ACAMS CAMS REAL EXAM & VALID CAMS EXAM CAMP

ACAMS CAMS Real Exam & Valid CAMS Exam Camp

ACAMS CAMS Real Exam & Valid CAMS Exam Camp

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q406-Q411):

NEW QUESTION # 406
In addition to monitoring for suspicious activity, what are electronic monitoring systems also valuable for?

  • A. Identifying how customers are using products
  • B. Highlighting the skills of the system analysts
  • C. Meeting mandatory regulatory requirements for system implementation
  • D. Proving to the Board of Directors that the FIU is doing its job

Answer: C


NEW QUESTION # 407
A Trust and Company Service Provider (TCSP) providing services should have policies and procedures in place to identify critical information of the:

  • A. registered address.
  • B. signatory.
  • C. general manager.
  • D. controller.

Answer: B

Explanation:
A TCSP providing services should have policies and procedures in place to identify critical information of the signatory, as this is one of the key elements of the customer due diligence (CDD) process. The signatory is the person who has the authority to sign documents or contracts on behalf of the customer, such as a company, a trust, or a partnership. The signatory may also be the beneficial owner, the controller, or a nominee of the customer. The TCSP should verify the identity and the capacity of the signatory, as well as the source and origin of the funds or assets involved in the transaction or business relationship. The TCSP should also monitor the activities of the signatory and report any suspicious or unusual transactions or changes in the signatory's behaviour or profile.
References:
ACAMS Study Guide for the CAMS Certification Examination - 6th Edition, Chapter 2: Compliance Standards for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT), Section 2.2: Customer Due Diligence (CDD), Subsection 2.2.1: CDD Process, pp. 51-52 RISK-BASED APPROACH GUIDANCE FOR TRUST AND COMPANY SERVICE PROVIDERS (TCSPs), Section III - Guidance for TCSPs, Subsection III.1: Risk Assessment, pp. 23-24 SRA | Trust and Company Service Provider guidance | Solicitors Regulation Authority, Section:
Definition, Paragraph 2
A Trust and Company Service Provider (TCSP) providing services should have policies and procedures in place to identify critical information of the:, Answer B


NEW QUESTION # 408
A government has instituted new anti-money laundering laws which require all financial institutions to obtain certain information from its customers.
Which step should an institution located in this jurisdiction take to ensure compliance?

  • A. Change systems to ensure the required information is automatically obtained from all customers
  • B. Change procedures to require that the necessary information is obtained
  • C. Send a notice to customers asking them to provide the necessary information
  • D. Change procedures and systems as necessary and provide employee training

Answer: C


NEW QUESTION # 409
Which three elements should be considered in an institution's enhanced due diligence process to assure itself that it has secured sufficient understanding of its higher risk respondent bank customers according to the Wolfsberg Principles on Correspondent Banking?

  • A. A risk-based determination as to whether or not the respondent is a shell bank
  • B. The quality of the respondent's AML and client identification controls
  • C. Whether a Politically Exposed Person (PEP) has an interest or management role in therespondent
  • D. The sources of wealth for all significant ownership interests

Answer: A,B,D


NEW QUESTION # 410
A bank in an offshore jurisdiction approaches an institution about opening a new correspondent banking relationship. Prior to opening the account, the new account representative obtains copies of the offshore bank's anti-money laundering policies and procedures, and all appropriate legal documentation for the bank; ascertains no third parties will be able to access the accounts; and determines the owners of the bank, the bank's primary business activities, and the business address of the bank. Which of the following steps does the Basel Committee on Banking Supervision's Customer Due Diligence for Banks Paper recommend the banker take prior to opening Oils correspondent account?
1. Conduct a site visit and meet all the principals and beneficial owners in person.
2. Verify the bank has a physical presence in the country where it is incorporated.
3. Confirm the bank is subject to regulatory supervision with adequate anti-money laundering laws.
4. Obtain and maintain a complete listing of the correspondent bank's customers, including politically exposed persons.

  • A. 3 and 4 only
  • B. 1 and 2 only
  • C. 1 and 4 only
  • D. 2 and 3 only

Answer: D

Explanation:
The Basel Committee on Banking Supervision's Customer Due Diligence for Banks Paper recommends that banks should verify the bank has a physical presence in the country where it is incorporated and confirm the bank is subject to regulatory supervision with adequate anti-money laundering laws before opening a correspondent account. These steps are intended to prevent the establishment of relationships with shell banks, which are banks that have no physical presence in any country and are not affiliated with a regulated financial group. Shell banks pose a high risk of money laundering and terrorist financing, as they can be used to hide the identity and source of funds, evade regulatory oversight, and facilitate illicit transactions. Therefore, banks should conduct enhanced due diligence on correspondent banks that operate in offshore jurisdictions, where the regulatory standards and transparency may be lower or insufficient.
References:
ACAMS CAMS Certification Study Guide, 6th Edition, Chapter 4, Section 4.3.1, p. 1091 ACAMS CAMS Certification Exam Outline, 6th Edition, Domain 2, Task 2.2, p. 52 Basel Committee on Banking Supervision, Customer Due Diligence for Banks, October 2001, p. 13-143


NEW QUESTION # 411
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