CAMS

The Wolfsberg Principles for Private Banking list circumstances that would require additional due diligence, including activities that involve which three of these choices?A . Foreign jurisdictionsB . High Risk Countries, including those identified by credible sources as having inadequate Anti-Money Laundering standardsC . igh Risk activities, involving clients and beneficial...

An anti-money laundering expert is hired by a new Internet bank to assess the money laundering threat to the bank. What is the most important recommendation for the expert to make given it is an on-line bank?A . The bank should limit the amount of money which can be processed...

Which three statements are true regarding the extraterritorial reach of laws and legislation of the U.S.?A . The criminal anti-money laundering law can apply to transactions that occur partially overseasB . Economic and trade sanctions by OFAC may pose extraterritorial risks for financial institutions and businesses outside theE . The...

What are some red flags pertaining to potentially suspicious transactions by a customer? Choose 3 answersA . Having multiple addresses and/or moving frequentlyB . Having a commercial account with cash depositsC . Have a common address with several other bank clientsD . Having multiple individuals use the ATM card connected...

In which type of banking transaction is price manipulation, as a form of money laundering, a common practice?A . Redeeming an annuityB . Sending a wire transferC . Issuing a letter of creditD . Subscribing to a cash management accountView AnswerAnswer: C

In addition to monitoring for suspicious activity, what are electronic monitoring systems also valuable for?A . Identifying how customers are using productsB . Highlighting the skills of the system analystsC . Proving to the Board of Directors that the FIU is doing its jobD . Meeting mandatory regulatory requirements for...

Which type of transactions present the highest risk?A . Wire transfers from a publicly listed companyB . Payroll paymentsC . Social insurance paymentsD . Foreign exchangesView AnswerAnswer: D

According to the Second European Union Money Laundering Directive, what may knowledge of criminal conduct be inferred from?A . Subjective, factual circumstancesB . Objective, factual circumstancesC . Objective, non-factual circumstancesD . Subjective, non-factual circumstancesView AnswerAnswer: B

A compliance officer is looking to modify procedures covering correspondent banking relationships. Which three would be recommended under the Wolfsburg Principles on Correspondent Banking? Choose 3 answersA . Prohibition on offering products or services to shell banksB . Risk-based rating of central banks and regional development banksC . Periodic risk-based...

An audit completed the previous week revealed that a private banking customer submitted incomplete documents when establishing an account earlier m the year. The customer received weekly electronic fund transfers from a narcotic-producing jurisdiction. While the relationship manager who opened the account is on leave for 5 weeks, the customer...