2022 CAMS exam torrent CAMS Study Guide [Q113-Q134]

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2022 CAMS exam torrent CAMS Study Guide

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NEW QUESTION 113
Bank A is located in Country A.
A wire transfer from Bank B located in Country B is processes by Bank A,where the funds are being moved to a customer at Bank C located in Country C.
The wire transfer isdeemed suspicious by Bank A.

The transaction in Country A.

Bank B in Country A.

The transaction in Country B.

Bank C in Country C.

Explanation
Another simpler way of looking at the problem is by seeing this case as a Correspondent Banking relationship:
-A is the primary correspondent bank.
-B is the respondent bank.
-C is the receiving bank (of the wire transfer).
Since A is conducting the transaction on behalf of B’s customer via the correspondent relationship deemed suspicious, it is the transaction in Country A by the correspondent bank that files the STR. Also, per the regular process, it is on the transaction, not the bank, that the STR is filed against.

NEW QUESTION 114
Why do trusts established in certain offshore jurisdictions make good vehicles to launder money?

Names of the settlor and beneficiaries are not publicly available

Trust are typically set up to minimize taxes

Offshore jurisdictions are unfamiliar with trusts

Trusts may hold assest of significant size

NEW QUESTION 115
Which three areas do FATF’s 40 recommendations cover? Choose 3 answers

International Cooperation

Prescriptive sentences for predicate offenses

Financial systems and their regulation

The criminal justice system

Explanation
The 40 Recommendations provide a complete set of countermeasures against money laundering and terrorist financing, covering
* the identification of risks and development of appropriate policies;
* the criminal justice system and law enforcement;
* the financial system and its regulation;
* the transparency of legal persons and arrangements; and
* international cooperation.

NEW QUESTION 116
In which three situations is correspondent banking most vulnerable to money laundering? Choose 3 answers

When allowing foreign banks to use the correspondent account to conduct large financialtransactions on behalf of their customers

When allowing the correspondent bank account to be used as a payable through account (PTA)

When allowing the correspondent bank account to be used by other banks

When allowing financial institutions, without proper due diligence, to access correspondentnetwork for routing their financial transactions

NEW QUESTION 117
Which three elements should be considered in an institution’s enhanced due diligence process to assure itself that it has secured sufficient understanding of its higher risk respondent bank customers according to the Wolfsberg Principles on Correspondent Banking?

The quality of the respondent’s AML and client identification controls

A risk-based determination as to whether or not the respondent is a shell bank

Whether a Politically Exposed Person (PEP) has an interest or management role in the respondent

The sources of wealth for all significant ownership interests

NEW QUESTION 118
According to Basel Committee on Banking Supervision’s Customer Due Diligence for Banks, which of the following should provide an evaluation of a bank’s policies and procedures independent from its management?

The credit risk department

The Board

A peer institution

The compliance function

NEW QUESTION 119
What is a tool governments and multi-national bodies can use to prevent the proliferation of weapons of mass destruction?

Economic Sanctions

Commission Rogatoire

Account Monitoring Order

Mutual Legal Assistance Treaties

NEW QUESTION 120
In many jurisdictions, financial institutions are prohibited from hiring a person who has been convicted of what type of offense?

Kidnapping

Offenses involving dishonesty

Driving while under the influence

Protests of government action

NEW QUESTION 121
Why is the Mutual Legal Assistance Treaty (MLAT) a gateway for international cooperation?

They provide a legal basis for transmitting evidence that can be used for prosecution and judicial proceedings

They receive reports of suspicious transactions from financial institutions to disseminate to local Law enforcement and foreign FIUs

They obtain intelligence that might lead to evidence

They issue the Prmc4es of Information Exchange Between Financial intelligence Units (FIUs)

NEW QUESTION 122
A customer living in a high-risk jurisdiction makes frequent, large cash deposits at a bank. The same customer sends small wire transfers to unrelated parties in other high-risk jurisdictions.
What are two red flags that may indicate money laundering? (Choose two.)

The bank allows cash deposits

The client resides in a high-risk jurisdiction

Wire transfers are to high-risk jurisdiction

Large cash deposits are from a high-risk jurisdiction

Explanation/Reference: https://aml-cft.net/library/banks-amlcft-red-flags/

NEW QUESTION 123
Which three stages of money laundering are on-line banking vulnerable to?

Placement

Layering

Integration

Structuring

NEW QUESTION 124
What should a compliance officer provide to facilitate board understanding of suspicious activity reported by an institution?

A listing of all STRs filed, including supporting details

Copies of all STRs filled with the national FIU

A numerical summary of the STRs filed, including additional detail on significant cases

A numerical summary of all STRs filed, including supporting details on all the STRs

NEW QUESTION 125
Which is the main objective when a financial institution (FI) conducts an investigation?

Keep policies and procedures updated

Keep all the documentation

Know the customer

Track the movement of the money

NEW QUESTION 126
When should the anti-money laundering risk assessment be updated?

Every two years

After a merger or acquisition

When the board of directors changes

When instructed to by the Financial Action Task Force

Explanation
Evaluating the risk scoring model and conducting the risk assessment itself may need to be performed annually, every eighteen to twenty-four months, before the launch of a new product, or when an acquisition of another financial institution occurs.

NEW QUESTION 127
An institution is about to release a new peer to peer (P2P) funds transfer product to provide much needed remittance services to an under-banked population segment in the country.
The service allows customers to transfer funds through a mobile banking application to individuals worldwide entering only a name and mobile number. The new service charges less than comparable market solutions and offers real time transfer of funds. The customer onboarding process is conducted at branch locations with identity verification.
Which three present the highest anti-money laundering or sanctions risk and will require controls prior to launch? (Choose three.)

Customer onboarding

Cross-border functionality

Real time transfer of funds

Servicing the under-banked population

Limited access to counterparty information

NEW QUESTION 128
What facilitates law enforcement agent obtaining evidence from authorities in a foreign country relating to criminal activity?

Mutual Legal Assistance Treaties (MLAT)

Patriot Act Communications System

The World Wide Network of Information Sharing

MLAT Executive Agreement

NEW QUESTION 129
Which method is indicative of potential money laundering and terrorist financing activity?

Client converts 500 Euro in mixed denomination notes to small denomination U.S. bills in a single transaction

A commercial client in the export business regularly receives wire transfers from high risk countries

An unknown client purchases multiple monetary instruments for one person during the course of one day

An unknown client pays $1,000 in cash for an urgent transfer to a high risk country

NEW QUESTION 130
The anti-money laundering compliance officer for a small money transmitter has several agent locations in the same geographic area in the United States. The customers are immigrants from Country A and the majority of the funds are remitted to Country A.
In a meeting with one of the agents, it is recently discovered that two new customers have been coming in three times a week and sending funds to the same recipient in Country B.
Each cash transaction always totals exactly $8,000.
What should alert the agent to possible money laundering activity by the two customers?

They remit funds to the same person

They have been coming in three times a week

It is unusual for customers to remit to Country B

Each of their transactions is just below the cash reporting threshold

NEW QUESTION 131
A bank customer operates a fuel station as a sole proprietorship. The customer places deposits and other credits in a business account. The customer routinely transfers money from the business account to a brokerage account where he invests in money market securities. The customer also routinely makes monthly transfers to a credit card and line of credit to pay off balances. The volume of activity flowing through the business account has doubled in the past 3 months. An internal investigator reviews business account statements and credit card activity for the past 3 months, scans media articles about the customer, and interviews the account officer about the customer and account activity. This internal investigation did not provide an explanation for the increased activity1. Which of the following should the anti-money laundering specialist recommend to the internal investigator?

Concentrate on trades made in the brokerage account.

Review activity in all related customer accounts in the past year.

Analyze account activity for selected accounts since the accounts were opened.

No additional steps are necessary because this was a thorough review of the activity.

NEW QUESTION 132
A compliance officer provides an overview of the bank’s anti-money laundering program to a group of new tellers during employee orientation.
Which training element should be delivered to this audience?

Results of recent risk assessments

Large cash transaction reporting procedures

The financial institution’s surprise cash audit policy

Past check fraud losses incurred by the financial institution

NEW QUESTION 133
A commission rogatory would be used in which gateway to obtain information from another country?

An FIU request under the Egmont principles

An MLAT request

A supervisory channel request with the Basel Committee

A FATF request

NEW QUESTION 134
Which of the following is the most common risk with a Personal or Private Investment Company (PIC)?

They are almost always owned by politically exposed persons

They are usually established in financial secrecy havens

They often lack transparent ownership

They are not publicly traded

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2022 CAMS exam torrent CAMS Study Guide [Q113-Q134]

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