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CAMS Exam Dumps - Certified Anti-Money Laundering Specialist (the 6th edition)

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Question # 185

How should law enforcement obtain documentation from an institution when suspicious activity was identified? (Choose two.)

A.

Request copies of the relevant documents from the accountable institution.

B.

Pay an employee of the accountable institution to make copies of the documents.

C.

Request a Financial Intelligence Unit (FIU) share copies of suspicious transaction reports.

D.

Request the documents from the FIU.

E.

Acquire a search warrant to obtain the documents.

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Question # 186

A client has retained a lawyer to create a financial holding company. The lawyer resides in Europe. The client provides all requested documentation to the lawyer. However, the lawyer becomes suspicious that the customer is engaged in criminal activity and intends to use the financial holding company for money laundering purposes. Which of the following should an anti-money laundering specialist recommend according to the European Union Money Laundering Directives?

A.

There is no need to file a suspicious transaction report, as this activity is covered by attor-ney-client privilege.

B.

Freeze the client's assets so that all records can be turned over to the competent authori-ties.

C.

Report the activity as suspicious to the competent authority because the lawyer is covered by these directives.

D.

Consult with the competent authority to receive advice on how to handle the transaction.

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Question # 187

To understand if the customer operates in line with the firm's risk appetite for a specific industry segment, a financial institution must:

A.

obtain sufficient customer information to understand the nature and purpose of customer relationships for the purpose of developing a customer risk profile.

B.

obtain identifying information for beneficial owners through a completed certification form from the individual opening the account on behalf of the legal entity customer.

C.

obtain the name and address, country identification number and date of birth of a non-customer who purchases a monetary instrument.

D.

obtain the name, date of birth for an individual, address and identification number from each customer before opening the account.

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Question # 188

Which test should be included in a bank's Office of Foreign Assets Control sanctions screening audit program?

A.

Reviewing wire transfer screening processes to ensure that potential name hits are investigated promptly

B.

Looking at copies of suspicious activity reports filed with regulators to ensure completeness

C.

Ensuring that all clients with foreign identification are subject to enhanced due diligence

D.

Examining Human Resources processes for conducting criminal background checks on executives

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Question # 189

The law enforcement agency (LEA) of a foreign jurisdiction contacts a financial institution (Fl) regarding one of the Fl's clients. The LEA advises that the client is currently wanted for prosecution as a result of a series of human trafficking charges. What should the Fl do? (Select Two.)

A.

Review the client's activity, determine if suspicious activity exists, and report accordingly.

B.

Advise the LEA that the government needs to be contacted for extradition.

C.

Comply immediately with the foreign jurisdiction and turn over all client information.

D.

Inform local LEA and regulator of the request for awareness.

E.

Close the clients accounts immediately to avoid any undue risk.

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Question # 190

Which payment method for purchasing luxury items is a red flag for potential money laundering?

A.

Personal loan

B.

Cash

C.

Wire transfer

D.

Credit card

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Question # 191

A non-US bank is implementing a sanctions compliance program. Which extraterritorial reach of Office of Foreign Assets Control (OFAC) regulations would matter the most to the foreign bank?

A.

OFAC administers sanctions based on criminal investigations against targeted foreign individuals.

B.

OFAC sanctions programs prohibit transactions and require the blocking of assets of foreign individuals that appear in negative media sources.

C.

OFAC acts only under presidential wartime emergency powers, against countries and foreign individuals considered enemies of the US.

D.

OFAC has the power to impose significant penalties on foreign individuals who are found to be in violation of the blocking orders.

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Question # 192

According to the Financial Action Task Force 40 Recommendations, to fulfill identification requirements concerning legal entities, financial institutions should take measures to verify

A.

the financial status of the legal entity through documented proof of the entity's other banking relations.

B.

a person purporting to act on behalf of the legal entity who is a resident in a country with strict secrecy laws.

C.

the legal existence and ownership structure of the legal entity.

D.

funds or trusts maintained by terrorists.

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