ACAMS CAMS Practice Test - Questions Answers, Page 76

Section 319(a) of the USA PATRIOT Act:

A team overseeing the governance and effectiveness of a bank's transaction monitoring approach should implement which strategies? (Select Two.)

A recruitment manager in the human resources department of a bank has shortlisted a candidate for the position of relationship manager in its private banking division.

The bank's compliance policy requires proper background checks to protect against fraud and money laundering risks.

Which resources would be most useful for identifying potential negative information regarding the shortlisted candidate? (Select Three.)

How can awareness be raised within countries that do not have sanctions regulatory regimes? (Select Two.)

Findings from a regulatory examination report states that the job descriptions of personnel outside of the compliance department do not include references to anti-money laundering responsibilities.

Which action should the firm take?

Which key metric would provide the most valuable data to senior management about the effectiveness of its AML controls?

As emphasized in the Basel Committee guidance for 'Sound Management of Risks Related to Money Laundering and Financing of Terrorism', the third line of defense (audit function) should:

Which step should financial institutions take when complying with sanctions requirements?

An AML analyst at a financial institution is examining an alert generated by the automated transaction monitoring system to determine whether the alert should be escalated to the AML unit for further investigation or archived as a false positive.

Which action might be reasonable for the AML analyst to take?