Question: 25

Under the Egmont Group Principles, information exchange among Financial Intelligence Units (FIUs) is conducted:

without the expectation of reciprocity on how the information will be used.
freely, spontaneously, and upon request, on the basis of reciprocity.
only if the status of the foreign FIU is related to law enforcement.
with set limits on the amount of financial and administrative information provided.

Answer(s): D

Reference:

https://egmontgroup.org/en/content/financial-intelligence-units-fius

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Question: 26

Enhanced due diligence (EDD) may be bypassed for which situation?

On-boarding a branch or majority-owned subsidiary of an EU or US FI located in a high-risk third country that fully complies with group-wide policies and procedures.
On-boarding a subsidiary in a high-risk country with a complex ownership structure of a long-standing and reputable customer based in the EU or US.
On-boarding a casino headquartered in the EU or US that is part of an international hotel chain, provides less than 50% of overall revenue and that fully complies with group-wide policies and procedures.
On-boarding a reputable Politically Exposed Person (PEP) from the EU onto the wealth management arm of a US financial institution (FI).

Answer(s): A

Reference:

https://www.trulioo.com/blog/enhanced-due-diligence

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Question: 27

Which action by a prospective customer during the account opening process requires further investigation?

Listing a long-distance phone number
Questioning reporting requirements
Expressing knowledge of the financial industry
Providing driver's license

Answer(s): B

Reference:

https://www.sec.gov/about/offices/ocie/amlsourcetool.htm

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Question: 28

Which statement best describes a key aspect of the AML Directive of the EU regarding business relationships and transactions with high-risk third countries?

Obliged entities should voluntarily consider the implementation of increased external audit requirements for branches and subsidiaries located in high-risk countries.
Obliged entities, in accordance with the member state regulations, should determine at a national level the measures that can be used for enhanced due diligence.
Obliged entities should implement additional mitigating measures complementary to the enhanced customer due diligence procedures, in accordance with a risk based approach.
Obliged entities should not take into account specific circumstances when performing enhanced due diligence measures.

Answer(s): C

Reference:

https://www.nortonrosefulbright.com/en/knowledge/publications/8f84c163/the-eus-fifth-anti-moneylaundering-directive-a-regulatory-compliance-perspective

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Free ACAMS CAMS Exam Questions (page: 8)

Question: 25

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Question: 26

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Question: 27

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Question: 28

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