ACAMS Certified Anti-Money Laundering Specialist Question Bank: Page 38 • ExamPrepare

308 questions in this view

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Question 223

Based on the USA PATRIOT Act, what action might the US take to demonstrate extraterritorial reach?

Hand over potential penalties from the US to another government.
Send requests for information to a non-US-based financial institution.
Freeze US accounts that contain funds from the non-US financial institution.
Initiate a lawsuit in the home country of the non-US financial institution.

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Question 224

An example of an external factor that will affect an organization's AML risk is:

political system changes in a specific jurisdiction.
introduction of a new product which will be offered to a wide range of clients.
acceptance of new customer types.
introduction of mobile banking for all clients.

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Question 225

When using virtual assets such as Bitcoin to finance terrorism, which tactic may be used to ensure that the virtual assets are not easily seized by law enforcement?

Posting donation addresses that are linked to accounts at centralized virtual asset service providers
Using the same donation address across multiple donation campaigns and media types
Using self-hosted wallets to create many different donation addresses that are updated continuously
Forming relationships with virtual asset service providers that have strong KYC processes in place to avoid suspicion

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Question 226

In order to demonstrate commitment to AML compliance within a bank, the Board of Directors should:

establish a written AML policy that contains the basic principles to be followed by staff from the top down.
keep senior management apprised of key developments in the AML regime and the impact of applicable laws and legislations.
ensure senior management maintains accountability for the effectiveness of the AML program implementation.
monitor the fulfilment of AML compliance duties within the bank.

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Question 227

What action does the USA PATRIOT Act allow the US government to take regarding financial institutions (FIs) that are based outside of the US?

Subpoena documents from FIs that have no presence in the US.
Revoke the banking licenses of non-US FIs in countries outside the US.
Allow all US regulators to place a non-US FI on the Specially Designated Nationals and Blocked Persons List.
Sanction a country when an individual FI does not comply with US law.

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Question 228

According to the Financial Action Task Force methodology, which situations would require a financial institution (FI) to consider filing a suspicious activity report?

A FI is unable to verify the relevant customer due diligence documents.
A transaction involves funds exchanged from crypto to fiat currencies.
A beneficiary of a transaction is a politically exposed person.
A FI identifies the payer is a dealer in precious metals or stones.

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Certified Anti-Money Laundering Specialist Practice Questions

Question 223

Question 224

Question 225

Question 226

Question 227

Question 228