ACAMS Certified Anti-Money Laundering Specialist Question Bank: Page 35 • ExamPrepare

Question 205

According to the Basel Committee, customer acceptance, customer due diligence, and record-keeping policies and procedures should be changed as necessary to:

address structure changes strictly related to new employees.
ensure policies and procedures are reviewed every three months.
address variations in risk among each line of business within the organization.
address KYC deficiencies in account opening procedures.

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Question 206

Which are essential elements of a KYC program identified by the Basel Committee on Banking Supervision? (Select Two.)

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Question 207

The AML investigator is reviewing the transaction monitoring alerts and the customer's historical profile for the past two years. A review of the negative news search from a blog indicates that the customer was previously part of a terrorist group. Which activities warrant further escalation? (Select Two.)

The account received a large cash deposit followed by systematic automated teller machine (ATM) withdrawals until the balance was nominal.
The customer conducts multiple cash transactions on a regular basis which do not match the customer's occupation.
The customer remitted monies in several transactions to the account of a recognized charity non-profit organization.
The customer has bought and sold several real estate properties over the last year.
The credit transactions in the account relate mostly to salary and rental income from property.

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Question 208

Before providing suspicious activity report documentation to an authorized requestor, the institution should first:

request a subpoena.
independently verify the requestor.
contact a local financial intelligence unit for authorization.
notify outside counsel.

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Question 209

While conducting a review of a medium-risk customer, an analyst noted that a newly added authorized signatory is a foreign politically exposed person (PEP). Which is the appropriate next step for the analyst to take?

Categorize the authorized PEP signatory as high-risk.
Remove the PEP as the authorized signatory.
Re-categorize the customer as high-risk.
Review beneficial ownership to finalize the risk category of the customer.

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Question 210

Which is a valid extraterritorial effect of the USA PATRIOT Act?

Any deposits into foreign banks are not considered to have been deposited into any interbank account the foreign bank may have in the US.
Financial institutions are allowed to specifically direct client transactions that move their funds into, out of, or through an internal bank concentration account.
Broker-dealers cannot have correspondent accounts with a foreign bank that does not have a physical presence in any country.
Foreign branches of US banks can maintain correspondent accounts with banks that do not have a physical presence in any country.

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Certified Anti-Money Laundering Specialist Practice Questions

Question 205

Question 206

Question 207

Question 208

Question 209

Question 210