ACAMS CAMS7 Dumps in PDF and Online - Page: 3

QUESTION: 17

What are two sources for maintaining up-to-date sanctions information? (Choose two.)

U.S. Federal Bureau of Investigation’s National Security Letters
U.S. Department of the Treasury Office of Foreign Assets Control
U.S. Department of the Treasury – Section 311 – Special Measures
Financial Action Task Force’s list of High Risk and Non-Cooperative Jurisdictions

Answer(s): B,D

Reference:

https://www.treasury.gov/resource-center/faqs/Sanctions/Pages/faq_lists.aspx#search

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?

The charity frequently withdraws cash from the bank
The charity has branch locations located in various countries
The charity receives cash donations primarily from European countries
The charity maintains a bank account for non-business-related expenses

Answer(s): A

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QUESTION: 19

A politically exposed person (PEP) maintains an account at a bank. Last month a money laundering analyst filed a suspicious transaction report about unusual wire deposits originated by unknown individuals in the home country of the official. Recently a negative news search revealed political corruption in the home country of the official.

To whom should this situation be escalated?

The board of directors
The line of business executive
The bank’s anti-money laundering officer
The Financial Action Task Force’s PEP Hotline

Answer(s): C

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QUESTION: 20

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.)

Those who are authorized signers on the account
Those who have legal title to a controlling share interest in the customer
Those who generally have ultimate control through ownership or other means over the funds in the account
Those who are the ultimate source of funds for the account and whose source of wealth should be subject to due diligence

Answer(s): C,D

Reference:

https://www.wolfsberg-principles.com/sites/default/files/wb/pdfs/wolfsberg-standards/10.%20Wolfsberg-Private-Banking-Prinicples-May-2012.pdf (2)

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QUESTION: 21

What are two requirements for monitoring and reporting suspicious activity for correspondent banking according to the Wolfsberg Principles? (Choose two.)

Incorporate suspicious activity monitoring into periodic reviews
Incorporate due diligence results such as customer risk ratings
Utilize downstream correspondents to investigate and report suspicious activity
Investigate and report suspicious activity only for the correspondent bank’s clients

Answer(s): B,C

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QUESTION: 22

When should the anti-money laundering risk assessment be updated?

Every two years
After a merger or acquisition
When the board of directors changes
When instructed to by the Financial Action Task Force

Answer(s): B

Reference:

https://www.wolfsberg-principles.com/sites/default/files/wb/pdfs/faqs/17.%20Wolfsberg-Risk-Assessment-FAQs-2015.pdf (10)

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QUESTION: 23

A customer brings $15, 000 worth of chips into a casino and plays various games. The customer redeems all the remaining chips and requests a wire transfer of the proceeds to an unrelated third party.

What are two red flags that indicate money laundering? (Choose two.)

Customer redeeming all remaining chips
Playing various games before cashing out
Bringing $15, 000 worth of chips into the casino
Requesting a wire transfer to an unrelated third party

Answer(s): A,D

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QUESTION: 24

A United States (U.S.) bank was recently alerted by law enforcement of an increase in sale of large denomination U.S. bank notes to casas de cambio. They suspect that a Mexican syndicate is operating a money laundering scheme in the bank’s jurisdiction.

Which two steps should be taken to trace funds through the bank to assist law enforcement in their investigation? (Choose two.)

Identify the money laundering scheme and submit a suspicious transaction report
Identify if there is a decrease in the sale of large denomination U.S. bank notes to casas de cambio by the bank
Identify deposits by casas de cambio that include third-party items including sequentially numbered monetary instruments
Identify multiple wire transfers initiated by casas de cambio to jurisdictions outside of Mexico that bear no apparent business relationship with that casa de cambio

Answer(s): C,D

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ACAMS Certified Anti-Money Laundering Specialist (the 7th edition) CAMS7 Dumps in PDF

Free ACAMS CAMS7 Real Questions (page: 3)

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