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ACAMS CAMS Practice Test 5

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A division anti-money laundering officer for a financial institution has been conducting a monthly self-assessment.

The officer reviews the accounts opened for compliance with a long standing Know Your Customer policy.

The self-assessment for the latest month shows a significant increase in compliance deficiencies for the first time in more than a year.

Which of the following is the next course of action for the anti-money laundering officer to take?

Inform the Board promptly of the Know Your Customer policy trend over the last 6 months.

Inform the Board promptly of the Know Your Customer policy trend over the last 6 months.

Determine if there is a readily identifiable cause for the deficiencies.

Determine if there is a readily identifiable cause for the deficiencies.

Implement a revision to the account-opening training program.

Implement a revision to the account-opening training program.

Revise the policy to simplify Know Your Customer compliance before the report is issued.

Revise the policy to simplify Know Your Customer compliance before the report is issued.

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Suggested answer: B
Explanation:

The next course of action for the anti-money laundering officer to take is to determine if there is a readily identifiable cause for the increase in compliance deficiencies. This could involve analyzing the data, interviewing the staff, reviewing the procedures, or conducting a root cause analysis. The anti-money laundering officer should try to find out if the deficiencies are due to human error, system failure, policy ambiguity, training gap, external factors, or any other reason. By identifying the cause, the anti-money laundering officer can then take appropriate corrective or preventive measures to address the issue and improve the compliance performance.

CAMS Study Guide - 6th Edition, Chapter 6, pages 171-172

CAMS Certification Exam Outline, Domain 3, Task 3.1, Skill 3.1.2

Anti-Money Laundering & Know Your Customer eBook, Chapter 5, pages 63-64

Summary of the Global Anti-Money Laundering Know Your Customer Policy, page 3

asked 27/11/2024
Angel Luis Cuenca Garcia
43 questions