ACAMS CAMS7 Dumps PDF Free Download - Page: 5

QUESTION: 33

A law enforcement official calls a bank inquiring about a customer who is currently under investigation. The law enforcement official requests information about the customer.

How should the bank respond?

Confirm the customer is either a current or former customer
Inform the board of directors before responding to the request
Provide the requested information to help aid in the investigation
Request a formal letter be submitted to verify the validity of the request

Answer(s): D

Reference:

https://ico.org.uk/for-organisations/guide-to-freedom-of-information/receiving-a-request/

Reveal Solution Next Question

QUESTION: 34

A bank compliance officer has implemented enhanced monitoring rules that have identified some unusual activity that may be indicative of human trafficking.

Which red flag should prompt additional transactional review?

Wire transfer activity from countries with significant migrant populations
Cash deposits that occur in cities where the customer resides and conducts business
Cash deposits that occur in cities where the customer does not reside or conduct business
Cash deposits that occur in cities where the customer does not reside or conduct business followed by same-day withdrawals

Answer(s): C

Reveal Solution Next Question

QUESTION: 35

The compliance officer for a private bank has been tasked with writing a policy on how the bank will deal with intermediaries.

Which two aspects should be included in the policy in respect of intermediaries to align it with the Wolfsberg Anti-Money Laundering Principles for Private Banking? (Choose two.)

When an intermediary introduces clients to the bank, it is not necessary for the bank to perform due diligence on the intermediary’s clients.
Where an intermediary introduces clients to the bank, the bank must obtain the same type of information with respect to an introduced client that would otherwise be obtained by the bank, absent the involvement of the intermediary.
Where an intermediary manages assets on behalf of a number of clients and is the account holder with the bank, but that intermediary does not conduct the same level of due diligence as the bank, it is necessary for the bank to undertake due diligence on the intermediary’s clients.
Where an intermediary manages assets on behalf of a number of clients and arranges for the opening of accounts for its clients with the bank, and that intermediary is a financial institution subject to similar regulations, it is necessary for the bank to perform due diligence on the intermediary’s clients.

Answer(s): B,D

Reference:

https://www.wolfsberg-principles.com/sites/default/files/wb/pdfs/faqs/20.%20Wolfsberg-FAQs-on-Intermediaries-May-2012.pdf (2)

Reveal Solution Next Question

QUESTION: 36

A non-U.S. bank wants to open an account at Bank A, which is a U.S.-based bank. Which information must Bank A obtain under the USA PATRIOT Act?

A complete client list from the non-U.S. bank
The identity of owners and percentage of ownership of the non-U.S. bank
The structure and identity of the management team at the non-U.S. bank
The details of the non-U.S. bank’s anti-money laundering compliance training program

Answer(s): C

Reveal Solution Next Question

QUESTION: 37

Which insurance product is particularly vulnerable to money laundering?

Annuity
Casualty
Collateral
Regulated pension

Answer(s): A

Reveal Solution Next Question

QUESTION: 38

What is an essential element of Know Your Customer (KYC) standards according to the Basel Committee’s Customer Due Diligence for Banks paper?

Annual staff training
A customer acceptance policy
The same KYC requirements must be applied in all cases
All completed KYC documents must be reviewed by a senior manager not involved in the account opening process

Answer(s): B

Reference:

https://www.bis.org/publ/bcbs77.pdf

Reveal Solution Next Question

QUESTION: 39

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 list of politically exposed persons who are owners of the correspondent bank
A list of account holders at the financial institution who will use the payable through account
The person in the United States who can receive service of legal process for the correspondent bank
A list of anti-money laundering training records for the financial institution employees monitoring payable through account transactions

Answer(s): A

Reference:

https://www.wolfsberg-principles.com/sites/default/files/wb/pdfs/CBDDQ-Capacity-Building/Wolfsberg%27s_CBDDQ_Capacity_Building_Guidance_Final%20V1.1.pdf

Reveal Solution Next Question

QUESTION: 40

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 enforcement wants the institution to continue to monitor the account and report any suspicious activity.

What is a primary consideration the institution should keep in mind when deciding whether to agree to this request?

The anticipated cost of complying with the law enforcement request
The number of suspicious transaction reports previously filed on the client
The fact that the institution has a solid record in complying with law enforcement requests
Whether the institution can continue to meet its regulatory obligations with the accounts open

Answer(s): D

Reveal Solution Next Question

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

Free ACAMS CAMS7 Dumps Questions (page: 5)

QUESTION: 33

Reference:

QUESTION: 34

QUESTION: 35

Reference:

QUESTION: 36

QUESTION: 37

QUESTION: 38

Reference:

QUESTION: 39

Reference:

QUESTION: 40