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【General】 Valid Braindumps ACAMS CAMS Pdf - Latest CAMS Test Voucher

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ACAMS Certified Anti-Money Laundering Specialists (the 6th edition) Sample Questions (Q409-Q414):NEW QUESTION # 409
Which two steps should a financial institution take when it receives a law enforcement request to keep an account open that may be associated with suspicious or criminal activity? (Choose two.)
  • A. Maintain account records for at least five years after the request expires
  • B. File a suspicious transaction report on the account owner(s)
  • C. Ask for a written request from the law enforcement agency that defines the duration
  • D. Stop filing suspicious transaction reports because law enforcement will be monitoring the account
Answer: A,C
Explanation:
According to the Anti-Money Laundering Specialist (the 6th edition) study guide, when a financial institution receives a law enforcement request to keep an account open that may be associated with suspicious or criminal activity, it should take the following two steps:
* Maintain account records for at least five years after the request expires. This is to ensure that the financial institution can provide evidence of its compliance with the law enforcement request and the applicable anti-money laundering regulations. The five-year retention period is based on the international standard set by the Financial Action Task Force (FATF) and adopted by many jurisdictions12.
* Ask for a written request from the law enforcement agency that defines the duration. This is to protect the financial institution from potential liability and to clarify the scope and purpose of the law enforcement request. The written request should specify the time period for which the account should remain open, the reason for the request, the contact information of the law enforcement officer, and the legal authority for the request34.
References:
* Anti-Money Laundering Specialist (the 6th edition) study guide, page 57
* FATF Recommendation 11, paragraph 2
* Anti-Money Laundering Specialist (the 6th edition) study guide, page 58
* Money Laundering website, article on "Law Enforcement Requests to Keep Accounts Open"
https://www.fincen.gov/resources ... orcement-financial- institutions-maintain

NEW QUESTION # 410
A compliance officer learns from an Information Technology (IT) source of a potential new financial service being discussed by the new product approval committee.
What is the correct next course of action?
  • A. Go to the board of directors and try to shut the new service down immediately because the committee didnot communicate with the compliance officer.
  • B. Get as much information as possible from the source so that potential risks can be researched and a reportprepared and presented to the head of marketing.
  • C. Request that the new product approval committee include the compliance officer.
  • D. Start initial research into potential risks but wait until notified that the service has been approved by thecommittee before initiating extensive research.
Answer: C
Explanation:
The correct next course of action is to request that the new product approval committee include the compliance officer. This is because the compliance officer has the responsibility to ensure that the new financial service complies with the applicable laws, regulations, and standards, and does not pose any undue risks to the institution or its customers. The compliance officer should be involved in the new product development process from the beginning, and provide guidance and feedback on the potential compliance implications and requirements of the new service12.
1:
CAMS Certification Package - 6th Edition | ACAMS, Chapter 6: Developing an Effective Anti-Money Laundering Program, p. 121-122 2: FATF Guidance: The Role of Hawala and Other Similar Service Providers in Money Laundering and Terrorist Financing, October 2013, p. 28, http://www.fatf-gafi.org/media
/fatf/documents/reports/Role-of-hawala-and-similar-in-ml-tf.pdf

NEW QUESTION # 411
Which three should real estate agents include in the criteria to assess their company's potential money laundering and terrorist financing risks when implementing a reasonable risk-based approach?
  • A. Transaction Risk
  • B. Customer Risk
  • C. Geographic Risk
  • D. Credit Risk
Answer: A,B,C
Explanation:
According to the Wolfsberg Principles on Correspondent Banking1, an institution should consider the following three elements in its enhanced due diligence process for higher risk respondent bank customers:
The quality of the respondent's AML and client identification controls: The correspondent should assess the adequacy and effectiveness of the respondent's AML policies, procedures, and systems, as well as its compliance with applicable AML laws and regulations. The correspondent should also verify that the respondent has implemented appropriate customer identification and verification measures, and that it maintains sufficient records of its customers and transactions.
A risk-based determination as to whether or not the respondent is a shell bank: The correspondent should ensure that the respondent is not a shell bank, which is defined as a bank that has no physical presence in any country and is not affiliated with a regulated financial group. The correspondent should also avoid establishing or maintaining relationships with banks that are known to allow their accounts to be used by shell banks.
Whether a Politically Exposed Person (PEP) has an interest or management role in the respondent: The correspondent should identify and assess the potential risks associated with any PEPs who have an ownership or management interest in the respondent, or who are customers of the respondent. The correspondent should apply enhanced scrutiny and monitoring to such relationships, and obtain senior management approval before establishing or continuing them.
References:
Wolfsberg Correspondent Banking Principles 2022 by the Wolfsberg Group, October 2022.
Reference:
http://www.fatf-gafi.org/media/f ... l%20Estate%20Agents (page 20, second paragraph)

NEW QUESTION # 412
What are two requirements for monitoring and reporting suspicious activity for correspondent banking according to the Wolfsberg Principles? (Choose two.)
  • A. Investigate and report suspicious activity only for the correspondent bank's clients
  • B. Incorporate suspicious activity monitoring into periodic reviews
  • C. Utilize downstream correspondents to investigate and report suspicious activity
  • D. Incorporate due diligence results such as customer risk ratings
Answer: B,D
Explanation:
'https://www.wolfsberg-principles.com/sites/default/files/wb/pdfs/wolfsberg-standards/8.%20Wolfsberg-Corresp
- page 6 Monitoring and Reporting of Suspicious Activities The institution shall implement bank-wide policies and procedures to detect and investigate unusual or suspicious activity and report any such activity as required by applicable law. These will include guidance on what is considered to be unusual or suspicious and give examples thereof. The policies and procedures shall include appropriate monitoring of the Correspondent Bank's activity, incorporating due diligence results such as customer risk rating and other factors considered meaningful in the assessment of transaction activity risk. In turn, the results of suspicious activity monitoring shall be factored into the periodic review of the client's file, particularly when the results of transaction monitoring indicate elevated risk levels.

NEW QUESTION # 413
One key aspect of the Office of Foreign Assets Control's extraterritorial reach includes the blocking of certain non-United States initiated transactions for or through the United States (U.S.) for benefit of a restricted person or entity.
Under which three circumstances are U.S. banks required to block transactions? (Choose three.)
  • A. Those that are by or on behalf of a blocked individual and a licensed entity
  • B. Those that are in connection with a transaction in which a blocked individual or entity has an interest
  • C. Those that are in connection with a transaction in which a blocked individual or entity has no interest
  • D. The transactions are to, or go through, a blocked entity
  • E. Those that are by, or on behalf of, a blocked individual or entity
Answer: B,D,E
Explanation:
U.S. law requires that assets and accounts of an OFAC-specified country, entity, or individual be blocked when such property is located in the United States, is held by U.S. individuals or entities, or comes into the possession or control of U.S. individuals or entities.
For example, if a funds transfer comes from offshore and is being routed through a U.S. bank to an offshore bank, and there is an OFAC-designated party to the transaction, it must be blocked. The definition of assets and property is broad and is specifically defined within each sanction program. Assets and property includes anything of direct, indirect, present, future, or contingent value (including all types of bank transactions).
Banks must block transactions that:
* Are by or on behalf of a blocked individual or entity;
* Are to or go through a blocked entity; or
* Are in connection with a transaction in which a blocked individual or entity has an interest.

NEW QUESTION # 414
......
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