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[General] Knowledge ACAMS CAMS Points - CAMS Knowledge Points

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【General】 Knowledge ACAMS CAMS Points - CAMS Knowledge Points

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ACAMS Certified Anti-Money Laundering Specialists (the 6th edition) Sample Questions (Q538-Q543):NEW QUESTION # 538
Which is the most severe consequence for a financial institution if the regulator finds it is in breach of AML regulatory obligations?
  • A. Loss of license
  • B. Negative reputation
  • C. Civil sanctions
  • D. Monetary fines
Answer: A
Explanation:
Non-compliance with AML regulatory obligations can have severe consequences for financial institutions. Among these, the most severe consequence is the loss of license. When a financial institution fails to meet AML requirements, regulators may revoke its license to operate. Losing the license effectively shuts down the institution's ability to conduct business, impacting its existence and operations significantly12.
Reference:
1. Unit21 AML: 8 AML Penalties, Fines, and Sanctions + Examples You Should Avoid
2. Financial Crime Academy: Ensuring Compliance: The Power Of AML Regulatory Reporting

NEW QUESTION # 539
the Financing of Terrorism (CFT)]
Which action should an FIU consider taking when it has information that might be useful to another FIU?
  • A. Request approval from the Egmont Group prior to sharing the information with the other FIU
  • B. Take no action until contacted by the other FIU
  • C. In accordance with Wolfsberg guidelines, submit the information to the other FIU in written form
  • D. Supply the information to the other FIU spontaneously as soon as the relevance of sharing the information is identified
Answer: D
Explanation:
According to the Egmont Group of Financial Intelligence Units, which is a network of over 160 FIUs that promotes international cooperation and information exchange, FIUs should share information with foreign FIUs spontaneously, without prior request, when they have reasonable grounds to believe that the information is relevant for the receiving FIU1. This principle is also reflected in the FATF Recommendation 40, which states that FIUs should exchange information with other FIUs, especially when this information concerns money laundering, predicate offences, or terrorist financing2. Spontaneous information sharing can enhance the effectiveness of FIUs, as it can help to identify new leads, trends, patterns, or typologies, as well as to prevent or disrupt criminal activities1.
The other options are not consistent with the best practices of FIU information sharing. For example:
* In accordance with Wolfsberg guidelines, submit the information to the other FIU in written form. The Wolfsberg Group is an association of 13 global banks that issues guidance and standards on anti-money laundering and counter-terrorist financing. However, the Wolfsberg guidelines are not binding for FIUs, and they do not specify the format or channel of informationexchange between FIUs3. Moreover, submitting information in written form may not be the most efficient or secure way of communication, as it may cause delays, errors, or breaches of confidentiality.
* Take no action until contacted by the other FIU. This option contradicts the principle of spontaneous information sharing, as it implies that the FIU with the relevant information will wait for a formal request from the other FIU, instead of proactively sharing the information. This may result in missed opportunities, inefficiencies, or failures in detecting or preventing money laundering or terrorist financing.
* Request approval from the Egmont Group prior to sharing the information with the other FIU. This option is unnecessary and impractical, as the Egmont Group does not have the authority or the capacity to approve or deny individual information requests or exchanges between FIUs. The Egmont Group provides a platform and a framework for FIU cooperation, but it does not interfere with the operational autonomy or the bilateral relations of its members4.
:
FATF Recommendation 40: Other Forms of International Co-operation
Egmont Group of Financial Intelligence Units Principles for Information Exchange Between Financial Intelligence Units Wolfsberg Group Egmont Group

NEW QUESTION # 540
Which section of theUSA PATRIOT Actpermits theU.S. government to seize funds deposited in a U.S.
correspondent account of a foreign bank, creating extraterritorial impact?
  • A. Section 314(a)
  • B. Section 319(b)
  • C. Section 314(b)
  • D. Section 319(a)
Answer: B
Explanation:
Section 319(b) of the USA PATRIOT Act allows U.S. authorities to seize funds from correspondent accounts held by foreign banks in the U.S.
* Option A (Correct):Section 319(b) grants the U.S. government authority to seize assets in U.S.
correspondent bank accounts belonging to foreign financial institutions involved in illicit activities.
* Option B (Incorrect):Section 314(b) facilitates voluntary information sharing among financial institutions but does not authorize asset seizure.
* Option C (Incorrect):Section 314(a) relates to law enforcement requests for financial intelligence, not asset seizures.
* Option D (Incorrect):Section 319(a) concerns record-keeping requirements for foreign banks but does not authorize asset seizures.
Best Practices for Foreign Banks with U.S. Correspondent Accounts:
* Ensure full AML compliance to avoid regulatory scrutiny.
* Avoid processing high-risk transactions that may trigger U.S. jurisdiction.
* Monitor cross-border transactions to detect potential financial crime exposure.
Reference:
USA PATRIOT Act Section 319(b) (Correspondent Banking Asset Seizures)
FinCEN Guidance on Extraterritorial AML Compliance
FATF Recommendation 13 (Correspondent Banking AML Risks)

NEW QUESTION # 541
Which safeguard is in place for Financial Intelligence Units (FIUs) to share information securely according to Egmont?
  • A. A computer with access to the Egmont Secure Web is accessible to all members of the FIU.
  • B. Information sharing is conducted according to processes contained in Memoranda of Understanding.
  • C. Intelligence is shared via messaging applications.
  • D. Investigators are allowed to request information from a foreign FIU directly.
Answer: A

NEW QUESTION # 542
What do the Financial Action Task Force (FATF) mutual evaluations of each member assess?
  • A. If the member has made any suggestions for updates to the FATF Recommendations
  • B. The levels of implementation of the FATF Recommendations
  • C. If the member has a large enough economy to maintain its membership
  • D. The member's ability to send a representative to the plenary sessions
Answer: B
Explanation:
A compliance officer should consider the following three factors as part of the approach to implement an enterprise-wide anti-money laundering program for a bank that operates in multiple countries:
The types of customers serviced by the bank: Different types of customers may pose different levels of money laundering risk, depending on their nature, source of funds, geographic location, transaction patterns, and other factors. A compliance officer should identify and assess the money laundering risk associated with each customer type and segment, and apply appropriate due diligence measures, monitoring systems, and risk mitigation strategies accordingly12.
The extent of anti-money laundering regulations in the various countries: A compliance officer should be aware of the legal and regulatory requirements and expectations for anti-money laundering compliance in each country where the bank operates, and ensure that the bank's policies and procedures are consistent with them. A compliance officer should also monitor any changes or updates in the anti-money laundering laws and regulations in the various countries, and adjust the bank's program accordingly34.
The anti-money laundering risk posed by the products and services offered by the bank: Different products and services may have different features and functionalities that could be exploited by money launderers, such as anonymity, cross-border transfers, cash transactions, complex structures, or new technologies. A compliance officer should evaluate the money laundering risk associated with each product and service offered by the bank, and implement appropriate controls, safeguards, and oversight mechanisms to prevent and detect money laundering activities5 .
References:
1: ACAMS, CAMS Study Guide, 6th Edition, Chapter 2: Risk Assessments
2: FATF, Guidance for a Risk-Based Approach: The Banking Sector
3: ACAMS, CAMS Study Guide, 6th Edition, Chapter 3: Compliance Standards for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT)
4: Deloitte, AML Program Effectiveness Reform
5: ACAMS, CAMS Study Guide, 6th Edition, Chapter 4: AML Program Design
[6]: OCC, Money Laundering: A Banker's Guide to Avoiding Problems
Reference:
https://www.fatf-gafi.org/public ... al-evaluations.html

NEW QUESTION # 543
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