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ACAMS Certified Anti-Money Laundering Specialists (the 6th edition) Sample Questions (Q445-Q450):

NEW QUESTION # 445
The most effective tool used to detect structured transactions is

A. A software program that can link apparently unrelated transactions.
B. Verification of the source of funds.
C. A comprehensive account-opening procedure.
D. An employee training program to detect suspicious transactions.

Answer: A

Explanation:
Structured transactions are a common method of money laundering, where large amounts of cash are broken down into smaller deposits or withdrawals to avoid reporting thresholds or detection. The most effective tool to detect such transactions is a software program that can link apparently unrelated transactions by using various criteria, such as customer name, address, account number, identification number, transaction amount, date, time, location, etc. Such a program can help identify patterns, trends, and anomalies that may indicate money laundering activity.
ACAMS CAMS Certification Study Guide1, Chapter 2: Money Laundering Risks and Methods, Section 2.2:
Common Money Laundering Methods, pp. 51-52
ACAMS CAMS Certification Video Training Course2, Module 2: Money Laundering Risks and Methods, Lesson 2.2: Common Money Laundering Methods ACAMS CAMS Certification Exam Outline3, Domain 2: Compliance Standards for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT), Task 2.2: Implement risk-based CDD, EDD and ongoing due diligence policies, procedures and processes, p. 13

NEW QUESTION # 446
Which statement describes the relationship between the internal audit function and compliance?

A. The compliance function and internal audit function should be combined
B. The internal audit methodology should include an assessment of compliance risk
C. An internal audit program of the adequacy of the bank's compliance function should be established, but should not include review of transactions
D. In order to maintain independence, the auditors should not discuss internal audit findings with compliance management

Answer: B

NEW QUESTION # 447
An accounting firm opened an account at a bank that is intended to be used as the operational account for the business. After a few months, a comprehensive review of the account was triggered due to unusual activity on the account. Which most likely triggered the review?

A. The account receives several payments a day from multiple customers who operate in different industries.
B. The account sends monthly donations to several charities that operate in the same communities as the accounting firm.
C. The account receives international wires from companies in the Middle East where the accounting firm has several branches.
D. The account receives international payments that are substantially higher than other fees they typically receive.

Answer: B

NEW QUESTION # 448
Who meets the standard to perform the AML audit? (Select Two.)

A. A consultant previously employed in the AML department within the past 2 years
B. Qualified bank staff if not involved in the AML function being tested
C. A consultant with limited knowledge and experience in AML but many years of internal audit experience
D. An internal auditor with a family member employed in the AML department
E. An internal auditor with the requisite knowledge and expertise of AML

Answer: B,E

Explanation:
Explanation
An internal auditor with the requisite knowledge and expertise of AML: An internal auditor with sufficient knowledge and expertise in AML regulations and compliance requirements can perform the AML audit.
Qualified bank staff if not involved in the AML function being tested: Qualified bank staff who are not involved in the AML function being audited can perform the AML audit.

NEW QUESTION # 449
Combating the Financing of Terrorism (CFT)]
While conducting a review of a medium-risk customer, an analyst noted that a newly added authorized signatory is a foreign politically exposed person (PEP). Which is the appropriate next step for the analyst to take?

A. Re-categorize the customer as high-risk.
B. Remove the PEP as the authorized signatory.
C. Categorize the authorized PEP signatory as high-risk.
D. Review beneficial ownership to finalize the risk category of the customer.

Answer: D

Explanation:
According to the FATF Guidance on Politically Exposed Persons1, financial institutions should assess the money laundering and terrorist financing risks associated with a business relationship or transaction with a PEP, their family members and close associates, on a case-by-case basis. This includes obtaining information on the source of wealth and source of funds of the customer and the beneficial owner, as well as conducting enhanced ongoing monitoring of the business relationship. Therefore, the appropriate next step for the analyst is to review the beneficial ownership of the customer to determine if the PEP or any other person poses a higher risk, and to apply additional measures accordingly. Removing the PEP as the authorized signatory, re- categorizing the customer as high-risk, or categorizing the authorized PEP signatory as high-risk are not necessarily required or sufficient steps, as they do not take into account the specific circumstances and risk factors of the customer and the PEP.
References:
CAMS Certification Package - 6th Edition | ACAMS
FATF Guidance: Politically Exposed Persons (Recommendations 12 and 22)
How Politically Exposed Persons Put Financial Institutions at Risk

NEW QUESTION # 450
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