ACAMS Certified Anti-Money Laundering Specialist Question Bank: Page 23 • ExamPrepare

308 questions in this view

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Question 133

A law enforcement agency submits several requests to a financial institution. Which request is legitimate and requires the bank to respond?

Seize privileged documents upon written request.
Freeze an account in terms of a court order.
Keep an account open upon verbal request.
Produce documents and testimony without a subpoena.

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Question 134

A financial institution (FI) is being investigated for possible money laundering. When cooperating with law enforcement agencies, which additional steps should the FI ensure are taken? (Select Two.)

Address the document destruction policy to ensure the relevant documents are destroyed.
Subpoenas and other information requests should be reviewed by senior management and an investigations group or counsel.
Centralized control is maintained over all requests and responses to ensure completeness and timely responses.
Make employees, including corporate officers, unavailable for interviews and refuse documents upon receipt of a subpoena.
Inquiries from the media are not answered directly, but rather are addressed by replying, "No comment."

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Question 135

Which test should be included in a bank's Office of Foreign Assets Control sanctions screening audit program?

Looking at copies of suspicious activity reports filed with regulators to ensure completeness
Examining Human Resources processes for conducting criminal background checks on executives
Reviewing wire transfer screening processes to ensure that potential name hits are investigated promptly
Ensuring that all clients with foreign identification are subject to enhanced due diligence

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Question 136

A bank received a subpoena regarding one of its clients. The financial intelligence unit of the bank should review the subpoena and:

close the client's account by informing the client of the subpoena.
file a suspicious activity report (SAR), including the receipt of the subpoena in the SAR narrative.
adjust the client's risk score and close the case.
perform a transaction review and respond fully to the subpoena.

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Question 137

What should a financial institution (FI) do in response to a formal law enforcement request to produce documents?

Designate a person responsible for the internal investigation in preparation of documents for the request.
Verify the officer's identification and ask for the law enforcement request to be served when the Chief Executive Officer is available to sign for it.
Ask for an extension to review the FI's privacy policy and confidentiality policy before providing any information under the law enforcement request.
Keep senior management informed at all times to strategically organize a defense to terminate the law enforcement request.

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Question 138

One key aspect of promoting an enterprise-wide compliance culture within a financial institution is that the:

first line of defense should establish its own policies independently.
relevant information should be shared throughout the organization.
revenue-generating business sectors should have precedence over compliance.
cost of compliance should increase proportionately to revenues.

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Certified Anti-Money Laundering Specialist Practice Questions

Question 133

Question 134

Question 135

Question 136

Question 137

Question 138