Acams CAMS Quiz 15 Topic 1 Questions 71-75

Question: 1

After evaluating recent changes to international standards, an anti-money laundering specialist should consider enhanced due diligence on accounts held by

1. lawyers.

2. foreign exchange dealers.

3. retail account holders.

4. precious metal dealers.

A1, 2, and 3 only

B1, 2, and 4 only

C1, 3, and 4 only

D2, 3, and 4 only

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Question: 2

What does the Basel Committee's Customer Due Diligence for Banks paper suggest that a bank needs to have in place when establishing an account for a corporate business entity?

AAn understanding of the structure of the company

BA policy requiring all identified beneficial owners to undergo a national police check

CA process to ensure that the approval of senior management is obtained prior to opening the account

DA fee structure that reflects the banks' costs in monitoring the risks associated with entity's business activities

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Question: 3

What is a key risk associated with Correspondent Accounts according to the Basel Customer Due Diligence paper?

AIt is not used on a daily basis

BThe service fees are insufficient to cover the cost of managing the account

CThe respondent bank's customer acceptance and know your customer policies are ineffective

DThe volume and value of transactions passing through the account may not be in line with the original
correspondent agreement

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Question: 4

Why is the Mutual Legal Assistance Treaty (MLAT) a gateway for international cooperation?

AThey provide a legal basis for transmitting evidence that can be used for prosecution and judicial proceedings

BThey receive reports of suspicious transactions from financial institutions to disseminate to local Law enforcement and foreign FIUs

CThey obtain intelligence that might lead to evidence

DThey issue the Prmc4es of Information Exchange Between Financial intelligence Units (FIUs)

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Question: 5

Which three are principles found in the document ''Principles of information Exchange between Financial Intelligence Units (FIUs)''?

AThe exchange of information between FIUs should take place as informally and as rapidly as possible and with no prerequisites, while guaranteeing protection of privacy and confidentiality of the shared data

BDifferences in the definition of offenses that fall under the competence of FIUs should be before free exchange of information takes place

CThe Egmont principle of free exchange of information at the FIU level should be possible on the basis of reciprocity, including spontaneous exchange

DIt should be possible for communication between FIUs to take place directly and without intermediaries

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Acams CAMS Quiz:15 Topic:1 Questions:71-75