ACAMS ACAMS Certifications CAMS Questions & Answers

• Question 551:

  Which three do the Office of Foreign Asset Control regulations cover? Choose 3 answers

  A. All persons and entities within the U.S.

  B. All U.S.-domiciled entities and their foreign branches

  C. All foreign-based entities that have U.S.customers

  D. All U.S. citizens

  Correct Answer: BCD

• Question 552:

  Which statement is true about when an institute becomes aware that a particular employee is under investigation by law enforcement as a result of a subpoena or warrant?

  A. Under no circumstances can the employee be interviewed by the institution without the consent of law enforcement for fear of tipping the employee off

  B. If an independent investigation provides grounds to interview the employee, they can be interviewed and, if necessary, terminated buy not advised that they are under investigation

  C. The employee can and should be interviewed, as well as notified of the investigation to demonstrate the seriousness of the offence and to get the employee's full attention and cooperation

  D. The institute has a duty as an employer to inform the employee he or she is under investigation by law enforcement, buy must not inform them that a warrant or subpoena has been received

  Correct Answer: B

• Question 553:

  Which three are the most commonly used risk criteria?

  A. Country Risk

  B. Customer Risk

  C. Reputation Risk

  D. Product and Service Risk

  Correct Answer: ABD

• Question 554:

  Which three should real estate agents include in the criteria to assess their company's potential money laundering and terrorist financing risks when implementing a reasonable risk-based approach?

  A. Credit Risk

  B. Customer Risk

  C. Transaction Risk

  D. Geographic Risk

  Correct Answer: BCD

• Question 555:

  According to the Financial Action Task Force 40 Recommendations, Designated Non-Financial Businesses and Professionals include which entities?

  A. Commodities traders

  B. Money services businesses

  C. Hawala operators

  D. Real estate agents

  Correct Answer: D

• Question 556:

  Bank A is located in Country A. A wire transfer from Bank B located in Country B is processes by Bank A, where the funds are being moved to a customer at Bank C located in Country C. The wire transfer is deemed suspicious by Bank A.

  Who should Bank A file a suspicious transaction report on?

  A. The transaction in Country A

  B. Bank B in Country A

  C. The transaction in Country B

  D. Bank C in Country C

  Correct Answer: A

• Question 557:

  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. The quality of the respondent's AML and client identification controls

  B. A risk-based determination as to whether or not the respondent is a shell bank

  C. Whether a Politically Exposed Person (PEP) has an interest or management role in the respondent

  D. The sources of wealth for all significant ownership interests

  Correct Answer: ABD

• Question 558:

  With which person(s) should an anti-money laundering officer coordinate when implementing a new hire screening program?

  A. Internal Auditor

  B. Local Financial Intelligence Unit

  C. Human Resources

  D. Institution's Regulator

  Correct Answer: C

• Question 559:

  A compliance officer is conducting a review of the automated transaction monitoring system. What would be most likely to result in a change in the monitoring system parameters?

  A. The local paper runs stories that sully the institution's reputation in the marketplace

  B. Law enforcement issues a subpoena for a particular customer's account records

  C. The national Financial intelligence Unit issues new risk indicators

  D. The institution's creditworthiness thresholds change

  Correct Answer: C

• Question 560:

  What does designing a country as being of "prime money laundering concern" allow the U.S. government to do?

  A. Obtain transactional information from U.S.-owned subsidiary banks located outside the U.S.

  B. Close some or all correspondent or payable-through accounts

  C. Ensure the inclusion of that country onto FATF's Non-Cooperative Country and Territory list

  D. Ensure the inclusion of that country into the office of Foreign Asset Control country sanctions programs

  Correct Answer: C