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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: AML/CFT Compliance Program | 26% | - Record Keeping and Information Sharing
|
| Topic 2: Compliance Standards for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) | 25% | - AML/CFT International Standards
|
| Topic 3: AML/CFT Investigations and Enforcement | 23% | - Cooperation and Information Sharing
|
| Topic 4: Money Laundering Risks and Methods | 26% | - Money Laundering and Terrorist Financing Risks
|
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NEW QUESTION # 640
An anti-money laundering specialist has been hired by an independently-owned community bank to implement an anti-money laundering compliance program. This bank has recently seen a dramatic increase in the number of international electronic fund transfers from its commercial clients. The first thing the anti-money laundering specialist should do is
Answer: B
NEW QUESTION # 641
the Financing of Terrorism (CFT)]
The board of directors receives notice from the primary regulator of the bank that potentially suspicious activity has been identified and the bank president appears to be involved. The Board asks the compliance officer for advice.
Which action should the compliance officer take when informed?
Answer: A
Explanation:
The compliance officer should inform the bank's legal counsel and follow their instructions when informed of the regulator's notice. This is the most prudent and professionalcourse of action, as it ensures that the compliance officer acts in accordance with the bank's policies and procedures, as well as the applicable laws and regulations. The compliance officer should also document the communication and cooperation with the legal counsel and the regulator, and preserve all relevant records and evidence relating to the matter. The compliance officer should not take any action that could compromise the integrity or confidentiality of the investigation, such as destroying records, insisting on the president's resignation, or informing the president of the suspicions.
:
ACAMS CAMS Certification Study Guide, 6th Edition, page 47
ACAMS CAMS Certification Exam Outline, 6th Edition, Domain 2, Task 2.4
ACAMS CAMS Certification Video Training Course, Module 2, Lesson 2.4
Exam CAMS: Certified Anti-Money Laundering Specialist (the 6th edition), Question 337
NEW QUESTION # 642
In May 2002, the Wolfsberg Principles on Private Banking were revised and included a section that prohibits the use of internal non-client accounts in a manner that would prevent officials from appropriate monitoring movements of funds or keep clients from being linked to the movement of funds on their behalf.
What is another name for these internal, non-client accounts?
Answer: D
Explanation:
Explanation/Reference: http://www.wolfsberg-principles.com/privat-banking.html (1.2.2, 5th bullet)
NEW QUESTION # 643
A businessman requests a European private bank to open a numbered or alternate name account. According to the Basel Committee on Banking Supervision principles, which of the following is the most important question the banker should ask?
Answer: D
Explanation:
According to the Basel Committee on Banking Supervision principles, the most important question the banker should ask when opening a numbered or alternate name account is who will control the account. This is because such accounts pose a higher risk of money laundering and terrorist financing, as they can be used to conceal the identity and beneficial ownership of the funds. Therefore, the banker should perform enhanced due diligence and verify the identity and source of funds of the person who has the authority to operate the account, as well as the purpose and nature of the business relationship12 The other questions are less relevant or secondary to the issue of control. The inheritance of the proceeds in the event of the businessman's death is a matter of succession law and does not affect the identification of the beneficial owner. The amount of money deposited into the account may indicate the level of risk, but does not reveal the origin or destination of the funds. The account-opening date is a procedural detail that does not affect the compliance with the anti-money laundering and counter-terrorist financing standards12 References:
1: Basel Committee on Banking Supervision - Core principles for effective banking supervision, 2012, Principle 14 and Essential Criterion 14.1
2: Basel Committee on Banking Supervision - Sound management of risks related to money laundering and financing of terrorism, 2014, Paragraphs 30 and 31
NEW QUESTION # 644
What is a key element required to ensure an anti-money laundering compliance program is effectively embedded into an institution's culture?
Answer: B
NEW QUESTION # 645
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