Acams CAMS Quiz 6 Topic 4 Questions 26-30

Question: 1

How does a regulatory body typically obtain international assistance in a money Laundering inquiry?

ABy filing a request under Egmont guidelines

BBy submitting a request for overseas assistance to the corresponding supervisory body

CBy contacting the FATF, Organization for Economic Co-operation and Development, or other international organizations and seeking their intervention

DBy communicating with the Head of Compliance for the financial institution

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Question: 2

Federal law requires all U.S. financial institutions to secure and maintain all records and supporting documentation used m suspicious activity reporting for how many years?

A2 years

B5 years

C10 years

DNo requirement

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Question: 3

In which three situations is correspondent banking most vulnerable to money laundering? Choose 3 answers

AWhen allowing foreign banks to use the correspondent account to conduct large financial transactions on behalf of their customers

BWhen allowing the correspondent bank account to be used as a payable through account (PTA)

CWhen allowing the correspondent bank account to be used by other banks

DWhen allowing financial institutions, without proper due diligence, to access correspondent network for routing their financial transactions

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Question: 4

Which example describes the vulnerability of the securities sector for money laundering?

AA non-U.S. person seeks to open a brokerage account with a U.S. broker-dealer

BA broker-dealer must have a customer identification program in place

CBroker-dealers generally have a higher percentage of inexperienced staff

DCompensation for broker-dealers is generally based on commissions

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Question: 5

What should law enforcement provide when asking an institution to keep an account open?

AAn explanation of the underlying conduct that is being investigated

BA written request with an explanation of the scope of the investigation

CAn in-person visit by an investigating official to explain the reasons why the account must remain open

DA written request on government agency letterhead with the appropriate signature

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Acams CAMS Quiz:6 Topic:4 Questions:26-30