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CAMS – Certified Anti-Money Laundering Specialist

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Showing 10–12 of 20 questions

Question 10

In the FATF 40 recommendations, the focus of AML efforts has been expanded beyond Financial Institutions. Which three businesses and/or professions are covered? Choose 3 answers

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    casinos, when customers engage in financial transactions equal to or above a designated Threshold
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    Real estate agents when they are involved in transactions for clients concerning buying and selling properties
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    Dealers in art, when they engage in any cash transaction with a customer at or above a designated threshold
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    Trust and company service providers
Question 11

The recommended way lot a financial institution to respond to a request from a law enforcement agency is to:

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    train all staff to enable them to respond to subpoenas.
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    hand over documents that are protected by attorney-client privilege
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    freeze the identified account immediately
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    have an audit trail system to produce requested documentation
Question 12

A profitable commercial customer who operates an import-export business has multiple accounts with the same institution at branches m different locations. The customer receives funds from a jurisdiction perceived as highly corrupt according to Transparency International ratings. The customer makes frequent transfers among the accounts and prefers to manage the accounts separately. What should the institution do to mitigate the risk associated with these accounts?

Select an option, then click Submit answer.

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    File a suspicious transaction report
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    Diminish the importance of the subjective Transparency International rating
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    Conduct a trade-price manipulation analysis
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    Develop a system to monitor all the activity