ACAMS CAMS Practice Test - Questions Answers, Page 74

What is a core function of a Financial Intelligence Unit (FIU) as described in FATF Recommendation 29?

A Financial Intelligence Unit (FIU) in a country has received a SAR involving significant suspicious fund transfers, not only within its jurisdiction but also in a foreign country. Further information is required from the foreign country to determine whether the matter needs to be referred for prosecution locally.

Which of the following statements is true in this scenario?

Gatekeepers, including accountants, can be well-positioned to identify and detect changes in the type of work or the nature of a client's activities.

In order to do so, they need to understand the risks associated with: (Select Two.)

Which suspicious activity may be the strongest indicator of money laundering through a casino?

The Basel Committee on Banking Supervision published guidelines on the 'Sound Management of Risks Related to Money Laundering and Financing of Terrorism.'

With regard to identifying and accepting customers, it recommends that banks: (Select Two.)

The manager of a bank's KYC team discovers that a high-risk customer's activity was not reviewed last quarter as required by the bank's internal compliance schedule.

What should the KYC team manager do?

The goal of the Egmont Group of Financial Intelligence Units (FIUs) is to provide a forum for FIUs to: (Select Three.)

An AML analyst at a bank is investigating cases triggered by transaction monitoring alerts.

Which circumstances might cause the analyst to suspect a case involves terrorist financing? (Select Two.)

A bank organized under foreign law and located outside of the U.S. maintains a correspondent banking relationship with a U.S.-based bank to handle financial transactions in U.S. dollars for its clients.

In compliance with the USA PATRIOT Act of 2001, all U.S. banks and broker-dealers in securities must obtain a signed certification from all non-U.S. foreign bank clients conducting business with them.

What information does the USA PATRIOT Act of 2001 require the foreign bank to certify to the U.S. bank? (Select Three.)