BEST CAMS PREPARATION MATERIALS - CAMS LATEST BRAINDUMPS BOOK

Best CAMS Preparation Materials - CAMS Latest Braindumps Book

Best CAMS Preparation Materials - CAMS Latest Braindumps Book

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q52-Q57):

NEW QUESTION # 52
What are three elements of a sound Customer Due Diligence Program?

  • A. Training as to how and to what extent to identify prospective customers
  • B. Determination of who in the institution should be assigned to the prospective customer as a liaison
  • C. Determination of what type of customer the financial institution will accept
  • D. Obtaining date of birth and address of a prospective customer

Answer: A,C,D


NEW QUESTION # 53
Which measure to mitigate risk does the Basel Committee's Customer Due Diligence Principles suggest banks apply when accepting business from non-face-to-face customers?

  • A. Certification of documents presented
  • B. Imposing a limit on permissible account activity for a defined period of time
  • C. Requiring an in person interview with the customer
  • D. Requiring additional review of account opening documents by senior management

Answer: A

Explanation:
Reference:
https://books.google.com.pk/books?id=gy8qBAAAQBAJ&pg=PA219&lpg=PA219&dq=measure+to+mitigate+


NEW QUESTION # 54
A government has instituted a new anti-money laundering laws which require all financial institutions to obtain certain information from its customers.
Which step should an institution located in this jurisdiction take to ensure compliance?

  • A. Change procedures and systems as necessary and provide employee training
  • B. Send a notice to customers asking them to provide the necessary information
  • C. Change procedures to require that the necessary information is obtained
  • D. Change systems to ensure the required information is automatically obtained from all customers

Answer: A

Explanation:
According to the CDD Rule, covered financial institutions must establish and maintain written procedures that are reasonably designed to identify and verify beneficial owners of legal entity customers and to include such procedures in their anti-money laundering compliance program1. These procedures should also be updated as necessary to reflect changes in the law or the institution's risk profile2. Moreover, the institution should provide adequate training to its employees on the new requirements and monitor their compliance3.
Reference:
1: FinCEN Guidance, FIN-2020-G002, August 3, 2020, p. 1
2: Your responsibilities under money laundering supervision - GOV.UK, Section: Customer due diligence requirements
3: Customer identification: Know your customer (KYC) | AUSTRAC, Section: Training and awareness


NEW QUESTION # 55
After several months of research, the Director of Marketing and the Managing Director of Business Development received approval to launch a branded, stored-value card that will be marketed to the diverse, primarily non-resident population that comprises the bank's current customer demographics. The Chief Credit Officer and the Risk Officer have also been involved in the efforts to develop the card. After the card is launched, the anti-money laundering officer is consulted. The anti-money laundering officer should advise the bank that compliance should have been involved

  • A. During product development to perform a risk assessment of the product.
  • B. After product development to confer with the legal department.
  • C. During product development to develop reports for the Board.
  • D. After product development to perform an assessment of the product.

Answer: A

Explanation:
The anti-money laundering officer should advise the bank that compliance should have been involved during product development to perform a risk assessment of the product. This is because stored-value cards are considered high-risk products for money laundering and terrorist financing, as they can be used to store, transfer, or access funds anonymously, across borders, or through third parties. A risk assessment would help the bank identify and mitigate the potential vulnerabilities and threats associated with the product, such as customer due diligence, transaction monitoring, record keeping, reporting, and training. A risk assessment would also help the bank comply with the regulatory requirements and expectations for offering such products, as well as the industry best practices and standards.
References:
* ACAMS CAMS Certification Study Guide, 6th Edition, Chapter 5, Section 5.3.2, p. 140-1411
* ACAMS CAMS Certification Exam Outline, 6th Edition, Domain 1, Task 1.1, p. 42
* FATF Guidance on the Risk-Based Approach for Prepaid Cards, Mobile Payments and Internet-Based Payment Services, June 2013, p. 9-103


NEW QUESTION # 56
A bank is preparing for its anti-money laundering independent review, which is performed every two years under the direction of the compliance officer. The bank's corporate audit department will conduct the review. The compliance officer will review the final report before it is released to the Board of Directors.
What is the issue with this situation?

  • A. There is a conflict of interest with the management of the review process
  • B. The final report must be presented directly to the board of directors
  • C. Independent reviews must be performed annually
  • D. The review must be performed by a group outside of the bank

Answer: D


NEW QUESTION # 57
......

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