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NO.164 Based on the AML principles outlined by the Wolfsberg Group, what do private and correspondent banks have in common when monitoring for terrorist financing?

Numbered or alternate name accounts will only be accepted if the bank has established the identity of the client and beneficial owner.

Account and transactional activity are monitored after the proper identification and verification of customers.

Cash access from a pre-paid card increases the potential that the card will be used for money laundering purposes.

Transaction monitoring examines the relationship between due diligence information and account closings.

NO.165 The Wolfsberg Principles for Private Banking list circumstances that would require additional due diligence, including activities that involve which three of these choices?

Foreign jurisdictions

High Risk Countries, including those identified by credible sources as having inadequate Anti-Money Laundering standards

High Risk activities, involving clients and beneficial owners whose source of wealth originates from activities known to be vulnerable to money laundering

Public officials, including those individuals who have or had positions of public trust

NO.166 A bank has maintained an account for a European charity for several years. The charity provides clothing to persons in need in various countries with active terrorists’ cells.
Which action by the charity indicates possible terrorist financing?

The charity frequently withdraws cash from the bank

The charity has branch locations located in various countries

The charity receives cash donations primarily from European countries

The charity maintains a bank account for non-business-related expenses

NO.167 Which is a key role of FATF-Style Regional Bodies (FSRBs)?

Support the system of mutual evaluation

Setting regional standards for combatting money laundering

Bring additional terrorist financing laws into action in the region

Enforce the specific FATF laws in the region

NO.168 Which of the following represents the first Financial Action Task Force initiative?

The 40 Recommendations on Money Laundering

The Report on Non-Cooperative Countries and Territories

The Report on Money Laundering Typologies

The Special Recommendations on Terrorist Financing

NO.169 Which scenario is closest to the definition of money laundering the United Nations Convention against Transnational Organized Crime and Other Protocols provided?

Filing a suspicious transaction report when you know or suspect money laundering is taking place

Knowingly financing a resort development with the proceeds of arms trafficking

Assisting a client in a property conveyance by effecting the transfer of ownership from the seller to the purchaser when you don’t know the purchaser

Discussing your suspicions with a client, thus giving the client the opportunity to switch service providers and to cover his tracks in future transactions

NO.170 A compliance analyst has recently investigated an account where money was deposited in amounts below the reporting limit and almost entirely withdrawn in a foreign country. Which type of money laundering is the compliance analyst potentially identifying?

Trade-based

Check Kiting

Structuring

Microstructuring

NO.171 the Financing of Terrorism (CFT)]
Which should be provided to the board of directors or designated specialized committee when preparing suspicious activity reports (SARs)?

All possible details of SARs filed during the reported period

Names of all customers subject to SARs filed during the reported period

Statistical data regarding SARs filed during the reported period

Copies of all SARs filed during the reported period

NO.172 Combating the Financing of Terrorism (CFT)]
Which scenario best justifies why a customer’s account might be closed by a financial institution?

The account has transactions that triggered multiple suspicious activity reports.

The customer uses a shipping company dealing with specially designated nationals.

The customer is the object of a civil subpoena.

The account shows periodic fixed amount remittances for tuition fees.

NO.173 Normal account-opening procedures reveal a customer who contacted a financial institution to open a bank account is the brother of a prominent member of a foreign judiciary. Which of the following actions should the anti-money laundering specialist recommend immediately?

Monitor the customer’s account.

Perform enhanced due diligence.

File a suspicious transaction report with the competent authority.

Contact the institution’s legal advisor.

NO.174 the Financing of Terrorism (CFT)]
A legal instrument that isexecuted between two nationsand governscross-border information sharingis known as a:

Memorandum of agreement.

Declaration of understanding.

Memorandum of understanding.

Mutual legal assistance treaty.

NO.175 Which requirement is included in the Fourth European Union Directive on money laundering?

It requires obliged entities to consider politically exposed persons as high risk for life

It requires obliged entities to conduct enhanced due diligence on all prepaid card holders

It requires member countries to maintain registries of the beneficial owners of legal entities

It requires member states to enact economic sanctions against countries that do not cooperate with Financial Action Task Force recommendations

NO.176 Which statement about U.S. Specified Unlawful Activities (SUA) is true?

At least one SUA must be proven in order to pursue a money laundering conviction

SUAs are generally limited to a small sub-set of crimes

In order to secure a conviction, the defendant must be proven to have known the precise nature of the source of funds

SUAs are limited to crimes that occur within the borders of the U.S. and its territories and possessions

NO.177 A bank has maintained an account for a European charity for several years. The charity provides clothing to persons in need in various countries with active terrorists’ cells.
Which action by the charity indicates possible terrorist financing?

The charity frequently withdraws cash from the bank

The charity has branch locations located in various countries

The charity receives cash donations primarily from European countries

The charity maintains a bank account for non-business-related expenses

NO.178 In reviewing recent activity, a compliance officer for a money transmitter that several customers are each remitting the same amount of money but much more frequently.
How should the institution respond?

File a suspicious transaction report

Instruct the tellers not to process remittances for these customers in the future

Conduct further investigation to determine whether this is truly suspicious activity

Immediately contact the customers and ask them why they are remitting money more often

NO.179 Which statement about U.S. Specified Unlawful Activities (SUA) is true?

At least one SUA must be proven in order to pursue a money laundering conviction

SUAs are generally limited to a small sub-set of crimes

In order to secure a conviction, the defendant must be proven to have known the precise nature of the source of funds

SUAs are limited to crimes that occur within the borders of the U.S. and its territories and possessions

NO.180 Which three methods are commonly used by an accountant to launder money? (Choose three.)

Representing a client court

Understanding income to take a tax loss

Overstating income to hide excess cash

Acting as a conduit for transferring cash between accounts

Acting as a designee for someone who wishes to hide their identity

NO.181 Which of the following are key AML measures that a regulated asset management company in the European Union (EU) should implement? (Select Two.)

Performing negative news checks of prospective customers.

Rejecting any politically exposed persons (PEPs) as customers.

Inviting prospective customers for an onboarding interview.

Understanding the source and origin of assets.

Producing financial stability reports on interesting customers.

NO.182 An AML training program should include which requirement?

New tellers should receive training after their first year on the identification of suspicious or unusual activity.

New lending staff should receive annual training on the preparation of currency transaction reporting.

New staff should receive training during employee orientation or shortly thereafter on bank procedures.

New operational staff should receive training shortly after hire on currency transaction reporting exemptions.

NO.183 An auction house dealing in fine art and antiques sells a well-known painting at a price of $12 million to an agent bidding for a group of local investors. The same painting sold ten years prior at auction for $5 million. The auction house receives payment for the painting via wire transfer from an account maintained in an offshore jurisdiction by the investor group. No beneficial ownership information is available for the account.
What are the two money laundering red flags? (Choose two.)

The payment is received via wire transfer.

An agent bids on the painting for a group of investors.

The painting has more than doubled its value in ten years.

Payment is received from an account in an offshore jurisdiction.

Lack of beneficial ownership details for the originating account.

The CAMS exam is administered by the Association of Certified Anti-Money Laundering Specialists (ACAMS), which is a global professional organization dedicated to advancing the AML profession through education, certification, and networking. ACAMS is recognized as the leading provider of AML training and certification, and its members include AML professionals from a wide range of industries, including banking, finance, law enforcement, and government.

ACAMS CAMS (Certified Anti-Money Laundering Specialists) exam is a certification exam that is designed to test the knowledge and skills of individuals involved in anti-money laundering (AML) compliance. CAMS exam covers a broad range of topics related to AML, including the legal and regulatory framework, risk assessment, customer due diligence, transaction monitoring, and reporting. It is a rigorous and challenging exam, and passing it demonstrates a high level of expertise in the field of AML.

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