ACAMS ACAMS Certifications CAMS Questions & Answers

• Question 541:

  A branch manager for a small community bank has a new customer who deposits for EUR 50,000 checks into one account. Shortly thereafter, the customer goes to another branch and asks to transfer all but EUR 1,500 to three accounts in different foreign jurisdictions.

  Which suspicious activity should be the focus of the suspicious transaction report?

  A. The customer opened the account with four large checks

  B. The customer goes to a different branch to make this transaction

  C. The customer transfers almost all of the funds out of the account

  D. The customer asks to transfer funds to accounts in three different foreign jurisdictions

  Correct Answer: D

• Question 542:

  The bank for International Settlements provides the secretariat for which organization?

  A. The Basel Committee

  B. FATF

  C. The Wolfsberg Group

  D. The Egmont Group

  Correct Answer: A

• Question 543:

  In May 2002, the Wolfsberg Principles on Private Banking were revised and included a section that prohibits the use of internal non-client accounts in a manner that would prevent officials from appropriate monitoring movements of funds or keep clients from being linked to the movement of funds on their behalf.

  What is another name for these internal, non-client accounts?

  A. Trust accounts

  B. Correspondent accounts

  C. Concentration accounts

  D. Pay through accounts

  Correct Answer: C

• Question 544:

  What are three potential issues for foreign financial institutions maintaining correspondent accounts with U.S. banks under the Patriot Act? Choose 3 answers

  A. Cancellation of correspondent banking relationships

  B. Forfeiture of funds in a U.S. interbank account

  C. Prohibition of correspondent accounts for shell banks

  D. U.S. residents maintaining private banking accounts

  Correct Answer: ABC

• Question 545:

  What is the primary action a financial institution should take before formulating its anti-money laundering program?

  A. It should perform a comprehensive risk analysis

  B. It should determine how extensive and well-trained the compliance staff is

  C. It should consultwith its correspondent banks to determine the nature and extent of their AML programs

  D. It should ensure that its training modules for all employees cover all relevant AML issues

  Correct Answer: C

• Question 546:

  When an institution files an STR with regard to a particular account, what steps should the institution take visa account?

  A. The institution should close the account due to the obvious risk it represents

  B. The institution should keep the account open due to the need to continue to monitor the account

  C. The institution should consult its counsel and AML compliance officer and determine whether closing the account is in accord with the institution's procedures

  D. The institution should not close the account due to the risk of tipping off the customerand upsetting the criminal investigation

  Correct Answer: C

• Question 547:

  What are three factors a financial institution should examine with regard to a new customer who is opening up a new account? Choose 3 answers

  A. The country or location where the customer is from or does business

  B. The type and size of the business the customer runs

  C. The legal structure of the customer's business

  D. The previous financial institutions where the customer has banked

  Correct Answer: BCD

• Question 548:

  In relationship to life insurance business, the third European Directive states that Member States may allow the identity verification of the beneficiary under the policy after the business relationship has been established, but before which events?

  A. At or before a premium payment has been accepted for the policy purchased

  B. At or before the policy is issued to the beneficiary by the insurance company

  C. At or before the time of payout or before the beneficiary intends to exercise rights vested under the policy

  D. At or before 30 days of therelationship being established under the policy

  Correct Answer: C

• Question 549:

  What was the topic the Wolfsberg Group's first guidance addressed?

  A. Enhanced due diligence for high risk customers

  B. Private banking

  C. AML training for financial institutionstaff

  D. Merchant acquiring activities

  Correct Answer: B

• Question 550:

  What is an indicator of suspicious activity?

  A. A customer who pay back a late loan all at once after collecting on a bad debt

  B. A convenience store that brings in $20s and $10s and requests small bills and change

  C. Large and frequent credit balances on a credit card resulting in request for refunds

  D. An online retailer that uses a third-party payment processor to facilitate its transactions

  Correct Answer: C