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Certified Anti-Money Laundering Specialist

QUESTION 51

When an institution conducts an internal investigation into an account following a law enforcement inquiry, it should consider a number of factors to independently determine if the account should be dosed. Which three considerations should be made when making the determination about closing an account? Choose 3 answers

 

A.

The institution’s policies and procedures for closing an account

B.

Oral requests by a law enforcement agency or prosecutor for the account to be dosed

C.

signed written requests by a law enforcement agency or prosecutor on official letterhead for the account to remain open

D.

The level of seriousness of the underlying conduct

 

Correct Answer: ABC

 

 

QUESTION 52

A profitable commercial customer who operates an import-export business has multiple accounts with the same institution at branches m different locations. The customer receives funds from a  jurisdiction perceived as highly corrupt according to Transparency International ratings. The customer makes frequent transfers among the accounts and prefers to manage the accounts separately. What should the institution do to mitigate the risk associated with these accounts?

 

A.

File a suspicious transaction report

B.

Diminish the importance of the subjective Transparency International rating

C.

Conduct a trade-pnce manipulation analysis

D.

Develop a system to monitor all the activity

 

Correct Answer: A

QUESTION 53

What should be part of an institution’s monitoring and STR
filing process? Choose 3 answers

 

A.

Review on a regular basis of all high-risk accounts and transactions

B.

Review of STR filing trends and typologies

C.

Periodic training on the identification of red flags

D.

Requirement that the Board of Directors approve the filing of an STR

 

Correct Answer: ABC

 

 

QUESTION 54

A commission regotorie would be used in which gateway to obtain information from another country?

 

A.

An FIU request under the Egmont principles

B.

An MLAT request

C.

A supervisory channel request with the Basel Committee

D.

A FATF request

 

Correct Answer: A

 

 

QUESTION 55

The purpose of an anti-money laundering program should be to do what?

 

A.

Detect all illegal activity perpetrated by customers

B.

Avoid criticism and sanctions from government regulators

C.

Focus monitoring efforts on riskier transactions and customers

D.

Detect and report cash structuring and suspicious wire transactions

 

Correct Answer: C

 

 

QUESTION 56

What facilitates law enforcement agent obtaining evidence from authorities in a foreign country relating to criminal activity?

 

A.

Mutual Legal Assistance Treaties (MLAT)

B.

Patriot Act Communications System

C.

The World Wide Network of Information Sharing

D.

MLAT Executive Agreement

 

Correct Answer: A

 

 

QUESTION 57

Which three entities does the Third European Union Money Laundering Directive apply to?

 

A.

Financial Institutions

B.

Defense Attorneys

C.

Casinos

D.

Real Estate Agents

Correct Answer: ACD

 

 

QUESTION 58

Which two statements about the Wolfsberg Group are true?

 

A.

It is composed of representatives of financial intelligence units from around the world

B.

It focuses primarily on Know Your Customer, AML and CTF guidance

C.

It based its original guidance around combating the laundering of proceeds of narcotics trafficking

D.

It has no power to impose its principles/guidance

 

Correct Answer: BD

 

 

QUESTION 59

After evaluating recent changes to international standards, an anti-money laundering specialist should consider enhanced due diligence on accounts held by which three groups of people?

 

A.

Lawyers

B.

Foreign Exchange Dealers

C.

Retail Account Holders

D.

Precious Metal Dealers

 

Correct Answer: ABD

 

 

QUESTION 60

Which of the following is the most common risk with a Personal or Private Investment Company (PIC)?

 

A.

They are almost always owned by politically exposed persons

B.

They are usually established in financial secrecy havens

C.

They often lack transparent ownership

D.

They are not publicly traded

 

Correct Answer: C

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