Question: 21

A new AML Officer for a US-based money service business (MSB) is drafting procedures around types of activity that require further review. Which should be included? (Choose two.)

A customer visiting multiple branches of the MSB on the same day in order to transfer funds internationally.
A customer buying several money orders totaling over $10, 000 USD using debit card on the same day using government-issued identification.
A customer sending funds to a family member living in a high-risk jurisdiction that is subject to civil unrest.
A customer buying multiple money orders for $250 totaling $2, 000 US
A customer attempting to buy money orders under $3, 000 USD in cash multiple times a day.

Answer(s): A,B

Reference:

https://www.fdic.gov/regulations/safety/manual/section8-1.pdf

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Question: 22

Which entities require due diligence when the correspondent banking client is not controlled by its parent? (Choose two.)

The parent of the correspondent banking client
The clients of the correspondent banking client
The entities exhibiting higher risk characteristics
The third-parties providing services to the correspondent bank
The correspondent banking client itself

Answer(s): A,E

Reference:

https://www.ifc.org/wps/wcm/connect/e7e10e94-3cd8-4f4c-b6f8-1e14ea9eff80/45464_IFC_AML_Report.pdf?MOD=AJPERES&CVID=mKKNshy

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Question: 23

What core objective does the Egmont Group suggest would lead to an effective national Financial Intelligence Unit (FIU)?

The FIU must operate from physically separated premises from other law enforcement agencies and government offices.
The FIU meets the Egmont Group assessment criteria.
The FIU must have absolute trust amongst national and international stakeholders before sensitive information will be exchanged with confidence.
The FIU must be able to promote the value of the government's commitment to embed a corruption free society within the country.

Answer(s): D

Reference:

https://www.elibrary.imf.org/view/books/069/02365-9781589063495-en/ap01.xml

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A high volume of incoming wire transfers generates an alert about a client. The funds are immediately debited by cash withdrawals and outgoing wire transfers. Which information should be reviewed first to investigate this alert/case?

Open source information
Adverse media search
Customer profile
Account activity

Answer(s): C

Reference:

https://tier1fin.com/alessa/webinars/fraud-risks-wire-transfers/

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Free ACAMS CAMS Exam Questions (page: 7)

Question: 21

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Question: 22

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Question: 23

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Question: 24

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