ACAMS CAMS Practice Test - Questions Answers, Page 18

An anti-money laundering specialist notes a significant reduction in suspicious transaction report filings at a particular branch. Which of the following actions is most appropriate?

A financial institution files a suspicious transaction report on a customer as the result of a high volume of large currency deposits to pay off a loan. A law enforcement officer calls the anti-money laundering officer to discuss the suspicious transaction report. Which of the following is the anti-money laundering officer legally permitted to do?

1. Discuss any aspects of the reported activity.

2. Provide copies of the customer's loan documents.

3. Explain the customer's loan payment history.

4. Send the deposit documents referenced in the suspicious transaction report.

An audit completed the previous week revealed that a private banking customer submitted incomplete documents when establishing an account earlier in the year. The customer received weekly electronic fund transfers from a narcotic-producing jurisdiction.

While the Relationship Manager who opened the account is on leave for 5 weeks, the customer requests that the institution remit a substantial sum to a country that represents a high risk of money laundering.

The Relationship Manager is a friend of the anti-money laundering specialist. Which of the following should the anti-money laundering officer do first?

Which of the following customer transactions with a securities dealer would indicate the highest suspicion of money laundering?

The Board of Directors for a small private bank has asked the management to no longer apply the identity requirements for high net worth individuals to protect their privacy. Which of the following Financial Action Task =once 40 Recommendations should cause an anti-money laundering specialist the most concern?

Which of the following is the financial stage of money laundering?

Which of the following customers require the most enhanced due diligence?

Which of the following provides anti-money laundering specialists information related to money laundering trends?

1. Egmont Group's 100 Cases

2. Financial Action Task Force Typologies

3. FinCEN's SAR Activity Review

4. The Wolfsberg Principles

Outgoing foreign transactions of similar amounts trigger a monitoring alert for a customer's accounts. During the evaluation of the accounts, the bank discovers the wire transfers were very small amounts and occurred within the last 3 months following a long period of inactivity. The wire transfers appear to originate from legal sources. To assess the potential of terrorist financing, the institution must ensure the