ACAMS Certified Anti-Money Laundering Specialist Question Bank: Page 37 • ExamPrepare

308 questions in this view

Page 37 of 52

Question 217

When a financial institution is requested to provide data and information to a law enforcement agency for matters related to financing of terrorism, assistance:

can be refused on the grounds of bank secrecy.
cannot be refused on the grounds of bank secrecy.
can be refused on the grounds of tipping-off.
cannot be refused on the grounds of tipping-off.

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Question 218

How does the Financial Action Task Force (FATF) measure the effectiveness of a country's efforts to combat money laundering and terrorist financing?

Mutual evaluation
Series of internal audits followed by reporting to FATF
FATF Evaluation Committee
Basel Committee

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Question 219

A compliance officer at a financial institution (FI) received an investigation request for a customer from a local law enforcement agency. The compliance officer informs the senior management team. Which action should be taken by the FI?

Omit some responses to meet the regulatory deadline.
Obtain approval from the financial intelligence unit before submitting the customer's information.
Consider retaining qualified, experienced legal counsel.
Assign employees responsible for the customer to the investigation team.

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Question 220

AML training programs should extend beyond basic concepts to deliver targeted training by:

offering general background and history training pertaining to money laundering controls.
offering internal policies training, such as customer identification and verification procedures and policies.
offering appropriate training tailored to the individual’s specific roles, such as alerts for investigators and suspicious activity report writers.
offering periodic refresher training on AML bases (usually annually) for existing employees.

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Question 221

To ensure the independence of an audit for an AML program, those involved in the audit would best be described as being:

not involved in the organization’s AML compliance program and having a reporting line to the board of directors or committee thereof.
not involved in the organization’s AML compliance program and having a reporting line to the organization’s Chief Executive Officer.
not involved in the organization’s suspicious activity report filing process and having a reporting line to the organization’s Chief Executive Officer.
not involved in the organization’s suspicious activity report filing process and having a reporting line to the board of directors or committee thereof.

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Question 222

Which is most relevant when examining transactions suspected of being associated with money laundering via real estate?

The financial institutions involved in the transaction
The currency used for payment
The beneficial owner of the asset
The asset's location

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Certified Anti-Money Laundering Specialist Practice Questions

Question 217

Question 218

Question 219

Question 220

Question 221

Question 222