Question: 5

Which principles should be included in a FATF-Style Regional Body (FSRB) update? (Choose two.)

Issue country-specific Mutual Evaluation reports
Address AML/CFT technical assistance of individual members
Identify jurisdictions with weak AML/CFT regimes
Establish AML/CFT standards and typologies
Protect the reputation and standing of FATF

Answer(s): A,D

Reference:

https://www.fatf-gafi.org/media/fatf/documents/High-Level%20Principles%20and%20Objectives%20for%20FATF%20and%20FSRBs.pdf

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Question: 6

Upon receipt of a law enforcement or government request about a customer, a financial institution (FI) should immediately perform which task?

Notify the board of directors that the customer is currently under investigation.
File a suspicious activity report or suspicious transaction report.
Contact the customer to inform them of the request.
Review account activity for the customer to determine their overall risk.

Answer(s): D

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A financial institution's (FI's) compliance officer is developing targeted role specific training for those involved in managing the institution's Correspondent Banking relationships. Which key messages are important to be included in the training to align with the Wolfsberg Group's Principles? (Choose two.)

Funds used in the financing of terrorism and associated activities do not necessarily always come from criminal activity.
The respondent has sole responsibility for reporting suspicious activities regardless of the jurisdictions involved.
The correspondent and the respondent pose the same risk to each other so the level of due diligence would be the same.
Tier 1 banks can be subject to simplified due diligence provided enhanced due diligence is undertaken on the Directors.
Through the sharing of information, FI's can help combat and fight against terrorism.

Answer(s): C,D

Reference:

https://www.wolfsberg-principles.com/sites/default/files/wb/Wolfsberg-Correspondent-Banking-Principles-2014.pdf

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Question: 8

Which actions should a compliance officer take when implementing an enterprise-wide approach to managing money laundering risks in institutions operating with multiple lines of business and in various jurisdictions? (Choose three.)

Design systematic controls specific to local regulatory expectations.
Create processes to obtain and review information in accordance with its global anti-money laundering policies and procedures.
Adopt policies and procedures that comply with relevant laws and work to identify, monitor, and mitigate group-wide risks.
Institute a risk-based approach utilizing the most recent risk assessment of only the head office.
Establish jurisdiction centric committees where relevant laws are reviewed and analyzed to understand their impact on the organization.
Implement a comprehensive baseline for managing risks by administering a process that applies policies and procedures on a group-wide basis.

Answer(s): B,D,F

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Free ACAMS CAMS Exam Questions (page: 3)

Question: 5

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Question: 7

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Question: 8

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