ACAMS CAMS Practice Test - Questions Answers, Page 56

Which of the following is among the Financial Action Task Force criteria defining non-cooperative countries and territories?

The Egmont Group is a world wide organization of

Which of the following facilitates law enforcement agents obtaining evidence from authorities in a foreign country relating to criminal activity?

A customer runs an export business for agricultural products. There has been steady growth over the years from sales to the Caribbean region. A sudden increase is noted in this customer's account balances during the last month.

On what grounds should an anti-money laundering specialist prepare a suspicious transaction report?

Which activity is most likely to facilitate money laundering through on-line banking systems with inadequate controls?

A bank in an offshore jurisdiction approaches an institution about opening a new correspondent banking relationship. Prior to opening the account, the new account representative obtains copies of the offshore bank's anti-money laundering policies and procedures, and all appropriate legal documentation for the bank; ascertains no third parties will be able to access the accounts; and determines the owners of the bank, the bank's primary business activities, and the business address of the bank. Which of the following steps does the Basel Committee on Banking Supervision's Customer Due Diligence for Banks Paper recommend the banker take prior to opening Oils correspondent account?

1. Conduct a site visit and meet all the principals and beneficial owners in person.

2. Verify the bank has a physical presence in the country where it is incorporated.

3. Confirm the bank is subject to regulatory supervision with adequate anti-money laundering laws.

4. Obtain and maintain a complete listing of the correspondent bank's customers, including politically exposed persons.

A financial institution in a jurisdiction with currency reporting thresholds is undergoing a branch office compliance review. A large number of currency transactions in amounts exceeding a reporting threshold were discovered without a currency transaction report (CTR) being filed. The transactions were handled by the same teller (cashier). This teller (cashier) was recently hired and had not received anti-money laundering training yet. The branch manager received daily exception reports of all large currency transactions as well as a report of all CTR filings. Which of the following should the compliance officer recommend as the initial action?

On-line financial technologies are susceptible to money laundering risk because

A financial institution's monitoring system triggers an alert and an internal investigation has confirmed the activity as suspicious. Which of the following should an anti-money laundering specialist do before submitting the suspicious transaction report?