Free CAMS7 Exam braindumps download (CAMS7 exam dumps Free)

QUESTION: 126

An anti-money laundering analyst is reviewing a new customer list to confirm potentially high risk customers have been identified and subject to enhanced due diligence.

Which new customer warrants enhanced due diligence?

A non-profit hospital
A fundraising organization
An employee benefit plan trust
A medical practice limited partnership

Answer(s): B

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QUESTION: 127

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

Local privacy and data protection laws may prevent an affiliate from sharing information.
Certain account documents may be stored only in local language which will prohibit a global assessment.
The institution should consult with the customer and request permission to conduct a full investigation into all the accounts.
Enterprise-wide compliance oversight rules issued in the global institution’s headquarters country will override any local limitations in other countries.

Answer(s): D

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QUESTION: 128

Which step should be taken to understand the types of financial institutions to whom the services are being offered when a correspondent bank permits “nested” relationships according to the Wolfsberg Group?

Review peer-group clients by risk category
Understand the type and volume of accounts serviced
Evaluate the distribution of downstream correspondents and identify any direct or indirect issues
Obtain independent audits or examination reports for “nested” relationships to determine risk levels

Answer(s): C

Reference:

http://www.qfcra.com/en-us/whatwedo/AntiMoneyLaundering/Documents/Guidance%20on%20Correspondent%20Banking%20May%202018.pdf (7)

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QUESTION: 129

What does the Basel Committee’s Customer Due Diligence for Banks paper suggest that a bank needs to have in place when establishing an account for a corporate business entity?

An understanding of the structure of the company
A policy requiring all identified beneficial owners to undergo a national police check
A process to ensure that the approval of senior management is obtained prior to opening the account
A fee structure that reflects the banks’ costs in monitoring the risks associated with entity’s business activities

Answer(s): B

Reference:

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

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QUESTION: 130

Which measure to mitigate risk does the Basel Committee’s Customer Due Diligence Principles suggest banks apply when accepting business from non-face-to-face customers?

Certification of documents presented
Requiring an in person interview with the customer
Imposing a limit on permissible account activity for a defined period of time
Requiring additional review of account opening documents by senior management

Answer(s): A

Reference:

https://books.google.com.pk/books?id=gy8qBAAAQBAJ&pg=PA219&lpg=PA219&dq=measure+to
+mitigate+risk+does+the+Basel+Committee+Customer+Due+Diligence+Principles+suggest+banks+apply
+when+accepting+business+from+non-face-to-face+customers&source=bl&ots=f52JnPYdW4&sig=ACfU3U2egwrWQj86a6eLQQ3Ew4EcR2bSVQ&hl=en&sa=X&ved=2ahUKEwid85bjmJzoAhWiwOYKHXYJBEQQ6AEwCnoECBQQAQ#v=onepage&q=measure%20to%20mitigate%20risk%20does%20the%20Basel%20Committee%20Customer%20Due%20Diligence%20Principles%20suggest%20banks%20apply%20when%20accepting%20business%20from%20non-face-to-face%20customers&f=false

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Free CAMS7 Exam Braindumps Certified Anti-Money Laundering Specialist (the 7th edition) Questions 126–130 (page: 27)

QUESTION: 126

QUESTION: 127

QUESTION: 128

Reference:

QUESTION: 129

Reference:

QUESTION: 130

Reference:

Free CAMS7 Exam Braindumps
Certified Anti-Money Laundering Specialist (the 7th edition) Questions 126–130 (page: 27)