation establishing the authorized signer's authority to act on behalf of the account holder or beneficial owner (e.g. a Power of Attorney).

B.Where the Authorized Signatory is not a lawyer or accountant, due diligence as to the source of funds and wealth of the Authorized Signatory should be undertaken.

C.Where due diligence has been satisfactorily completed on all authorized signers, the responsible private banker may reduce the due diligence performed on the account holder and/or beneficial owner.

D.The responsible private banker must establish the identity of a holder of general powers over an account (e.g. a signatory for the account) and, as appropriate, verify that identity.

E.If an individual has signing authority over an account but does not act on a professional basis as a manager of funds, the responsible private banker must understand and document the relationship between that authorized singer, the account holder, and, if different, the beneficial owner of the account.

CAMS Exam Question 565

Which action does the Financial Action Task Force (FATF) recommend be taken against jurisdictions that have strategic deficiencies?

A.Conduct due diligence

B.Apply counter-measures

C.Add the jurisdiction to the United Nations' list of sanctioned jurisdictions

D.Create an action plan to address the deficiencies without the support of the FATF

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CAMS Exam Question 561

CAMS Exam Question 562

CAMS Exam Question 563

CAMS Exam Question 564

CAMS Exam Question 565

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