ACAMS-Certified Anti Money Laundering Specialist Set 3

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ACAMS-Certified Anti Money Laundering Specialist Set 3

Which statement is true about banking regulatory agencies having the authority to obtain information from regulated institutions?

The regulatory agencies may only obtain information from the regulated institution's books and records by virtue of a search warrant ✘ A search warrant may be substituted by a court subpoena compelling the institution to produce the information to the regulatory agency ✘ The agencies authority to conduct examinations negates the need for a warrant or subpoena ✘ If a regulatory agency intends to prosecute a regulated institution, a warrant or subpoena must first be granted before the information can be obtained ✔

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Answer: Option B

Solution:

It provides fallback for IE8.

When and how should an institution appraise the AML risk of a newly developed product? Choose 3 answers

The institution should request the Compliance Officer to review and evaluate the AML risk prior to the product going live The institution should roll the product out on a preliminary basis to determine what risks develop with regard to the product The institution should review previous administrative actions to determine if the product has created problems for other institutions The institution should evaluated where, how and to what extent the product is going to be used

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Answer & Solution

Answer: Option B

Solution:

It provides fallback for IE8.

What are some of the shortcomings in using letters regulatory? Choose 3 answers

They can be time-consuming They are based on a pre-existing mutual treaty between the countries They are usually restricted to obtaining evidence that can be used for prosecution and other judicial proceedings They must be approved in advance by the countries judicial authorities

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Answer: Option B

Solution:

It provides fallback for IE8.

Which three areas do FATF's 40 recommendations cover? Choose 3 answers

International Cooperation Prescriptive sentences for predicate offenses Financial systems and their regulation The criminal justice system

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Answer & Solution

Answer: Option B

Solution:

It provides fallback for IE8.

Which primary international authoritative body designates sanctions?

Organization of Economic Co-operation and Development (OECD) ✘ Financial Action Task Force (FATF) ✘ International Monetary Fund (IMF) ✘ United Nations (UN) ✔

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Answer & Solution

Answer: Option B

Solution:

It provides fallback for IE8.

What was cited by the Wolfsberg Group in its Statement on the Suppression of the Financing of Terrorism as being vulnerable to terrorist financing?

Private banking ✘ Correspondent banking ✘ Alternative remittance ✘ Trade finance ✔

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Answer & Solution

Answer: Option B

Solution:

It provides fallback for IE8.

Which three procedures should a compliance officer looking to revise an institution's CTF efforts include in accordance with the Wolfsberg Group's Statement on the Suppression of the Financing of Terrorism?

Consulting applicable lists and taking appropriate actions to determine if customers appear on such lists Reporting matches from lists of known or suspected terrorists to relevant authorities Maintaining customer information to facilitate timely retrieval of such information Reviewing only original identification documents when verifying customers

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Answer & Solution

Answer: Option B

Solution:

It provides fallback for IE8.

An AML compliance officer receives notice of government update including the names of the latest terrorists sanctioned by the United Nations Security Council.
Which would be the most appropriate step to take?

Notify the Board of Directors ✘ Update the monitoring software containing sanctioned persons ✘ Inform the customers that their funds will be frozen ✘ Update training information to include the latest names ✔

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Answer & Solution

Answer: Option B

Solution:

It provides fallback for IE8.

An account officer who maintains an excellent relationship with the finance manager for a correspondent bank customer learns that many records for the correspondent bank have been requested by law enforcement. In the interest of maintaining a good relationship with the customer, the account officer sets up a meeting to discuss the legal request with the customer. The account officer intends to discuss points related to the investigation during the meeting.
What should an anti-money laundering specialist recommend?

Discuss all the points being investigated by law enforcement to ensure the correspondent bank is well prepared when approached ✘ Let the account manager's manager know what conversations have taken place with the customer and document the account file accordingly ✘ Limit discussions about the investigation with the customer and by satisfied that the account manager has provided proper notice to the customer ✘ Cancelled the meeting as he has already behaved inappropriately by alerting to the investigation ✔

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Answer & Solution

Answer: Option B

Solution:

It provides fallback for IE8.

10.

Which three criteria does a shell bank meet according to the Wolfsberg Principles on Correspondent Banking? Choose 3 answers.

It does not conduct business at a fixed address in a jurisdiction in which it is authorized to conduct business. It does not employ one or more individuals at its fixed address where it is authorized to conduct business or maintain operating records at that address It is not subject to AML laws that require it to implement an AML program It is not subject to inspection by the banking authority that licensed it to conduct banking activities

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Answer & Solution

Answer: Option B

Solution:

It provides fallback for IE8.

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ACAMS-Certified Anti Money Laundering Specialist Set 3

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