Acams CAMS Quiz 2 Topic 1 Questions 6-10

Question: 1

Which three statements are true regarding the extraterritorial reach of laws and legislation of the U.S.?

AThe criminal anti-money laundering law can apply to transactions that occur partially overseas

BEconomic and trade sanctions by OFAC may pose extraterritorial risks for financial institutions and businesses outside the U.S.

CThe extraterritorial reach covers all transactions throughout the global economy

DThe defendant does not need to know the funds came from an illegal activity under state, federal or foreign law

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Question: 2

Which three are examples of best practices terms of ensuring an adequate AML program?

AEngage an independent party to perform a periodic review of the program

BReview applicable domestic and international AML guidance

CPerform a risk analysis on a regular basis and compare it to the coverage of the AML program

DReview the accuracy of account opening applications

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Question: 3

How do payable through accounts (PTAs) differ from normal foreign correspondent accounts?

AThe customers do not have to worry about sanctions list screening such as OFAC

BThe customers have the ability to directly control funds at the correspondent bank

CThe customers can contact the correspondent bank directly to send wire transfers

DThe customers can hide their identity through the use of cover payments in U.S. dollars

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Question: 4

An anti-money laundering specialist at a financial institution has received a legal request to provide all transaction records for a specific individual since 2004. Which three items should be delivered?

AMonthly statements and transaction activities for that individual since 2004

BAll wire transfer for that individual since 2004

CAll security trading activities for that individual since 2004

DSignature cards from accounts opened by that individual since 2004

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Question: 5

Which three characteristics make non-profit organizations vulnerable to misuse for terrorist financing?

AEnjoying the public trust

BHaving access to a considerable sources of funds

CBeing listed as government nonprofit organization

DHaving a global presence for national and international operations and financial transactions

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Acams CAMS Quiz:2 Topic:1 Questions:6-10