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[Hardware] ITPassLeader: The Ultimate Solution for ACAMS CAMS Certification Exam Preparatio

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【Hardware】 ITPassLeader: The Ultimate Solution for ACAMS CAMS Certification Exam Preparatio

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ACAMS Certified Anti-Money Laundering Specialists (the 6th edition) Sample Questions (Q146-Q151):NEW QUESTION # 146
Why do organized crime groups often use front companies? (Choose two).
  • A. Because they are generally subject to lighter due diligence requirements by banks and other financial services providers.
  • B. Because they are not registered, front companies are not subject to income and other sales taxes.
  • C. Because front companies generally charge higher prices than legitimate companies, so profit margins are higher.
  • D. Because they can use the company's bank accounts to comingle deposits with those of legal businesses.
  • E. Because using multiple front companies can make it easier to control an entire sector of the economy.
Answer: A,D
Explanation:
Reference: https://en.wikipedia.org/wiki/Front_organization

NEW QUESTION # 147
What kind of person should perform the independent testing of an institution's anti-money laundering program?
  • A. A certified specialist in the anti-money laundering field
  • B. A retired government regulator or federal law enforcement officer
  • C. A person who reports directly to the Board of Directors or a Board Committee
  • D. A former anti-money laundering officer from a similar institution
Answer: A

NEW QUESTION # 148
A businessman requests a European private bank to open a numbered or alternate name account. According to the Basel Committee on Banking Supervision principles, which of the following is the most important question the banker should ask?
  • A. Who will inherit the proceeds in the event of the businessman's death?
  • B. Who will control the account?
  • C. How much money will be deposited into the account?
  • D. What account-opening date should I record'!'
Answer: B
Explanation:
According to the Basel Committee on Banking Supervision principles, the most important question the banker should ask when opening a numbered or alternate name account is who will control the account. This is because such accounts pose a higher risk of money laundering and terrorist financing, as they can be used to conceal the identity and beneficial ownership of the funds. Therefore, the banker should perform enhanceddue diligence and verify the identity and source of funds of the person who has the authority to operate the account, as well as the purpose and nature of the business relationship12 The other questions are less relevant or secondary to the issue of control. The inheritance of the proceeds in the event of the businessman's death is a matter of succession law and does not affect the identification of the beneficial owner. The amount of money deposited into the account may indicate the level of risk, but does not reveal the origin or destination of the funds. The account-opening date is a procedural detail thatdoes not affect the compliance with the anti-money laundering and counter-terrorist financing standards12
1: Basel Committee on Banking Supervision - Core principles for effective banking supervision, 2012, Principle 14 and Essential Criterion 14.1
2: Basel Committee on Banking Supervision - Sound management of risks related to money laundering and financing of terrorism, 2014, Paragraphs 30 and 31

NEW QUESTION # 149
In performing a risk analysis, which factor(s) should a financial institution review?
  • A. The level of its gross revenue
  • B. The adequacy and completeness of its STR filings
  • C. Its customer base, location, products and services
  • D. Recent regulatory actions against financial institutions of comparable size
Answer: C
Explanation:
these are the main factors that determine the inherent money laundering risk of a financial institution. The customer base, location, products and services of a financial institution affect the type, volume, and complexity of transactions that it processes, as well as the exposure to high-risk customers, jurisdictions, and activities12. A financial institution should review these factors regularly and conduct a comprehensive risk assessment to identify, measure, and mitigate its money laundering risk34.
References:
Anti Money Laundering Risk Assessment - Financial Crime Academy1
Anti-Money-Laundering (AML) Risk Approach Explained | Okta2
Anti-Money Laundering (AML) Risk Assessment | ACAMS4
2024 National Money Laundering Risk Assessment (NMLRA)5

NEW QUESTION # 150
Under which two circumstances may law enforcement be given access to a financial institution customer's financial records? (Choose two.)
  • A. If law enforcement has circumstantial evidence to suspect money laundering
  • B. If the investigation of a customer is made public in the media
  • C. If law enforcement serves a legal summons or subpoena
  • D. If the person is named in a suspicious transaction report
Answer: A,C
Explanation:
Q Law enforcement may be given access to a financial institution customer's financial records if they serve a legal summons or subpoena, or if they have circumstantial evidence to suspect money laundering. These are two of the exceptions to the general rule that financial institutions must protect the privacy of their customers' financial information under the Right to Financial Privacy Act (RFPA) of 19781. The RFPA alsoallows access to customer records in other situations, such as with the customer's consent, in response to judicial orders, or for certain intelligence or counterintelligence purposes1.
Option A is incorrect because a suspicious transaction report (STR) does not automatically grant law enforcement access to the customer's financial records. The STR is a confidential document that is filed by the financial institution to the Financial Intelligence Unit (FIU) of the country, and the FIU may decide to share the information with law enforcement if it deems appropriate2. However, law enforcement still needs to follow the RFPA procedures to obtain the customer's records from the financial institution.
Option C is incorrect because the investigation of a customer being made public in the media does not give law enforcement the right to access the customer's financial records. The media exposure may raise the public interest or the urgency of the investigation, but it does not override the RFPA requirements. Law enforcement still needs to obtain a legal summons, subpoena, or other valid authorization to access the customer's records from the financial institution.
References:
1: Right to Financial Privacy Act of 1978, 12 U.S.C. §§ 3401-3422
2: ACAMS Study Guide for the CAMS Certification Examination, 6th Edition, Chapter
3: Compliance Standards for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT), p. 47

NEW QUESTION # 151
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