ACAMS CAMS Practice Test - Questions Answers, Page 70

An AML compliance officer is drafting plans to address deficiencies identified in an independent audit.

Which approach is the best option?

An employee in a corporation's finance department hears news of an internal investigation into potential fraud within the company, quits their job, and disappears.

If they had been observed before their resignation, which characteristics of the employee would have been considered red flags? (Select Two.)

Which section of the USA PATRIOT Act permits the U.S. government to seize funds deposited in a U.S. correspondent account of a foreign bank, creating extraterritorial impact?

Which statement is the most accurate in describing who must comply with Office of Foreign Assets Control (OFAC) sanctions?

A newly appointed senior money laundering reporting officer (MLRO) at a digital bank has been instructed to implement an effective AML transaction monitoring system.

What are important considerations for selecting and implementing the AML system? (Select Two.)

A Financial Intelligence Unit (FIU) in a country receives a SAR involving potential money laundering. The FIU wants to share this information with a foreign FIU.

Which mechanism allows secure information sharing between FIUs?

Which operational situation might indicate that money laundering is occurring at or through a deposit-taking financial institution?

Which of the following approaches is best when determining the timeline to complete an internal investigation and report a suspicious activity report (SAR) to the local Financial Intelligence Unit (FIU)?

Which practices should financial institutions (FIs) adopt for the process of terminating customer relationships? (Select Three.)