CAMS

An anti-money laundering audit identifies a significant weakness in how transaction monitoring alerts are cleared. Audit sampling identified potentially suspicious activity that was cleared as not suspicious. Management accepts the audit finding and develops a remediation plan. What is the role of the auditor during the correction phase?A . Directing...

A bank compliance officer has implemented enhanced monitoring rules that have identified some unusual activity that may be indicative of human trafficking. Which red flag should prompt additional transactional review?A . Wire transfer activity from countries with significant migrant populationsB . Cash deposits that occur in cities where the customer...

Which two statements in the Wolfsberg Group’s “Suppression of the Financing of Terrorism” define the role financial institutions should play in the fight against terrorism? (Choose two.)A . Financial institutions need to assist competent authorities in fighting terrorist financing through prevention, detection and information sharing.B . Financial institutions need to...

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...

A law enforcement official calls a bank inquiring about a customer who is currently under investigation. The law enforcement official requests information about the customer. How should the bank respond?A . Confirm the customer is either a current or former customerB . Inform the board of directors before responding to...

What are two sources for maintaining up-to-date sanctions information? (Choose two.)C . Federal Bureau of Investigation’s National Security LettersF . Department of the Treasury Office of Foreign Assets Control . Department of the Treasury C Section 311 C Special Measures . Financial Action Task Force’s list of High Risk and...

The compliance officer at a crowd funding website is in charge of monitoring new crowd funding projects. Recently, the number of crowd funding projects has significantly increased. Which red flag indicates the highest anti-money laundering risk?A . Those with the largest number of donorsB . Projects that get funding within...

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...

A politically exposed person (PEP) maintains an account at a bank. Last month a money laundering analyst filed a suspicious transaction report about unusual wire deposits originated by unknown individuals in the home country of the official. To whom should this situation be escalated?A . The board of directorsB ....

What is the appropriate compliance control for identifying politically exposed persons (PEPs) according to the Basel Committee’s paper on Customer Due Diligence for Banks?A . Determining that a local figure is a PEPB . Reviewing when a relationship is establishedC . Reviewing relationships at account opening and on a periodic...