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Certified Anti-Money Laundering Specialist

QUESTION 81

An anti-money laundering specialist working at a bank just received a legal request from a law enforcement agency mandating the release of all financial transaction records relating to an account at the bank. The specialist immediately recognizes the account as one owned by the bank Chief Executive Officer’s brother. During research to gather the requested documents, the specialist finds several internal memos he had sent to the bank president with concerns regarding possible suspicious activity relating to this account. The specialist recalls the bank president verbally responded to each memo with an explanation of the activity and indicated there was no cause for concern. What should the specialist do with respect to these internal memos?

 

A.

Place these memos in his personal files in case they are subsequently requested

B.

Ask the bank president to document his instructions to the specialist

C.

Call the law enforcement agent and suggest he modify the legal request to include these memos

D.

Advise the bank’s senior legal advisor of the situation

 

Correct Answer: D

QUESTION 82

Which customer transaction with a securities dealer would indicate the highest suspicion of money laundering?

 

A.

Frequent trades in unlisted securities throughout the day on a regular basis

B.

Recurring transfers of money into a brokerage account subsequently invested in short-term securities

C.

A high level of account activity with very low levels of securities transactions

D.

Investment in securities with a significantly lower risk than the customer’s expressed risk tolerance

 

Correct Answer: C

 

 

QUESTION 83

An anti-money laundering specialist has just developed and implemented an anti-money laundering program. What is the most effective resource to evaluate the effectiveness of the program?

 

A.

The regulator authorities

B.

A member of senior management

C.

The anti-money laundering specialist

D.

A qualified independent party/auditor

 

Correct Answer: D

 

 

QUESTION 84

An anti-money laundering officer for a financial institution has been conducting a monthly self- assessment. The officer reviews the accounts increase in compliance with a long standing know your Customer policy. The self-assessment for the latest month shows a significant increase in compliance deficiencies for the first time in more than a year. What is the nest course of action for the anti-money laundering officer to take?

 

A.

Inform the Board of Directors promptly of the Know Your Customer policy trend over the last six months.

B.

Determine if there is a readily identifiable cause for the deficiencies

C.

Implement a revision to the account-opening training program

D.

Revise the policy to simplify Know Your Customer compliance before the report is issued

 

Correct Answer: C

 

 

QUESTION 85

To guard against acquisition or control of a financial institution by money launderers or their associates, what should supervisory agencies require?

 

A.

Adequate surety bonds, cash deposits, or equivalencies

B.

Comprehensive compliance programs

C.

Prospective owners have prior experience in the area of finance

D.

Thorough due diligence on prospective owners

 

Correct Answer: D

QUESTION 86

What is one of the indicia of a Black Market Peso Exchange?

 

A.

A wire transfer from a third party not connected with a transaction

B.

A large deposit of pesos converted into U.S. dollars

C.

A transfer of U.S. dollars to Central orSouthAmerica to be converted into pesos

D.

An illegal entity that exchanges pesos for U.S.dollarsfor illegal immigrants

 

Correct Answer: A

 

 

QUESTION 87

What are some useful tools or methods in conducting an internal AML investigation?

 

A.

Reviewing documents, particularly of relevant accounts

B.

Interviewing knowledgeable employees of the institution

C.

Subpoenaing the owners of the relevant accounts

D.

Exploring leads through internet searches

 

Correct Answer: ABD

 

 

QUESTION 88

What should an effective anti-money laundering training program include?

 

A.

Computer-based modules titles differently for each job description in the bank

B.

Random testing of employees to ensure proper understanding of policies

C.

Real-life money laundering examples

D.

Lists of anti-money laundering regulations

 

Correct Answer: C

 

 

QUESTION 89

When should new business products to evaluated for AML concerns?

 

A.

After they have been implemented so there is empirical data to review

B.

Before they are launched into the market

C.

At the time of the next enterprise risk assessment

D.

On an annual basis

 

Correct Answer: B

 

 

QUESTION 90

A compliance officer is looking to update an institution’s private bank procedures. What should be included as recommended by the Wolfsberg AML Principles on Private Banking?

 

A.

Approval of Politically Exposed Persons (PEPs) by at least one person other than the relationship manager

B.

Dedicated automated AML monitoring of client activity

C.

Review of client files annually if there are unusual transactions

D.

The institution’s senior management has primary responsibility for the relationship

Correct Answer: A

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