Question: 33

What type of information is received by government Financial Intelligence Units (FIUs)?

STRs
Client name screening results
Compliance frameworks
Politically Exposed Persons (PEPs) registrations

Answer(s): A

Reference:

https://www.elibrary.imf.org/view/books/069/02365-9781589063495-en/ch03.xml

A Money Laundering Reporting Officer's (MLRO) lack of action led to deficiencies in the bank's AML program and a civil monetary penalty being levied against the MLRO. Why was this direct action taken against the MLRO?

The MLRO is the only individual that can be held responsible for AML program deficiencies.
MLROs can be held to an individual accountability standard and face potential penalties for contributing to AML program deficiencies.
The MLRO agreed to the civil penalty so that the bank would not be found liable for the AML program deficiencies.
Action was brought against the MLRO because banks cannot be found liable for AML program deficiencies.

Answer(s): D

Reference:

https://complyadvantage.com/knowledgebase/anti-money-laundering/money-laundering-reportingofficer/

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Question: 35

Which customer action would an insurance company consider to be a red flag for money laundering?

Concern over the cancellation of the policy
Lack of concern about the cost of the policy
Repayments are consistent with the source of income
Identifying beneficiaries of the policy

Answer(s): B

Reference:

https://complyadvantage.com/knowledgebase/anti-money-laundering-insurance-sector/

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Question: 36

What are four key elements that a KYC program should contain according to the Basel Committee requirements?

Customer onboarding, sanction monitoring, customer acceptance, customer due diligence
Customer identification, risk assessment, customer screening, monitoring
Customer onboarding, risk monitoring, customer acceptance, enhanced due diligence
Customer identification, risk management, customer acceptance, monitoring

Answer(s): D

Reference:

https://www.bis.org/publ/bcbs77.pdf

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Free ACAMS CAMS Exam Questions

Question: 33

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Question: 36

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