Tag - CAMS exam

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

How do drug traffickers and other criminals use the fine art industry to disguise illicit proceeds?A . They use forged or fraudulent invoicing of priceless works of art by auction housesB . They commingle legitimate and illicit proceeds by principals for payment of fine artC . They immediately resell priceless...

A remittance company received a money order from a senior political figure m the Philippines to transfer a large sum of money to a charity group in the Philippines. A review of the charity group revealed a director having dose ties with a known terrorist group primarily financed through kidnapping...

What should be part of an institution’s monitoring and STR filing process? Choose 3 answersA . Review on a regular basis of all high-risk accounts and transactionsB . Review of STR filing trends and typologiesC . Periodic training on the identification of red flagsD . Requirement that the Board of...

Which example describes the vulnerability of the securities sector for money laundering?A . A non-C . person seeks to open a brokerage account with aE . broker-dealerF . A broker-dealer must have a customer identification program in placeG . Broker-dealers generally have a higher percentage of inexperienced staffH . Compensation...

The purpose of an anti-money laundering program should be to do what?A . Detect all illegal activity perpetrated by customersB . Avoid criticism and sanctions from government regulatorsC . Focus monitoring efforts on riskier transactions and customersD . Detect and report cash structuring and suspicious wire transactionsView AnswerAnswer: C