CAMS

What is a major money laundering risk associated with a number of prepaid cards as opposed to credit or debit cards?A . The risk of losing the prepaid cardsB . The inability to load the card with cashC . The global access to cash through ATMsD . The anonymous access...

According to experts, what is the most effective way to prevent money laundering through financial institutions?A . Ensuring that transaction monitoring systems can identify terrorist financingB . Collecting information on beneficial owners and foreign customersC . Instituting a policy prohibiting the acceptance of funds intended for terrorist financingD . Implementing...

What should senior management do in order to promote a culture of anti-money laundering compliance?A . They should include compliance with AML procedures as condition of employmentB . They should attend all training sessions with front-line employmentC . They should have close ties with the independent auditors of the AML...

How do payable through accounts (PTAs) differ from normal foreign correspondent accounts?A . The customers do not have to worry about sanctions list screening such as OFACB . The customers have the ability to directly control funds at the correspondent bankC . The customers can contact the correspondent bank directly...

Why is the Mutual Legal Assistance Treaty (MLAT) a gateway for international cooperation?A . They provide a legal basis for transmitting evidence that can be used for prosecution and judicial proceedingsB . They receive reports of suspicious transactions from financial institutions to disseminate to local Law enforcement and foreign FIUsC...

In which three situations is correspondent banking most vulnerable to money laundering? Choose 3 answersA . When allowing foreign banks to use the correspondent account to conduct large financial transactions on behalf of their customersB . When allowing the correspondent bank account to be used as a payable through account...

An anti-money laundering specialist at a financial institution has received a legal request to provide all transaction records for a specific individual since 2004. Which three items should be delivered?A . Monthly statements and transaction activities for that individual since 2004B . All wire transfer for that individual since 2004C...

Which three characteristics make non-profit organizations vulnerable to misuse for terrorist financing?A . Enjoying the public trustB . Having access to a considerable sources of fundsC . Being listed as government nonprofit organizationD . Having a global presence for national and international operations and financial transactionsView AnswerAnswer: A, B, D

Which AML standards have force of law?A . Standards as defined in the Third European Union Money Laundering Directive (2005/60/EC)B . Standards as defined by the United Nations (UN)C . Standards as defined by World Bank / International Monetary Fund (IMF)D . 40 RecommendationsView AnswerAnswer: A

Which element is generally required of all anti-money laundering programs?A . A computer-based suspicious activity monitoring systemB . A qualified compliance officer to manage the programC . Annual in-person AML training for all employeesD . An enhanced due diligence program for all new customersView AnswerAnswer: B