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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q350-Q355):

NEW QUESTION # 350
A politically exposed person (PEP) maintains an account at a bank. Last month a money laundering analyst filed a suspicious transaction report about unusual wire deposits originated by unknown individuals in the home country of the official. Recently a negative news search revealed political corruption in the home country of the official.
To whom should this situation be escalated?

A. The line of business executive
B. The Financial Action Task Force's PEP Hotline
C. The bank's anti-money laundering officer
D. The board of directors

Answer: C

NEW QUESTION # 351
What is true regarding disclosure to a law enforcement agency by a financial institution of the supporting documentation for a suspicious transaction report?

A. Documentation must be provided as quickly as possible using email
B. A copy of all the documentation released must also be provided to the account holder's attorney
C. The financial institution may notify the account holder of the request
D. Confirm that the request originated from a representative of the law enforcement agency

Answer: D

Explanation:
Before disclosing any supporting documentation for a suspicious transaction report (STR) to a law enforcement agency, the financial institution should confirm that the request is legitimate and authorized by verifying the identity and credentials of the requester1. This is to prevent unauthorized access or misuse of the confidential information by impostors or fraudsters. The other options are not true, as they may either compromise the security, integrity, or timeliness of the disclosure, or violate the confidentiality or privacy rights of the customer.
Reference:
ACAMS, CAMS Examination Study Guide, 6th Edition, Chapter 4, p. 117
FATF Guidance: The Role of Hawala and Other Similar Service Providers in Money Laundering and Terrorist Financing, October 20132, p. 20 Basel Committee on Banking Supervision, Sound management of risks related to money laundering and financing of terrorism, June 20173, p. 11

NEW QUESTION # 352
Which of the following represents the first Financial Action Task Force initiative?

A. The Report on Non-Cooperative Countries and Territories
B. The 40 Recommendations on Money Laundering
C. The Report on Money Laundering Typologies
D. The Special Recommendations on Terrorist Financing

Answer: B

NEW QUESTION # 353
To understand if the customer operates in line with the firm's risk appetite for a specific industry segment, a financial institution must:

A. obtain identifying information for beneficial owners through a completed certification form from the individual opening the account on behalf of the legal entity customer.
B. obtain the name and address, country identification number and date of birth of a non-customer who purchases a monetary instrument.
C. obtain the name, date of birth for an individual, address and identification number from each customer before opening the account.
D. obtain sufficient customer information to understand the nature and purpose of customer relationships for the purpose of developing a customer risk profile.

Answer: D

Explanation:
Customer due diligence (CDD) is a key component of anti-money laundering (AML) and counter-terrorism financing (CTF) compliance. CDD helps financial institutions identify and verify their customers, assess their risk levels, and monitor their transactions for suspicious activity.
One of the main objectives of CDD is to understand the nature and purpose of customer relationships, which involves collecting and analyzing relevant information about the customer's business activities, expected transaction patterns, source and destination of funds, and beneficial ownership. This information helps financial institutions develop a customer risk profile, which is a tool to measure and manage the risk exposure of each customer.
A customer risk profile reflects the financial institution's risk appetite, which is the level and type of risk that the institution is willing and able to accept. By comparing the customer's risk profile with the institution's risk appetite, the institution can determine if the customer operates in line with the firm's expectations and requirements for a specific industry segment. For example, if the institution has a low risk appetite for customers involved in high-risk sectors such as gambling, cryptocurrency, or arms trade, it can use the customer risk profile to identify and mitigate any potential risks associated with such customers.
Therefore, to understand if the customer operates in line with the firm's risk appetite for a specific industry segment, a financial institution must obtain sufficient customer information to understand the nature and purpose of customer relationships for the purpose of developing a customer risk profile.
Reference:
A Guide to Customer Due Diligence for Financial Institutions
Customer Due Diligence Guide: Main Requirements, Best Practices & Checklist Financial Crimes Enforcement Network Issues New Frequently Asked Questions on Customer Due Diligence Requirements ACAMS CAMS Certification Study Guide 6th Edition

NEW QUESTION # 354
According to Basel Committee guidelines, which level of the organization should determine whether or not to enter business relationships with higher risk customers?

A. First-level management
B. Middle management
C. Account opening staff
D. Senior management

Answer: D

Explanation:
According to the Basel Committee guidelines, banks should formulate a customer acceptance policy and a tiered customer identification programme that involves more extensive due diligence for higher risk customers12. The customer acceptance policy should be approved by senior management and include clear guidelines on the types of customers that are likely to pose a higher than average risk to the bank1. Senior management should also ensure that the bank has adequate resources and systems to effectively manage the risks associated with higher risk customers1. Therefore, senior management should determine whether or not to enter business relationships with higher risk customers, based on the bank's risk appetite, policies, and procedures.
References:
CAMS Study Guide (the 6th edition), page 1843
Customer due diligence for banks - Bank for International Settlements1
The Basel Committee: The Important Set Of International Banking Regulations2

NEW QUESTION # 355
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