CAMS

A non-U.S. bank wants to open an account at Bank A, which is a U.S.-based bank. Which information must Bank A obtain under the USA PATRIOT Act?A . A complete client list from the non-C . bankD . The identity of owners and percentage of ownership of the non-F ....

What is true regarding disclosure to a law enforcement agency by a financial institution of the supporting documentation for a suspicious transaction report?A . Documentation must be provided as quickly as possible using emailB . The financial institution may notify the account holder of the requestC . Confirm that the...

What are the regulatory risks to a bank employee who willfully violates anti-money laundering laws?A . Investigation and reputational damageB . Fines and suspension from the industryC . Criminal investigation and imprisonmentD . Enforcement actions including fines against the financial institutionView AnswerAnswer: C Explanation: Reference: https://books.google.com.pk/books?id=qKLr7IdWCqsC&pg=PA9&lpg=PA9&dq=What+are+the+regulatory+risks+to+a+bank+employee+who+willfully+violates+anti-money+laundering+laws&source=bl&ots=gZzA0Ey5nB&sig=ACfU3U29fq8lwYh08XqdR1X7sWSISySPZw&hl=en&sa=X&ved=2ahUKEwiHwKHTjIvmAhWqwzgGHfW_AToQ6AEwC3oECAkQAQ#v=onepage&q=What%20are%20the %20regulatory%20risks%20to%20a%20bank%20employee%20who%20willfully%20violates%20anti­money%20laundering%20laws&f=false

The vice president of the foreign correspondent banking department at a large United States bank has been notified that a foreign bank with an offshore license wants to open a correspondent account. Which two things must the vice president acquire under the USA PATRIOT Act? (Choose two.)A . A list...

What is a key risk associated with Correspondent Accounts according to the Basel Customer Due Diligence paper?A . It is not used on a daily basisB . The service fees are insufficient to cover the cost of managing the accountC . The respondent bank’s customer acceptance and know your customer...

What should countries do to help prevent non-profit organizations from being abused for the financing of terrorism according to the Financial Action Task Force 40 Recommendations?A . Allow for freezing assets of non-profit organizationsB . Require all non-profit organizations to register with the country’s financial intelligence unitC . Ensure non-profit...

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...

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)

How would you interpret the following data in the Operational Intelligence Insights Explorer? A . win-ces882ierw is one of your hottest Configuration Items (CIs) that is currently experiencing a high probability of anomalies and should be checked immediatelyB . win-ces882ierw is one of your hottest Configuration Items (CIs), but is...

A bank has maintained an account for a European charity for several years. The charity provides clothing to persons in need in various countries with active terrorists’ cells. Which action by the charity indicates possible terrorist financing?A . The charity frequently withdraws cash from the bankB . The charity has...