CAMS

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 some instances, a financial institution may receive a warrant from law enforcement authorities to search its premises. A search warrant is a grant of permission from a court for a law enforcement agency to search certain designated premises and seize specific categories of items or information. Generally, what is...

What is most valuable when using the internet as an investigative source?A . A team of AML investigatorsB . A reference list of websites known to yield credible informationC . A combination of independent thinking and technical skillsD . A powerful search engineView AnswerAnswer: B

A profitable commercial customer who operates an import-export business has multiple accounts with the same institution at branches m different locations. The customer receives funds from a jurisdiction perceived as highly corrupt according to Transparency International ratings. The customer makes frequent transfers among the accounts and prefers to manage the...

What should law enforcement provide when asking an institution to keep an account open?A . An explanation of the underlying conduct that is being investigatedB . A written request with an explanation of the scope of the investigationC . An in-person visit by an investigating official to explain the reasons...

What is the result of an increased awareness of the potential for gatekeepers to assist in money laundering in recent years?A . The IMF has raised the profile of gatekeepers, requiring that countries regulate themB . Lawyers who represent money launderers can more easily be prosecutedC . Accountants are no...

In performing a risk analysis, which factor(s) should a financial institution review?A . The level of its gross revenueB . Recent regulatory actions against financial institutions of comparable sizeC . Its customer base, location, products and servicesD . The adequacy and completeness of its STR filingsView AnswerAnswer: C

What is one recommendation of the Basel Committee’s 2001 paper Customer Due Diligence for Banks”?A . Numbered accounts should not be allowedB . Certain types of private banking can be exempt from KYC proceduresC . Banks should develop dear descriptions of acceptable customersD . Politically Exposed Persons (PEPs) should not...

What are some red flags financial institutions should be aware of when trying to verify the identity of a customer? Choose 3 answersA . Customer having unusual documents from a foreign countryB . Customer being new to the communityC . Customer having no permanent addressD . Customer not having a...

What should a bank focus on to ensure on-going compliance with its AML program?A . It should ensure that it develops and provides on-going targeted training of all current and new employeesB . It should subject all new employees to criminal background checks before being hiredC . It should review...