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Certified Anti-Money Laundering Specialist

QUESTION 61

Pursuant to the Third European Union Money Laundering Directive, how long after being out of prominent office should a person NOT be considered to be a Politically Exposed Person (PEP)?

 

A.

1 year

B.

2 years

C.

3 years

D.

4 years

 

Correct Answer: A

 

QUESTION 62

Which method most likely indicates the placement stage of laundering dirty money in a land based casino?

 

A.

Transferring substantial amounts of money from a client’s credit card to a client’s casino’s VIP account

B.

Buying casino chips against a bank draft

C.

Redeeming smaller denomination casino chips for largest denomination chips

D.

Using cash to buy casino winnings from legitimate winners at a premium

 

Correct Answer: D

 

 

QUESTION 63

A compliance officer at a small local bank reads in the newspaper that a high ranking local public official, who is a long-standing account holder, is being investigated by the competent authorities for accepting bribes. The compliance officer immediately checks the official’s account and new account the official opened at the bank a few weeks ago. The compliance officer’s investigation of these accounts discloses that the official’s long-standing account had no unu
sual activity and that the recently opened had no activity since it was opened. What should the compliance officer do next?

 

A.

Wait until the new account receives funds and confirm their source

B.

Call the competent authorities to assess the need to file a suspicious transaction report

C.

Meet with staff who opened the account to understand its nature and purpose

D.

Call the office to confirm the need for multiple accounts

 

Correct Answer: B

 

 

QUESTION 64

What is a key element required to ensure an anti-money laundering compliance program is effectively embedded into an institution’s culture?

 

A.

An internal audit

B.

Ongoing training

C.

Peer review

D.

A record retention policy

 

Correct Answer: B

 

 

QUESTION 65

In 2004, Consolidated KYC Risk Management was issued by the Basel Committee on Banking Supervision (BCBS). What is a key message in this document?

 

A.

KYC Risk Management required a yearly consolidation effort

B.

KYC Risk Management means as established decentralized process for promulgating policies and procedures

C.

Policies and procedures should be designed not merely to comply strictly with all relevant laws and regulations

D.

Consolidated KYC risk management for a group is critical and trumps jurisdictional rules hat limit information sharing

Correct Answer: D

 

 

QUESTION 66

In order to protect investigative materials from disclosure when conducting an internal Investigation of any employee of a financial institution, legal counsel of that financial should________?

 

A.

Request formal company authorization to conduct the investigation.
Such authorization should be granted, if possible, by the board of directors or audit committee

B.

Refuse to provide any records or documents to law enforcement because the bank has client privilege with its bank customers

C.

Let the bank hire any and all contract investigators to conduct the internal investigation. That way Legal is not a party to the action and may remain independent

D.

Not mark files or documents with privileged and Confidential: Attorney-Client Privilege and/or Work-Product. Those marks will only encourage law enforcement or opposing attorneys to seize those files

 

Correct Answer: A

 

 

QUESTION 67

Which situation is the highest risk for money laundering and terrorist financing activity?

 

A.

A customer purchases casino chips, using small denomination bank notes, but does not engage in game play before redeeming the chips for a casino check

B.

A customer purchases casino chips and engages in significant game play before requesting a casino check for the remainder

C.

A customer purchases casino chips using a credit card and engages in minimal game play before redeeming the chips for a casino check

D.

A customer purchases casino chips using credit from an account at an affiliated casino and engages in significant game play before redeeming the chips for a casino check

 

Correct Answer: C

 

 

QUESTION 68

The marketing department presents a business plan targeting individuals holding important public positions. What are some steps the financial institution should implement as part of the plan to target such individuals?

 

A.

Investigate the source of funds

B.

Determine the purpose of the account

C.

Determine if the client appears on the Basel Committee on Banking Supervision’s list of public officials

D.

Take all reasonable steps to check the background of the individual based on public information

 

Correct Answer: ABD

 

 

 

 

 

 

QUESTION 69

The Board of Directors and the senior management of a financial institution should ensure that which three are established and followed with regard to an effective AML program?

 

A.

There is a strong compliance program

B.

International guidance is followed and understood

C.

They are kept informed of all major AML issues

D.

Regulatory compliance is made part of all relevant job descriptions

 

Correct Answer: ACD

 

 

QUESTION 70

What is operational risk?

 

A.

The potential for loss of public confidence in an organization’s integrity

B.

The potential for loss resulting from too much credit or loan exposure to one borrower

C.

The potential for loss due to inadequate processes, people, systems, or external events

D.

The potential for lawsuits, fines, and penalties increasing an organization’s expenses

 

Correct Answer: C

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