ACAMS Certified Anti-Money Laundering Specialists (the 6th edition) - CAMS Exam Practice Test

Which statements relate to the mandate, roles, and responsibilities of the Financial Action Task Force (FATF) and the FATF-Style Regional Bodies (FSRBs)? (Select Two).

Which scenariobest justifies why a financial institution (FI) might close a customer's account?

A compliance officer is reviewing the activity of the wire transfer department for the previous month and identifies an unusual wire transfer from a customer's account.
Which information should be included in the review of the customer's activity?

To ensure compliance with economic sanctions established by governmental authorities in the jurisdictions where it operates, a financial institution requires that all new and existing customers be screened at onboarding and quarterly thereafter.
Is this step sufficient to ensure compliance?

Anagent of a wealthy individual from a high-risk country(as per theEU's high-risk jurisdictions list) approaches a notary in anEU countrytodispose of assetsrecently acquired at anauction through an offshore company. The agent holdspower of attorneyfrom alaw firm in another EU country. Thetransfer price is significantly lowerthan the auction price, but the agent refuses to explain the discrepancy.
Which red flags should the notary consider? (Select Two.)

A company service provider in Country A sets up a corporate structure for a client from Country B, which is known for corruption. The corporate structure includes a holding company in Country A with a bank account in one of the international banks located there. During on-boarding, the client's wealth was estimated at 7.52 million USD. Shortly thereafter, the client's father became president of Country B During a routine client review two years later, it was identified that the client's wealth had grown to 510 million USD. Which are two red flags that indicate money laundering or financial terrorism? (Select Two.)

Which principles should be included in a FATF-Style Regional Body (FSRB) update? (Choose two.)

The Board of Directors for a small private bank has asked the management to no longer apply the identity requirements for high net worth individuals to protect their privacy. Which of the following Financial Action Task =once 40 Recommendations should cause an anti-money laundering specialist the most concern?

One area of responsibility for the Board of Directors when implementing a successful AML program is to:

A quarterly review is conducted on a retail customers 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 accounts historical profile. A suspicious transaction report will most likely be filed if what also occurred?

What core objective does the Egmont Group suggest would lead to an effective national Financial Intelligence Unit (FIU)?

What national agency is responsible for analyzing and assessing the information it receives to substantiate possible existence of money laundering or terrorist financing activities?

An AML compliance officer receives notice of government update including the names of the latest terrorists sanctioned by the United Nations Security Council. Which would be the most appropriate step to take?

An immigrant residing in the United States opens a bank account that includes a debit card. Several months later, the transactional monitoring system identifies small deposits into the account followed by corresponding ATM withdrawals from a country bordering a conflict zone.
How should the bank respond?

Which should be provided to the board of directors or designated specialized committee when reporting SARs
/STRs?