Acams CAMS Quiz 12 Topic 2 Questions 56-60

Question: 1

What are some useful tools or methods in conducting an internal AML investigation? Choose 3 answers

AReviewing documents, particularly of relevant accounts

BInterviewing knowledgeable employees of the institution

CSubpoenaing the owners of the relevant accounts

DExploring leads through internet searches

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Question: 2

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

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

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

CA transfer of U.S. dollars to Central or Sourth America to be converted into pesos

DAn illegal entity that exchanges pesos for U.S. dollard for illegal immigrants

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Question: 3

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

AAdequate surety bonds, cash deposits, or equivalencies

BComprehensive compliance programs

CProspective owners have prior experience in the area of finance

DThorough due diligence on prospective owners

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Question: 4

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?

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

BDetermine if there is a readily identifiable cause for the deficiencies

CImplement a revision to the account-opening training program

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

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Question: 5

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

AFrequent trades in unlisted securities through our the day on a regular basis B. Recurring transfers of money into a brokerage account subsequently invested in shourt-term securities

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

DInvestment iin securities with a significantly lower risk than the customer's expressed risk tolerance

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Acams CAMS Quiz:12 Topic:2 Questions:56-60