ACAMS Certified Anti-Money Laundering Specialist Question Bank: Page 21 • ExamPrepare

308 questions in this view

Page 21 of 52

Question 121

Which action should a financial institution take when it receives a grand-jury subpoena regarding a customer?

Make copies of the customer’s documents and submit the originals to the enforcement agency.
Have the institution's assigned legal counsel review the subpoena.
Notify the customer being investigated before submitting documents.
Keep the customer’s accounts open at the enforcement agency’s verbal request.

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Question 122

A senior government official is trying to open an account in a financial institution (FI) that operates in a different country from where the official is domiciled. The official is using an asset manager intermediary to represent them. According to the Wolfsberg Group, which next steps should the FI take regarding the opening of the account? (Select Three.)

Ensure the official's client file is updated so that the information is maintained in a consistent and complete manner.
Perform due diligence procedures on the managing intermediary.
Reasonably establish if the source of wealth and funds of the official is legitimate.
Screen for applicable sanctions only for the official in the name of the person for whom the account will be opened.
Determine whether the intermediary representative is acting on the officer's behalf.
Report to authorities that a possible suspicious activity is being undertaken by a politically exposed person.

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Question 123

The Office of Foreign Assets Control requirements have an extraterritorial reach because compliance is required by:

US persons in the US.
entities registered in the US.
intermediaries of a transaction with a US nexus.
foreign financial intelligence units.

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Question 124

Which activity associated with new or developing technologies does the Financial Action Task Force recommend financial institutions pay special attention to?

Non-face-to-face business relationships or transactions
High volumes of cash transactions
Complex or unusually large transactions
Financial intermediaries performing transactions for customers

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Question 125

Which factors should lead to a reassessment of the current AML program? (Select Two.)

Expansion of business to new territories
Appointment of a new Chief Financial Officer
Change of company name
New product offering
Change of internal audit team members

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Question 126

When an existing customer becomes a politically exposed person (PEP), what should the KYC analyst do during the review/refresh period?

Update the new authorized signatories in the customer profile.
Update the list of signatories and perform enhanced due diligence in the next periodic refresh cycle.
Perform enhanced due diligence for the customer and update the KYC profile.
Seek the compliance officer’s advice before marking the authorized signatory as PEP.

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Certified Anti-Money Laundering Specialist Practice Questions

Question 121

Question 122

Question 123

Question 124

Question 125

Question 126