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Maintenance of an effective AML/CFT compliance program
The Financial Action Task Force (FATF) Recommendations, the Basel Committee's Report on client Due Diligence and also the Wolfsberg cluster Principles
SAR and STR filing
Money laundering risks and strategies, like Black Market Peso Exchange and import and export price manipulation
The assistance of institutional investigations
Important elements of an Anti-Money Laundering (AML) program
CAMS Reliable Exam Blueprint & CAMS Valid Braindumps PdfDifferent from general education training software, our CAMS exam questions just need students to spend 20 to 30 hours practicing on the platform which provides simulation problems, can let them have the confidence to pass the CAMS exam, so little time great convenience for some workers, how efficiency it is. Time is money, in today's increasingly pay attention to efficiency, we should use time in the right place, with low time get high scores in return, the CAMS Latest Exam torrents are very good to do this. ACAMS Certified Anti-Money Laundering Specialists (the 6th edition) Sample Questions (Q493-Q498):NEW QUESTION # 493
Which is a red flag for funds transfers?
A. Funds transfers are repetitive and within expected patterns.
B. Funds transfers are repeatedly sent to the same beneficiary out of line with the business purpose.
C. Funds transfers are received in numerous small quantities from entities that are in related industries.
D. Funds transfers are to a higher-risk geographic location with a known supplier within the same industry as the originator.
Answer: A
NEW QUESTION # 494
As a result of an audit, a policy exception was identified that had been approved by the compliance officer. The auditor determined that the policy exception is a violation of a regulatory requirement.
What should the auditor do?
A. Advise the compliance officer on how to appropriately respond to policy exceptions.
B. Consult with legal counsel to determine if the approval of the policy exception was acceptable.
C. Include the regulatory violation in the audit report and report it to the board of directors.
D. Include the regulatory violation in the audit report and recommend the compliance officer be subject to disciplinary action by the board of directors.
Answer: C
NEW QUESTION # 495
Which principles should be included in a FATF-Style Regional Body (FSRB) update? (Choose two.)
A. Establish AML/CFT standards and typologies
B. Address AML/CFT technical assistance of individual members
C. Issue country-specific Mutual Evaluation reports
D. Identify jurisdictions with weak AML/CFT regimes
E. Protect the reputation and standing of FATF
Answer: C,D
Explanation:
According to the Anti-Money Laundering Specialist (the 6th edition) resources, FSRBs are regional organizations that help the FATF implement its global AML/CFT policy and standards in over 200 affiliated countries1. FSRBs have their own high-level principles and objectives that govern their relationship with the FATF and their members2. Among these principles and objectives, two that should be included in a FSRB update are:
* Issue country-specific Mutual Evaluation reports. This is the process by which FSRBs assess the compliance and effectiveness of their members' AML/CFT systems, based on the FATF standards and methodology3. Mutual Evaluation reports provide an in-depth analysis of the strengths and weaknesses of each jurisdiction, as well as recommendations for improvement4.
* Identify jurisdictions with weak AML/CFT regimes. This is the process by which FSRBs, in coordination with the FATF, monitor and publicly list the countries that pose a risk to the international financial system due to their strategic deficiencies in AML/CFT. This process aims to encourage and assist these jurisdictions to address their gaps and enhance their cooperation with the global network.
The other three options are incorrect because:
* Address AML/CFT technical assistance of individual members is not a principle that should be included in a FSRB update, as it is not a core function of FSRBs. FSRBs may facilitate or coordinate technical assistance, but they are not the primary providers or funders of such assistance.
* Establish AML/CFT standards and typologies is not a principle that should be included in a FSRB update, as it is not a role of FSRBs. FSRBs are expected to adopt and implement the FATF standards, not to create their own. Typologies are the methods and trends of money laundering and terrorist financing, which are identified and analyzed by the FATF and FSRBs through research and workshops.
* Protect the reputation and standing of FATF is not a principle that should be included in a FSRB update, as it is not a responsibility of FSRBs. FSRBs are autonomous and independent organizations that have their own governance and accountability mechanisms. FSRBs are expected to cooperate and coordinate with the FATF, but not to act as its agents or representatives.
References:
1: ACAMS, CAMS Study Guide, 6th Edition, Chapter 3, p. 64 2: FATF, High-Level Principles for the Relationship between the FATF and the FATF-Style Regional Bodies, February 2019, 3 3: ACAMS, CAMS Study Guide, 6th Edition, Chapter 3, p. 65 4: FATF, FATF Methodology for Assessing Technical Compliance with the FATF Recommendations and the Effectiveness of AML/CFT Systems, February 2013 (updated October 2019), [12] : ACAMS, CAMS Study Guide, 6th Edition, Chapter 3, p. 66 : FATF, High-Risk and Other Monitored Jurisdictions, 4 : FATF, High-Level Principles for the Relationship between the FATF and the FATF-Style Regional Bodies, February 2019, 3, p. 4 : FATF, High-Level Principles for the Relationship between the FATF and the FATF-Style Regional Bodies, February 2019, 3, p. 2 : ACAMS, CAMS Study Guide, 6th Edition, Chapter 3, p. 67 : FATF, High-Level Principles for the Relationship between the FATF and the FATF-Style Regional Bodies, February 2019, 3, p. 3 : FATF, High-Level Principles for the Relationship between the FATF and the FATF-Style Regional Bodies, February 2019, 3, p. 5 : FATF, FATF Methodology for Assessing Technical Compliance with the FATF Recommendations and the Effectiveness of AML/CFT Systems, February 2013 (updated October 2019), [12], p. 9 : FATF, High-Risk and Other Monitored Jurisdictions, 4, p. 1 Reference: https://www.fatf-gafi.org/media/ ... 20Principles%20and%
20Objectives%20for%20FATF%20and%20FSRBs.pdf
NEW QUESTION # 496
In reviewing recent activity, a compliance officer for a money transmitter that several customers are each remitting the same amount of money but much more frequently.
How should the institution respond?
A. Instruct the tellers not to process remittances for these customers in the future
B. Immediately contact the customers and ask them why they are remitting money more often
C. Conduct further investigation to determine whether this is truly suspicious activity
D. File a suspicious transaction report
Answer: C
Explanation:
"The decision of whether or not to file a suspicious transaction report (also known as a suspicious activity report or SAR in the United States) often involves weighing the aggravating and mitigating factors arising from the research conducted during the investigative process. Financial institutions should draft procedures that document the factors to consider when determining whether a suspicious transaction report (STR) is appropriate."
NEW QUESTION # 497
The USA PATRIOT Act requires United States (U.S.) financial institutions to collect certain information from non-U.S. banks that hold a correspondent account.
Which two pieces of information must a non-U.S. bank provide to its U.S. correspondent to enable them to comply with this requirement? (Choose two.)
A. Prompt notice of any suspicious activity it detects on any customer who uses the correspondent account
B. The name and address of all beneficial owners who own 25% or more of the bank
C. The name and address of a U.S. person who is authorized to receive service of legal process for the bank
D. The name and address of all shell banks the bank maintains accounts for
Answer: C,D
Explanation:
According to Section 313 of the USA PATRIOT Act, U.S. financial institutions are prohibited from maintaining correspondent accounts for foreign shell banks, which are banks that have no physical presence in any country and are not affiliated with a regulated financial group. Therefore, a non-U.S. bank must provide the name and address of all shell banks that it maintains accounts for, if any, to its U.S. correspondent. This is to ensure that the U.S. financial institution does not indirectly provide services to shell banks, which pose a high risk of money laundering and terrorist financing.
According to Section 319 (b) of the USA PATRIOT Act, U.S. financial institutions that provide a correspondent account to a foreign bank must maintain records of the owners of the foreign bank and the name and address of a U.S. person who is authorized to receive service of legal process for records regarding the correspondent account. This is to facilitate the access of U.S. law enforcement authorities to information related to the correspondent account in case of an investigation or a subpoena.
The other two options, B and C, are not required by the USA PATRIOT Act, although they may be part of the due diligence or enhanced due diligence procedures that U.S. financial institutions apply to their foreign correspondent accounts, as per Section 312 of the USA PATRIOT Act.
References:
* USA PATRIOT Act
* FACT SHEET for Section 312 of the USA PATRIOT Act Final Regulation and Notice of Proposed Rulemaking
* US PATRIOT ACT
* CAMS Exam: USA PATRIOT Act Requirements for Opening a Correspondent Account Reference: https://www.sec.gov/about/offices/ocie/amlsourcetool.htm
NEW QUESTION # 498
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