ACAMS Certified Anti-Money Laundering Specialist Question Bank: Page 42 • ExamPrepare

308 questions in this view

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Question 247

Which obliged entities or gatekeepers may be required to perform customer due diligence (CDD)? (Select Four.)

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Question 248

Which of the following are good practices for financial institutions (FI) to ensure effective compliance regarding reporting suspicious transactions? (Select Four.)

Developing detailed internal policies and procedures that specify criteria for identifying suspicious activities and documentation requirements
Utilizing automated systems to flag suspicious transactions while ensuring that human oversight is included for final decision making and documentation
Conducting periodic reviews of documentation practices and reporting processes to ensure alignment with regulatory requirements and identify potential gaps
Requesting Internal Audit review suspicious activity reports (SAR) filings every 12 months to highlight deficiencies and areas of non-compliance to policy
Performing transaction monitoring on high-risk customers only with all alerts being escalated to L2 for further investigation
Offering training focused on the specific requirements for documenting suspicious activity reports (SAR) and the procedures for escalating concerns within the organization

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Question 249

Which of the following statements is true regarding tipping off?

When an unusual transaction is picked up by a transaction monitoring system, an AFC professional can instruct the relationship manager to communicate with the customer to decide whether the transaction is suspicious and warrants a suspicious activity report (SAR) filing.
Tipping off is a criminal act whereby confidential information about a financial crime is disclosed in an unauthorized manner to a third party who may either be the subject of the investigation or able to prejudice the investigation.
Tipping off is not committed when detailed inquiries are made with a customer whose transactions have recently been flagged by an organization's transaction monitoring system.
Tipping off is an obligation only applied to AFC professionals and bank staff because they are required to file a suspicious activity report (SAR), which could result in pertinent information being disclosed either purposefully or inadvertently.

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Question 250

To effectively prevent, detect, and deter money laundering and terrorist financing, an AFC compliance program should include policies, procedures, and controls that are in writing and designed to meet all regulatory requirements and should be reviewed and updated:

regularly.
every time a new employee is hired.
every time a new product is launched.
at least every two years.

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Question 251

Trust and company service providers (TCSP) should address money laundering risk by: (Select Three.)

gathering and recording information from their clients to understand the purpose of the legal entity as well as the identity of the managers and ultimate beneficial owners.
establishing procedures to document the basis on which the TCSP will act as a registered officer for the client and retain records of that involvement.
requiring the client to complete and submit an AML risk self-assessment to the jurisdiction's Financial Intelligence Unit (FIU).
considering what additional safeguards may be required when client instructions are given through another TCSP located in another jurisdiction.
conducting an onsite evaluation of the client to evaluate internal controls.
establishing dual controls and quality assurance practices when processing transactions for the client.

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Question 252

When identifying and assessing the ML/TF risk to which they are currently exposed to, banks should consider the: (Select Two.)

nature, scale, diversity, and complexity of their business.
jurisdictions the bank is exposed to.
the new products the bank will offer in the near future.
typologies published by the Financial Action Task Force (FATF) in the past 10 years.
guidelines and best practices published by local and foreign regulators.

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Certified Anti-Money Laundering Specialist Practice Questions

Question 247

Question 248

Question 249

Question 250

Question 251

Question 252