Acams CAMS Exam Practice Test Instant Access

Question 1

[Compliance Standards for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT)]

What is acore function of a Financial Intelligence Unit (FIU)as described inFATF Recommendation 29?

AServing as a national centerfor thecollection and analysis of suspicious activity.

BProsecuting significant cases of money launderingor terrorist financing under national jurisdiction.

CSponsoring the research and developmentof advanced technological surveillance tools for AML investigations.

DSharing real-time criminal intelligencegathered from national law enforcement agencies with the private sector.

Answer : A

Question 2

[Compliance Standards for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT)]

Which statement about a multinational institution's ability to fully investigate unusual activity in all its foreign operations is correct?

ALocal privacy and data protection laws may prevent an affiliate from sharing information.

BCertain account documents may be stored only in local language which will prohibit a global assessment.

CThe institution should consult with the customer and request permission to conduct a full investigation into all the accounts.

DEnterprise-wide compliance oversight rules issued in the global institution's headquarters country will override any local limitations in other countries.

Answer : A

Question 3

[Risks and Methods of Money Laundering and Terrorist Financing]

A bank teller receives a written request from a police officer to review a previous customer's account on a pre-populated form with the officer's official letterhead. The officer suspects the previous customer is engaging in smurfing. Which action should the bank teller perform?

AProvide the police officer the customer's account information after management approval.

BEscalate the police officer's request for the customer's account information to the compliance officer.

CReject the police officer's request for the customer's account information and escalate to the compliance officer.

DProvide the police officer the customer's account information.

Answer : B

Question 4

[Compliance Standards for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT)]

UN sanctionsare themost effective and legitimate non-violent multilateral toolsto respond tointernational security threatswhen they:

ACan be implemented faster than other sanctions regimes.

BAre swiftly adopted by all member states together with a strong enforcement mechanism.

CCan be applied internationally while being enforced at the domestic level.

DAre more clearly articulated than other sanctions regimes.

Answer : B

Question 5

[Risks and Methods of Money Laundering and Terrorist Financing]

An anti-money laundering specialist is concerned that several suspicious transaction reports will discuss potential illegal activity of bank employees. In this situation, which of the following is the immediate concern for the institution?

AProhibiting distribution of suspicious transaction report copies to the Board.

BThe timing of the presentation of suspicious transaction reports to the competent authority.

CThe type of form to be used when reporting to the Board.

DEnsuring no delay in informing the Board.

Answer : D

Question 6

[Compliance Standards for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT)]

Which is the most severe consequence for a financial institution if the regulator finds it is in breach of AML regulatory obligations?

ALoss of license

BCivil sanctions

CMonetary fines

DNegative reputation

Answer : A

Question 7

[AML Compliance Program]

AnAML analyst at a financial institutionis examining analert generated by the automated transaction monitoring systemto determine whether the alert should beescalated to the AML unit for further investigation or archived as a false positive.

Whichaction might be reasonable for the AML analyst to take?

APerform below-the-line testing to ensure the automated monitoring system is operating effectively.

BSend a request for information to the counterparty bank involved in the transaction that caused the alert.

CRequest information from the relationship manager assigned to the account that caused the alert.

DRestrict the client's access to the account.

Answer : C

ACAMS Certified Anti-Money Laundering Specialist v6 Exam Practice Test