ACAMS CAMS Practice Test - Questions Answers, Page 60

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?

Before providing suspicious activity report documentation to an authorized requestor, the institution should first:

What should a bank do if it suspects one of its employees may be involved in mortgage loan fraud?

What should a financial institution (FI) do in response to a formal law enforcement request to produce documents?

A customer has borrowed the cash surrender value of their life insurance policies. Which requires a further investigation and filing of the suspicious activity report?

A high volume of incoming wire transfers generates an alert about a client. The funds are immediately debited by cash withdrawals and outgoing wire transfers. Which information should be reviewed first to investigate this alert/case?

Which factors should lead to a reassessment of the current AML program? (Select Two.)

A student contacts a real estate broker to view a home but cancels last minute due to illness. The student wants to quickly buy the 800,000 USD home, which is overvalued, despite the broker's objections to the asking price. Which real estate red flags should the broker identify? (Select Three.)

What action does the USA PATRIOT Act allow the US government to take regarding financial institutions (Fls) that are based outside of the US?