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Certified Anti-Money Laundering Specialist

QUESTION 21

A prospective AML officer comes highly recommended by a bank’s up-stream correspondent institution of similar size and make-up, located in a different city in the same country. The bank is interested in hiring the individual. What should be the next step taken by the Board of Directors?

 

A.

Do a thorough background check

B.

Confer with its regulatory agency to determine whether it is appropriate to hire the person

C.

Hire the individual, relying on the recommendation of its correspondent

D.

Hire the individual on a probationary basis so that the institution can determine if the individual is sufficiently experienced and capable

 

Correct Answer: A

 

 

QUESTION 22

Which type of transactions present the highest risk?

 

A.

Wire transfers from a publicly listed company

B.

Payroll payments

C.

Social insurance payments

D.

Foreign exchanges

 

Correct Answer: D

 

 

QUESTION 23

According to experts, what is the most effective way to prevent money laundering through financial institutions?

 

A.

Ensuring that transaction monitoring systems can identify terrorist financing

B.

Collecting information on beneficial owners and foreign customers

C.

Instituting a policy prohibiting the acceptance of funds intended for terrorist financing

D.

Implementing a sound customer due diligence program

 

Correct Answer: D

 

 

QUESTION 24

What should a bank focus on to ensure on-going compliance with its AML program?

 

A.

It should ensure that it develops and provides on-going targeted training of all current and new employees

B.

It should subject all new employees to criminal background checks before being hired

C.

It should review and update its transaction monitoring system

D.

It should ensure that the regulators have reviewed and have approved the bank’s AML program

 

Correct Answer: A

 

 

 

 

 

 

QUESTION 25

What should a compliance officer do during an ongoing investigation into a client’s activities by a competent authority?

 

A.

Ensure communication with regulatory and law enforcement authorities is conducted only through the Board of Directors

B.

Communicate only in writing regulatory and law enforcement authorities in line with applicable local laws

C.

Communicate with regulatory and law enforcement authorities in line with applicable local laws

D.

Only provide information that is specifically and directly requested

 

Correct Answer: A

 

 

QUESTION 26

How can dealers in high-value items be at risk for money laundering?

 

A.

The value of precious metals such as gold and silver is constantly fluctuating.

B.

Carrying large amounts of gems of high value is physically easy

C.

Paperwork is not required to ship precious metals and gems

D.

Drug dealers prefer cash to precious metals and gems

 

Correct Answer: B

 

 

QUESTION 27

Which activity is most likely to facilitate money laundering through on-line systems with inadequate controls?

 

A.

Conducting a large volume of transactions

B.

Providing continuous worldwide access

C.

Conducting anonymous transactions

D.

Conducting large value transactions

 

Correct Answer: B

 

 

QUESTION 28

In the FATF 40 recommendations, the focus of AML efforts has been expanded beyond Financial Institutions. Which three businesses and/or professions are covered? Choose 3 answers

 

A.

casinos, when customers engage in financial transactions equal to or above a designated Threshold

B.

Real estate agents when they are involved in transactions for clients concerning buying and selling properties

C.

Dealers in art, when they engage in any cash transaction with a customer at or above a designated threshold

D.

Trust and company service providers

 

Correct Answer: BCD

 

 

 

QUESTION 29

When requested by law enforcement via legal process to provide records or documentation, what should the officers of financial institution do?

 

A.

Provide all records and documents the officer believes would be pertinent to the law enforcement agent’s investigation

B.

Refuse to provide any records or documents until the agent narrows the scope of the request down to what he or she actually needs

C.

Not act on the legal process until the bank officer has contact w4h the agent and learns what the agent is investigating

D.

if there is no basis for contesting the request, provide what is requested

 

Correct Answer: C

 

 

QUESTION 30

Which AML standards have force of law?

 

A.

Standards as defined in the Third European Union Money Laundering Directive (2005/60/EC)

B.

Standards as defined by the United Nations (UN)

C.

Standards as defined by World Bank / International Monetary Fund (IMF)

D.

40 Recommendations

 

Correct Answer: A

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