Test Online Free ACAMS CAMS Exam Questions and Answers
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A banker in the credit department wants to assess the risk of all customers, and contacts the compliance officer to request a list of customers with suspicious transaction report filings.
What should be done to protect suspicious transaction report information?
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Question 19Selectable Answer
What are four key elements that a KYC program should contain according to the Basel Committee requirements?
Respondent's location, in particular the existence of a real physical presence.
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Question 21Selectable Answer
A bank provides trade financing for a company whose primary export is steel.
Which action by the company indicates possible money laundering?
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Question 22Selectable Answer
The bank's internal financial intelligence unit (FIU) has reviewed activity related to a politically exposed person (PEP); the activity in the account contains a large, round number, one time wire to an obscure organization.
Which would not be a sufficient reason to file a SAR/STR?
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Question 23Selectable Answer
How should a compliance officer respond to law enforcement agencies' request for information on a customer undergoing an investigation?
What does the Basel Committee’s Customer Due Diligence for Banks paper suggest that a bank needs to have in place when establishing an account for a corporate business entity?
A potential client calls a broker-dealer wishing to purchase securities. The client does not appear to be concerned with any fees associated with the account or price of the securities. Further information provided by the potential client indicates the individual may have relatives working for a company in which the potential client wants to invest.
Which type of activity is the potential client attempting to commit?
The compliance officer for a private bank has been tasked with reviewing the procedure forauthorized signatories on customer accounts to ensure it is in line with relevant Wolfsberg Anti-Money Laundering Principles for Private Banking.
Which three statements from the procedure are in line with Wolfsberg? (Choose three.)
A law enforcement agency is reviewing a suspicious transaction report (STR) filed by a financial institution for suspicious activity on a client's account.
Subsequently, the agency requests further information.
Which supporting documentation might the law enforcement agency request from the institution to facilitate its investigation?
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Question 29Selectable Answer
Which situation is the highest risk for money laundering and terrorist financing activity?
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Question 30Selectable Answer
At a small community bank, the compliance officer identifies unusual activity on a customer, who with his personal and company accounts, is the bank’s largest depositor. The customer’s companies have significant balances on their outstanding loans. The compliance officer notices that there is a lot of unusual movements of money between the customer’s individual and business accounts. After filing a suspicious transaction report (STR), the compliance officer gets a call from law enforcement indicating that they want the bank to keep the account open while they conduct an investigation into the customer.
How should the compliance officer escalate this information to the board of directors?
