CAMS

Which two individuals are ordinarily beneficial owners of a private banking account according to the Wolfsberg Anti-Money Laundering Principles for Private Banking? (Choose two.)A . Those who are authorized signers on the accountB . Those who have legal title to a controlling share interest in the customerC . Those who...

A customer living in a high-risk jurisdiction makes frequent, large cash deposits at a bank. The same customer sends small wire transfers to unrelated parties in other high-risk jurisdictions. What are two red flags that may indicate money laundering? (Choose two.)A . The bank allows cash depositsB . The client...

A customer brings $15,000 worth of chips into a casino and plays various games. The customer redeems all the remaining chips and requests a wire transfer of the proceeds to an unrelated third party. What are two red flags that indicate money laundering? (Choose two.)A . Customer redeeming all remaining...

When should the anti-money laundering risk assessment be updated?A . Every two yearsB . After a merger or acquisitionC . When the board of directors changesD . When instructed to by the Financial Action Task ForceView AnswerAnswer: B Explanation: Reference: https://www.wolfsberg-principles.com/sites/default/files/wb/pdfs/faqs/17.%20Wolfsberg-Risk­Assessment-FAQs-2015.pdf (10)

What is an example of the integration stage of money laundering involving a bank or another deposit-taking institution?A . Depositing illicit funds into an account set up for a front companyB . Directing third parties to exchange illicit cash for negotiable instrumentsC . Wiring illicit funds from an account at...

In reviewing recent activity, a compliance officer for a money transmitter that several customers are each remitting the same amount of money but much more frequently. How should the institution respond?A . File a suspicious transaction reportB . Instruct the tellers not to process remittances for these customers in the...

Which aspect of the USA PATRIOT Act impacts foreign financial institutions?A . Requiring enhanced due diligence for foreign shell banksB . Expanding sanctions requirements to aD . financial institution’s foreign branchesE . Expanding the anti-money laundering program requirements to all foreign financial institutionsF . Providing authority to impose special measures...

In the summer, an institution identifies anti-money laundering concerns regarding a customer’s account activity. The customer, an ice cream parlor, has deposited a lot of checks drawn on banks in foreign countries, sent large number of high dollar international wires to different countries, made cash deposits of a few hundred...

A retail bank has just acquired a credit card business. The bank’s anti-money laundering policy requires that new employees are trained within 30 days of their hire date and refresher training is delivered to all employees on an annual basis. Is the bank’s existing anti-money laundering training adequate to be...

An institution has made the decision to exit a client relationship due to anti-money laundering concerns. Prior to starting the close out process, the institution receives a written request from a law enforcement agency to keep the account open. The client is the subject of an ongoing investigation and law...