ACAMS Certified Anti-Money Laundering Specialist Question Bank: Page 47 • ExamPrepare

308 questions in this view

Page 47 of 52

Question 277

UN sanctions are the most effective and legitimate non-violent multilateral tools to respond to international security threats when they:

can be implemented faster than other sanctions regimes.
are more clearly articulated than other sanctions regimes.
are swiftly adopted by all member states together with a strong enforcement mechanism.
can be applied internationally while being enforced at domestic level.

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Question 278

The Financial Action Task Force (FATF) defines de-risking as “the phenomenon of financial institutions terminating or restricting business relationships with clients or categories of clients to avoid, rather than manage, risk in line with the risk-based approach (RBA).”

The FATF Recommendations require financial institutions to terminate customer relationships on a case-by-case basis when:

money laundering and terrorist financing risks for a customer cannot be mitigated.
money laundering or terrorist financing risks for a customer cannot be established.
money laundering or terrorist financing risks for particular client groups cannot be mitigated.
terrorist financing risk only cannot be assessed or mitigated.

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Question 279

Financial Intelligence Units (FIU) are primarily responsible for:

escalating findings on suspicious transactions to law enforcement agencies.
receiving, analyzing, and disseminating suspicious activity reports (SAR).
collaborating with other FIUs as well as national and international bodies to share knowledge and intelligence to effectively fight against financial crime.
remaining operationally independent to ensure that they carry out their functions without influence from third parties.

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Question 280

In which of the following scenarios should the customer be deemed to have an overly complex ownership structure?

A customer that is owned by two families with the involvement of over a dozen owners in the families
A multinational correspondent bank that has three layers of ownership between it and the publicly traded bank holding company
A trust set up with two co-trustees, one of whom is the grantor and the other is a corporate service provider
A privately held company owned by two individuals whose interests are held by a series of trusts and foundations

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Question 281

The first line of defense is responsible for:

collecting complete customer information.
evaluating the effectiveness of compliance controls.
ongoing screening of customers.
suspicious activity and sanctions reporting.

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Question 282

Public-private partnerships (PPP) that involve the sharing of information between law enforcement authorities, Financial Intelligence Units (FIU), and the private sector are established to: (Select Two.)

exchange strategic information between FIUs and obliged entities.
exchange strategic information between financial institutions.
create a common database of key information and share analysis of suspicious activities with Financial Action Task Force (FATF).
exchange operational information between public authorities and obliged entities.

Select an answer above, then submit your vote. Reading or practicing does not cast a vote.

Certified Anti-Money Laundering Specialist Practice Questions

Question 277

Question 278

Question 279

Question 280

Question 281

Question 282