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Certified Anti-Money Laundering Specialist

QUESTION 71

How should a financial institution deter money laundering through new accounts? Choose 3 answers

 

A.

Document the identity of the party opening the account

B.

Query owner’s names against FATF database

C.

Determine the beneficial owner(s) of the account

D.

Seek to determine the source of deposited funds

 

Correct Answer: ACD

 

 

QUESTION 72

What are the European Union Directives on Money Laundering?

 

A.

They are voluntary codes of best practice for the financial sector

B.

They are written by the Wolfsberg Group

C.

They require members to implement certain laws of prevent money laundering

D.

They require financial institutions to report suspicious activity to the Egmont Group in Brussels

 

Correct Answer: C

 

 

QUESTION 73

Why do government entities around the world believe that a risk-based approach to AML/CFT compliance is a preferable prescriptive meas
ure?

 

A.

It is easier for examiners to make subjective criticisms

B.

It is more flexible, effective and proportionate

C.

It allows institutions to focus their attention on only high risk customers

D.

It allows the creation of hard and fast rules that must be followed

 

Correct Answer: B

 

 

QUESTION 74

When providing reporting of STRs to the board, which of the following should be provided?

 

A.

A numerical summary of all the STRs

B.

A numerical summary of all the STRs and a summary of key STRs, including PEPs, key employees

C.

A summary of all key STRs, including PEPs and key employees

D.

All the STRs filed with the national FIU

 

Correct Answer: C

 

 

QUESTION 75

Why do trusts established in certain offshore jurisdictions make good vehicles to launder money?

 

A.

Names of the settlor and beneficiaries are not publicly available

B.

Trust are typically set up to minimize taxes

C.

Offshore jurisdictions are unfamiliar with trusts

D.

Trusts may hold assets of significant size

 

Correct Answer: D

 

 

QUESTION 76

What are some of the methods for sharing information and cooperating on an international basis? Choose 3 answers

 

A.

Mutual Assistance Legal Treaties

B.

International Money Laundering Information Network

C.

Regulatory sharing through Supervisory Channels

D.

Issuant subpoenas

 

Correct Answer: ABC

 

 

QUESTION 77

What are three indicators of money laundering associated with using electronic funds transfers? Choose 3 answers

 

A.

Funds transfers to or from a financial secrecy haven without an apparent business reason

B.

Regular and frequent transfers from the account of a large company said to be payment for goods bought on credit

C.

Funds transfers are received or sent from the same person to or from different accounts

D.

Payment or receipts with no apparent link to legitimate contracts, goods or services

 

Correct Answer: ACD

 

 

QUESTION 78

A quarterly review is conducted on a retail customer’s account at a bank located in a jurisdiction with currency reporting thresholds. A number of large deposits of financial instruments drawn on other institutions in amounts under thresholds were noted. This activity did not fit the account’s historical profile. A suspicious transaction report will most likely be filed if what also occurred?

 

A.

The customer has defaulted on a large loan with the bank

B.

The deposited financial instruments were sequentially numbered

C.

Four deposits were made during this period that exceeded the thresholds

D.

The customer purchased financial instruments exceeding the threshold on three occasions

 

Correct Answer: B

 

 

QUESTION 79

What kind of person should perform the independent testing of an institution’s anti-money laundering program?

 

A.

A certified specialist in the anti-money laundering field

B.

A former anti-money laundering officer from a similar institution

C.

A person who reports directly to the Board of Directors or a Board Committee

D.

A retired government regulator or federal law enforcement officer

 

Correct Answer: A

 

 

QUESTION 80

What is suspicious activity or red flag with regard to a customer’s activity? Choose 3 answers

 

A.

Paying the tellers he deals with a regular gratuity

B.

Exchanging small denomination bills for large ones

C.

Engaging in wire transactions with an offshore account

D.

Asking about the bank’s fee schedule for a series of transactions

 

Correct Answer: ABC

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