ACAMS CAMS Practice Test - Questions Answers, Page 35

A compliance officer is looking to update an institutions private bank procedures. What should be included as recommended by the Wolfsberg AML Principles on

Private Banking?

What should senior management do in order to promote a culture of anti-money laundering compliance?

What kind of person should perform the independent testing of an institution's anti-money laundering program?

An organization uses an automated surveillance system that generates a very large volume of anti-money laundering alerts. The monthly volume of alerts has increased over the last year causing the compliance staff to fall significantly behind reviewing the alerts. As a result, the system settings are under review to determine if they are appropriate.

Which action should be included in the evaluation of system settings?

Which is a key reason why a financial institution (FI) conducts an enterprise-wide AML risk assessment?

Which are the two most common controls a financial institution (FI) uses to identify suspicious money-laundering activity? (Choose two.)

Which activity would require an update to the first line training program?

A foreign bank maintains a correspondent account in the US. According to an investigation carried out by US authorities, the specific correspondent account seems to have facilitated a transaction involving tainted funds. Which allows the US authorities to seize the funds of the foreign bank held with the US bank?

Financial Intelligence Units (FIUs) are responsible for: