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Certified Anti-Money Laundering Specialist

QUESTION 31

What are some red flags pertaining to potentially suspicious transactions by a customer? Choose 3 answers

 

A.

Having multiple addresses and/or moving frequently

B.

Having a commercial account with cash deposits

C.

Have a common address with several other bank clients

D.

Having multiple individuals use the ATM card connected with the account m different cities

 

Correct Answer: ACD

 

 

QUESTION 32

An anti-money laundering expert is hired by a new Internet bank to assess the money laundering threat to the bank. What is the most important recommendation for the expert to make given it is an on-line bank?

 

A.

The bank should limit the amount of money which can be processed per transaction

B.

The bank should ensure that prospective new customers can be properly identified

C.

The bank should set up automated programs to analyze transactions for money laundering activity

D.

The bank should ensure that a firewall is set up to protect the transactions

 

Correct Answer: A

 

 

 

QUESTION 33

Why is the Mutual Legal Assistance Treaty (MLAT) a gateway for international cooperation?

 

A.

They provide a legal basis for transmitting evidence that can be used for prosecution and judicial proceedings

B.

They receive reports of suspicious transactions from financial institutions to disseminate to local Law enforcement and foreign FIUs

C.

They obtain intelligence that might lead to evidence

D.

They issue the Prmc4es of Information Exchange Between Financial intelligence Units (FIUs)

 

Correct Answer: A

 

 

QUESTION 34

Which el
ement is generally required of all anti-money laundering programs?

 

A.

A computer-based suspicious activity monitoring system

B.

A qualified compliance officer to manage the program

C.

Annual in-person AML training for all employees

D.

An enhanced due diligence program for all new customers

 

Correct Answer: B

 

 

QUESTION 35

After an institution files an STR with regard to a particular account, a law enforcement agent requests the institution to keep the account open until advised otherwise by law enforcement. What steps should the institution take?

 

A.

The institution should close the account in order not to be caught in the middle of a law enforcement investigation

B.

The institution should follow the request of the law enforcement agent and keep the account open

C.

The institution should request a written letter from the law enforcement (agency signed by an appropriate authorized signature

D.

The institution should keep the account open only if doing so comports with the bank’s own AML procedures

 

Correct Answer: C

 

 

QUESTION 36

A customer has held an account at a local credit institution for 10 years. The account has received deposits twice weekly for the same amount and has never shown signs of suspect behavior. Monitoring software indicated that in the past few months the account has received several large deposits that were not in line with the account history. When asked, the customer states she recently sold a piece of property, which is supported with a proof of sale. What should the compliance officer do next?

 

A.

Investigate these unusual transactions further

B.

Contact the local FIU for advice

C.

File an STR with the competent authorities

D.

Document reasons for not filing a STR

 

Correct Answer: C

 

 

QUESTION 37

What is one recommendation of the Basel Committee’s 2001 paper Customer Due Diligence for Banks”?

 

A.

Numbered accounts should not be allowed

B.

Certain types of private banking can be exempt from KYC procedures

C.

Banks should develop dear descriptions of acceptable customers

D.

Politically Exposed Persons (PEPs) should not be accepted as customers

 

Correct Answer: C

 

 

QUESTION 38

A remittance company received a money order from a senior political figure m the Philippines to transfer a large sum of money to a charity group in the Philippines. A review of the charity group revealed a director having dose ties with a known terrorist group primarily financed through kidnapping and extortion. What is a key risk indicator associated with terrorism financing?

 

A.

The sender is a Political Exposed Person (PEP) and should be subject to enhanced due diligence

B.

A large sum sent by money order to a charity

C.

There is no risk relating of terrorism financing when the charity group is operating legitimately in that country

D.

There is a link between the charity group and a known terrorist group

 

Correct Answer: D

 

 

QUESTION 39

In performing a risk analysis, which factor(s) should a financial institution review?

 

A.

The level of its gross revenue

B.

Recent regulatory actions against financial institutions of comparable size

C.

Its customer base, location, products and services

D.

The adequacy and completeness of its STR filings

 

Correct Answer: C

 

 

QUESTION 40

What should law enforcement provide when asking an institution to keep an account open?

 

A.

An explanation of the underlying conduct that is being investigated

B.

A written request with an explanation of the scope of the investigation

C.

An in-person visit by an investigating official to explain the reasons why the account must remain open

D.

A written request on government agency letterhead with the appropriate signature

 

Correct Answer: D

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