ACAMS Certified Anti-Money Laundering Specialist Question Bank: Page 41 • ExamPrepare

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Question 241

What is the core function of a financial intelligence unit (FIU)?

Monitors and ensures compliance by financial institutions (FI) with requirements to combat money laundering and terrorist financing, including the authority to conduct inspections
Serves as a national center for the receipt and analysis of suspicious activity reports (SAR) and other information relevant to money laundering, associated predicate offences, and terrorist financing, and for the dissemination of the results of that analysis
Investigates money laundering and terrorist financing within the framework of national AML/CFT policies and has the legal authority to stop or restrain currency or bearer negotiable instruments
Has legal authority to stop or restrain currency transactions that are suspected to be related to terrorist financing, money laundering, or predicate offences, or that are falsely declared or disclosed

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Question 242

A multinational bank is conducting its annual AFC risk assessment. The risk management team is tasked with evaluating AML, CFT, sanctions, fraud, anti-bribery and corruption (ABC), and tax evasion risks. During this assessment, various data sources, such as transaction monitoring reports, customer risk profiles, and emerging regulatory guidance are considered.

Which of the following actions would be most critical in accurately assessing and mitigating the institution’s exposure to AFC risks during the risk assessment process?

Using transaction and services-related data to assess inherent risks related to AML and CFT
Conducting a separate risk assessment for each risk type while considering interdependencies between the risks
Evaluating the inherent risk, control effectiveness, and residual risk across all in-scope entities of the bank, taking into consideration all regulatory updates, National Risk Assessment updates, and geopolitical events covering all AFC risks
Performing a risk assessment that evaluates both inherent and residual risks for money laundering, sanctions, and fraud risk, while incorporating external regulatory and geopolitical developments in all jurisdictions where the bank operates

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Question 243

Which of the following scenarios exhibit classic indicators of suspicious transactions? (Select Two.)

An individual who is the secretary to a government official frequently accesses the bank's safe deposit vault to withdraw cash.
An individual regularly imports sophisticated electronic items that are useful for civil purposes and pays customs duties.
A customer of a financial institution regularly invests in equity funds using her spouse's bank account where she is a second holder.
A business owner mortgages his home with a financial institution that was recently fined for AML violations.
An individual wants to execute wire transfers to a person in a Financial Action Task Force (FATF) grey-listed jurisdiction and requests a very close friend to send the money on his behalf, citing financial difficulties.

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Question 244

The purpose of a risk appetite statement is to:

help investors understand the risk a financial institution is willing to take.
help customers understand which financial institutions may be willing to bank their business.
clearly define the level of risk exposure to financial crime which a financial institution is willing to take.
eliminate high-risk business types from a financial institution.

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Question 245

What needs to be considered when sharing data and intelligence as a result of private sector efforts to foster collaboration in the fight against financial crimes? (Select Four.)

Consult in-house legal counsel
Obtain advice from data privacy officers
Develop internal policies and procedures to govern the activity
Inform the financial intelligence unit (FIU) of what has been shared
Review customer experience and feedback to adjust AFC policies
Observe and fulfill suspicious activity report (SAR) filing obligations

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Question 246

A multinational corporation is considering expanding into a new market with a history of political instability and corruption.

Which strategy would be most effective in mitigating reputational risk from a financial crime perspective associated with such an expansion?

Ensuring the company has strong ties with local government officials to influence policy and avoid negative scrutiny
Minimizing the company's direct presence in the country to reduce exposure to potential risks
Committing to open communication, ethical practices, and community engagement to build trust with stakeholders
Partnering with established local businesses to leverage their knowledge and connections while sharing risks
Ensure the jurisdiction risks and other relevant factors have been taken into consideration in the EWRA and the residual risks are within the corporation's risk appetite

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Certified Anti-Money Laundering Specialist Practice Questions

Question 241

Question 242

Question 243

Question 244

Question 245

Question 246