ACAMS Certified Anti-Money Laundering Specialist Question Bank: Page 18 • ExamPrepare

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Question 103

Which of the following are AML risks associated with onboarding a high-risk customer? (Select Two.)

Increased likelihood of engaging in financial crimes
Reduced regulatory scrutiny compared to low-risk customers
Greater potential for laundering illicit proceeds
Enhanced customer due diligence requirements

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Question 104

When a financial institution is served with a subpoena compelling the production of documents or testimony, what steps should it take to ensure compliance and avoid penalties? (Select Three.)

Have senior management or counsel review the subpoena
Comply with the subpoena in a timely and complete manner
Ensure the customer in formally notified about the subpoena
Ensure the customer is not notified about the subpoena
Ensure the relationship partner is notified immediately

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Question 105

A National Risk Assessment (NRA) can impact a financial institution's (FI) risk-based approach to anti-money laundering and terrorism financing by:

determining the maximum fines that can be imposed for AML violations.
providing guidance on the types of customers and transactions that pose the highest risk.
defining exactly what policies and procedures must be implemented.
dictating what predicate offences must be considered in the FI's risk assessment.

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Question 106

According to the Wolfsberg Group's "Wolfsberg Principles for Using Artificial Intelligence and Machine Learning in Financial Crime Compliance", "Design and Technical Expertise" is one of the principles that required FIs to carefully control the technology they rely on and understand the implications, limitations and consequences of its use.

Which of the following actions is consistent with this principle?

Picking members from different departments to join a task force to take responsibility for designing the usage of the systems
Senior management making decisions after taking recommendations from consultants
Heavily consuming AI across all lines of defense to save costs
Identifying an area for improvement, evaluating the current procedure, and collecting relevant data to test the system before making a decision

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Question 107

A bank has joined a public-private partnership (PPP) to work with law enforcement and regulators on combating financial crime. However, the bank’s data protection officer is concerned about sharing sensitive customer data, and the compliance officer is worried about potential delays in receiving useful information from the government.

Which of the following best describes a benefit of PPPs in fighting financial crime?

PPPs improve financial crime detection and prevention by sharing intelligence between banks and law enforcement.
PPPs maximize the efficiency of the bank's compliance program by providing real-time intelligence from law enforcement.
PPPs help banks reduce compliance costs by automating information sharing.
PPPs allow banks to manage their own suspicious activity report (SAR) filing process without the need to involve the Financial Intelligence Unit (FIU).

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Question 108

Customer segmentation is important for effective transaction monitoring because:

all customers can be expected to transact in the same way, allowing patterns to be easily spotted.
customer behavior can be compared and analyzed most effectively amongst similar peer groups.
it is recommended by regulators as a technique to prevent sanctions risk.
it allows a broad range of customer types to be compared in one large group.

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Certified Anti-Money Laundering Specialist Practice Questions

Question 103

Question 104

Question 105

Question 106

Question 107

Question 108