ACAMS CAMS Practice Test - Questions Answers, Page 67

According to the Basel Committee principles, which actions would make a customer identification program at a bank more robust? (Select Two.)

An international bank is headquartered in Madrid, Spain, with an office in New York City (NYC), US. The Madrid office is investigating a transaction originating from a customer of the NYC office and inquires whether the NYC office can share any relevant further information on the individual. Upon further research, the NYC office finds that they have filed a Suspicious Activity Report (SAR) on the individual in the previous year.

Which factors need to be considered before sharing the requested information? (Select Two.)

Which of the following are included in the 11 Immediate Outcomes outlined in the Financial Action Task Force (FATF) methodology for assessing technical compliance with the FATF Recommendations and the effectiveness of AML/CFT/CPF systems during mutual evaluations? (Select Three.)

A credit institution has been served with a preliminary findings report highlighting major deviations from AML obligations in its country and stating that it faces the possibility of withdrawal of its banking license.

Which authorities could have issued the report?

The EU's 6th Anti-Money Laundering Directive (6AMLD):

The product department of an insurance company proposes launching a special life insurance product with investment elements that allow clients to instruct payments to unknown third parties via partner financial institutions. The product department seeks fast-track approval from compliance to ensure quick market launch.

What is the best course of action from a compliance perspective?

A financial institution is designing an Enterprise-Wide Risk Assessment (EWRA).

According to the Wolfsberg Group's risk-based approach to AML, an effective EWRA should:

An agent of a wealthy individual from a high-risk country (as per the EU's high-risk jurisdictions list) approaches a notary in an EU country to dispose of assets recently acquired at an auction through an offshore company. The agent holds power of attorney from a law firm in another EU country. The transfer price is significantly lower than the auction price, but the agent refuses to explain the discrepancy.

Which red flags should the notary consider? (Select Two.)

An international bank is investigating a payment requested by a correspondent banking partner. The payment originated from a corporation located in Hong Kong, and the final beneficiary is an individual in New York. The transaction triggered an alert in the bank's automated transaction monitoring system.

Which steps should the bank take first to address the alert? (Select Three.)