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Certified Anti-Money Laundering Specialist

QUESTION 41

Which example describes the vulnerability of the securities sector for money laundering?

 

A.

A non-U.S. person seeks to open a brokerage account with a U.S. broker-dealer

B.

A broker-dealer must have a customer identification program in place

C.

Broker-dealers generally have a higher percentage of inexperienced staff

D.

Compensation for broker-dealers is generally based on commissions

 

Correct Answer: D

 

 

QUESTION 42

In addition to monitoring for suspicious activity, what are electronic monitoring systems also valuable for?

 

A.

Identifying how customers are using products

B.

Highlighting the skills of the system analysts

C.

Proving to the Board of Directors that the FIU is doing its job

D.

Meeting mandatory regulatory requirements for system implementation

 

Correct Answer: D

 

 

QUESTION 43

In which three situations is correspondent banking most vul
nerable to money laundering? Choose 3 answers

 

A.

When allowing foreign banks to use the correspondent account to conduct large financial transactions on behalf of their customers

B.

When allowing the correspondent bank account to be used as a payable through account (PTA)

C.

When allowing the correspondent bank account to be used by other banks

D.

When allowing financial institutions, without proper due diligence, to access correspondent network for routing their financial transactions

 

Correct Answer: ABC

 

 

QUESTION 44

How does a regulatory body typically obtain international assistance in a money Laundering inquiry?

 

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A.

By filing a request under Egmont guidelines

B.

By submitting a request for overseas assistance to the corresponding supervisory body

C.

By contacting the FATF, Organization for Economic Co-operation and Development, or other international organizations and seeking their intervention

D.

By communicating with the Head of Compliance for the financial institution

 

Correct Answer: B

 

 

 

 

 

QUESTION 45

Federal law requires all U.S. financial institutions to secure and maintain all records and supporting documentation used m suspicious activity reporting for how many years?

 

A.

2 years

B.

5 years

C.

10 years

D.

No requirement

 

Correct Answer: B

 

 

QUESTION 46

What is a major money laundering risk associated with a number of prepaid cards as opposed to credit or debit cards?

 

A.

The risk of losing the prepaid cards

B.

The inability to load the card with cash

C.

The global access to cash through ATMs

D.

The anonymous access to funds

 

Correct Answer: D

 

 

QUESTION 47

An audit completed the previous week revealed that a private banking customer submitted incomplete documents when establishing an account earlier m the year. The customer received weekly electronic fund transfers from a narcotic-producing jurisdiction. While the relationship manager who opened the account is on leave for 5 weeks, the customer requests that the institution remit a substantial sum to a country that represents a high risk of money laundering. The relationship manager is a friend of the anti-money laundering specialist. What should the anti- money laundering officer do first?

 

A.

File a suspicious transaction report with the competent authority

B.

Investigate the transfer of funds

C.

Suspend the transfer until the relationship manager returns

D.

Postpone the follow-up on the audit finding

 

Correct Answer: A

 

 

QUESTION 48

Why would a credit card account likely not be used in the placement stage of money laundering?

 

A.

Customer identification is required

B.

Cash payments are generally restricted

C.

Credit refunds have a waiting period

D.

Credit cards can access ATMs globally

 

Correct Answer: B

 

 

 

QUESTION 49

What are some red flags financial institutions should be aware of when trying to verify the identity of a customer? Choose 3 answers

 

A.

Customer having unusual doc
uments from a foreign country

B.

Customer being new to the community

C.

Customer having no permanent address

D.

Customer not having a connected phone

 

Correct Answer: ACD

 

 

QUESTION 50

A compliance officer is looking to modify procedures covering correspondent banking relationships. Which three would be recommended under the Wolfsburg Principles on Correspondent Banking? Choose 3 answers

 

A.

Prohibition on offering products or services to shell banks

B.

Risk-based rating of central banks and regional development banks

C.

Periodic risk-based reviews of cents

D.

Assessing the regulatory status and history of the client

 

Correct Answer: ACD

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