Acams CAMS Quiz 16 Topic 2 Questions 76-80

Question: 1

In May 2002, the Wolfsberg Principles on Private Banking were revised and included a section that prohibits the use of internal non-client accounts in a manner that would prevent officials from appropriate monitoring movements of funds or keep clients from being linked to the movement of funds on their behalf.

What is another name for these internal, non-client accounts?

ATrust accounts

BCorrespondent accounts

CConcentration accounts

DPay through accounts

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Question: 2

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: 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

What is the result of an increased awareness of the potential for gatekeepers to assist in money laundering in recent years?

AThe IMF has raised the profile of gatekeepers, requiring that countries regulate them

BLawyers who represent money launderers can more easily be prosecuted

CAccountants are no longer considered gatekeepers, since they are not permitted to set up companies or trusts

DThe FATF recommendations cover lawyers performing financial transactions

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Question: 5

When requested by law enforcement via legal process to provide records or documentation, what should the officers of financial institution do?

AProvide all records and documents the officer believes would be pertinent to the law enforcement agent's investigation

BRefuse to provide any records or documents until the agent narrows the scope of the request down to what he or she actually needs

CNot act on the legal process until the bank officer has contact w4h the agent and learns what the agent is investigating

Dif there is no basis for contesting the request, provide what is requested

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Acams CAMS Quiz:16 Topic:2 Questions:76-80