CAMS

A foreign bank operating under an offshore license wants to open a correspondent account with a United States (U.S.) bank. The foreign bank plans to provide payable through account services to some of its customers. What must the foreign bank provide to the U.S. bank under the USA PATRIOT Act?A...

An institution has made the decision to exit a client relationship due to anti-money laundering concerns. Prior to starting the close out process, the institution receives a written request from a law enforcement agency to keep the account open. The client is the subject of an ongoing investigation and law...

Which two factors assist a money laundering investigation that involves multiple countries? (Choose two.)A . Law enforcement and other authorities should have access to financial information that is pertinent to the investigation.B . Every country should share all their information with foreign law enforcement and government authorities to facilitate rapid...

Which two individuals are ordinarily beneficial owners of a private banking account according to the Wolfsberg Anti-Money Laundering Principles for Private Banking? (Choose two.)A . Those who are authorized signers on the accountB . Those who have legal title to a controlling share interest in the customerC . Those who...

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...

The branch manager notices that a number of customers come in weekly and always use the same teller to process their deposits. The manager notices that the customers and the teller, who are from the same ethnic group, are speaking in a foreign language and every once in a while...

A popular restaurant in town has begun depositing less cash than it has in prior years. In a review of the customer’s accounts, you notice that credit card receipts have increased with no explanation. The account officer discovers that the restaurant has installed a privately-owned automated teller machine (ATM) onsite...

In reviewing recent activity, a compliance officer for a money transmitter that several customers are each remitting the same amount of money but much more frequently. How should the institution respond?A . File a suspicious transaction reportB . Instruct the tellers not to process remittances for these customers in the...

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...

A new compliance officer is reviewing the bank’s anti-money laundering program and notices that the risk assessment was completed six months ago. Since that time, the bank acquired another financial institution, re-named the internal records group, and streamlined cash handling procedures. Which factor causes the compliance officer to update the...