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. To whom should this situation be escalated?
A. The board of directors
B. The line of business executive
C. The bank's anti-money laundering officer
D. The Financial Action Task Force's PEP Hotline
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 two are authorized signers on the account
B. Those who have legal title to a controlling share interest in the customer
C. Those who generally have ultimate control through ownership or other means over the funds in the account
D. Those who are the ultimate source of funds for the account and whose source of wealth should be subject to due diligence
What are two requirements for monitoring and reporting suspicious activity for correspondent banking according to the Wolfsberg Principles? (Choose two.)
A. Incorporate suspicious activity monitoring into periodic reviews
B. Incorporate due diligence results such as customer risk ratings
C. Utilize downstream correspondents to investigate and report suspicious activity
D. Investigate and report suspicious activity only for the correspondent bank's clients
What is the appropriate compliance control for identifying politically exposed persons (PEPs) according to the Basel Committee's paper on Customer Due Diligence for Banks?
A. Determining that a local figure is a PEP
B. Reviewing when a relationship is established
C. Reviewing relationships at account opening and on a periodic basis
D. Requiring that the customer discloses that they are a PEP or an associate of a PEP
What are two sources for maintaining up-to-date sanctions information? (Choose two.)
A. U.S. Federal Bureau of Investigation's National Security Letters
B. U.S. Department of the Treasury Office of Foreign Assets Control
C. U.S. Department of the Treasury Section 311 Special Measures
D. Financial Action Task Force's list of High Risk and Non-Cooperative Jurisdictions
What is an example of the integration stage of money laundering involving a bank or another deposit-taking institution?
A. Depositing illicit funds into an account set up for a front company
B. Directing third parties to exchange illicit cash for negotiable instruments
C. Wiring illicit funds from an account at one bank to an account at another bank
D. Using illicit funds that had previously been deposited to purchase a luxury vehicle
Which aspect of the USA PATRIOT Act impacts foreign financial institutions?
A. Requiring enhanced due diligence for foreign shell banks
B. Expanding sanctions requirements to a U.S. financial institution's foreign branches
C. Expanding the anti-money laundering program requirements to all foreign financial institutions
D. Providing authority to impose special measures on institutions that are of primary money-laundering concern
The compliance officer at a crowd funding website is in charge of monitoring new crowd funding projects. Recently, the number of crowd funding projects has significantly increased. Which red flag indicates the highest anti-money laundering risk?
A. Those with the largest number of donors
B. Projects that get funding within days of their start
C. Projects with the highest monetary success threshold
D. Projects that start and close and are fully funded within a very short period
Which two statements in the Wolfsberg Group's "Suppression of the Financing of Terrorism" define the role financial institutions should play in the fight against terrorism? (Choose two.)
A. Financial institutions need to assist competent authorities in fighting terrorist financing through prevention, detection and information sharing.
B. Financial institutions need to continuously analyze the types of activity related to terrorist financing and develop models that in the long term will drive down terrorism.
C. Financial institutions should have financial intelligence units dedicated to the investigation of activity that would lead to the detection of terrorist financing as a means to decrease global terrorism.
D. Financial institutions should apply extra due diligence whenever they see suspicious or irregular activities, especially when customers are engaged in sectors or activities that have been identified by competent authorities as being used for the financing of terrorism.
The USA PATRIOT Act requires United States (U.S.) financial institutions to collect certain information from non-U.S. banks that hold a correspondent account. Which two pieces of information must a non-U.S. bank provide to its U.S. correspondent to enable them to comply with this requirement? (Choose two.)
A. The name and address of all shell banks the bank maintains accounts for
B. The name and address of all beneficial owners who own 25% or more of the bank
C. Prompt notice of any suspicious activity it detects on any customer who uses the correspondent account
D. The name and address of a U.S. person who is authorized to receive service of legal process for the bank
Nowadays, the certification exams become more and more important and required by more and more enterprises when applying for a job. But how to prepare for the exam effectively? How to prepare for the exam in a short time with less efforts? How to get a ideal result and how to find the most reliable resources? Here on Vcedump.com, you will find all the answers. Vcedump.com provide not only ACAMS exam questions, answers and explanations but also complete assistance on your exam preparation and certification application. If you are confused on your CAMS exam preparations and ACAMS certification application, do not hesitate to visit our Vcedump.com to find your solutions here.