ACAMS Certified Anti-Money Laundering Specialist Question Bank: Page 9 • ExamPrepare

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Question 49

How are the transactions of correspondent banks referred to in the industry?

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Identifying unusual transactions and activities of customer accounts is most likely to happen through:

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Which of the following statements are true regarding a financial institution's (FI) risk appetite statement (RAS)? (Select Two.)

The board of directors' role is to monitor, review, and approve the FI’s RAS.
The risk manager's responsibility is to draft the RAS without input from other departments.
The RAS needs to be communicated to all employees in the FI.
The RAS specifies only the risks related to money laundering, excluding other types of risks.

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An effective Anti-Financial Crime (AFC) program should at minimum include which key components?

Credit Checks, Customer Due Diligence, Sanctions Screening, and Transaction Monitoring
Internal Audit, External Audit, Regulatory Compliance, and Law Enforcement Cooperation
Risk Assessment, Customer Due Diligence, Ongoing Monitoring, and Reporting
Know Your Customer, Criminal checks, Counter-Terrorist Financing, and Sanctions Compliance

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What are the main advantages of a perpetual KYC (pKYC) over traditional KYC? (Select Two.)

Perpetual KYC enables better risk detection due to triggers from multiple data fields highlighting any changes in the customer's circumstances promptly
Less resources required because pKYC runs automatically behind the scenes and only creates alerts in case of a change in client circumstances
Less data to be managed because pKYC implies keeping only the most recent data as it is continuously updated and no longer needs to be stored
Increased automation of KYC-related processes while still applying a risk-based approach

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The Office of Foreign Assets Control (OFAC) is responsible for:

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