Online Access Free ACAMS.CAMS.v2024-06-28.q652 Practice Test (Page 125)

CAMS Exam Question 616

A banker in the credit department wants to assess the risk of all customers, and contacts the compliance officer to request a list of customers with suspicious transaction report filings.
What should be done to protect suspicious transaction report information?

A.Provide the suspicious transaction report information to the credit department

B.Decline to provide the suspicious transaction report information to the credit department

C.Seek approval from the board of directors to disclose the suspicious transaction report information

D.Contact the credit department manager to determine how the suspicious transaction report information can be provided

CAMS Exam Question 617

Who meets the standard to perform the AML audit? (Select Two.)

A.An internal auditor with a family member employed in the AML department

B.An internal auditor with the requisite knowledge and expertise of AML

C.A consultant previously employed in the AML department within the past 2 years

D.Qualified bank staff if not involved in the AML function being tested

E.A consultant with limited knowledge and experience in AML but many years of internal audit experience

CAMS Exam Question 618

How can violations of anti-money laundering laws be a risk to individuals?

A.Violations can result in civil and criminal fines and penalties against the individuals.

B.Violations can result in additional and more stringent anti-money laundering training for individuals.

C.Violations can result in enforcement actions that damage the reputation of the individual's employer.

D.Violations can result in additional legislation that the individuals have to comply with.

CAMS Exam Question 619

Which information must a United States financial institution retain for having foreign correspondent accounts as part of the USA PATRIOT Act record keeping requirements?

A.Records identifying the owners of each foreign bank

B.Section 314(b) information sharing results related to foreign correspondent accounts

C.Purchase of monetary instruments of $3,000 or more involving foreign correspondent accounts

D.A suspicious activity report filed and the supporting documentation involving foreign correspondent accounts

CAMS Exam Question 620

A customer comes into a financial institution and deposits a large amount of cash. He has never done that before. When asked about the deposit, he indicates he recently sold a used car and received cash.
He does not trust forms of payment and is wary of counterfeit money orders. What should the bank do?

A.The bank has received a plausible explanation, so it should do nothing

B.While the explanation appears plausible, the institution should, for a period of time, monitor the account for cash transactions and suspicious activity

C.While the explanation may be plausible, the institute should nonetheless file a Suspicious Transaction Report to protect itself

D.The institution should close the account before another issues arise

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CAMS Exam Question 616

CAMS Exam Question 617

CAMS Exam Question 618

CAMS Exam Question 619

CAMS Exam Question 620

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