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CAMS – Certified Anti-Money Laundering Specialist

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Showing 13–15 of 20 questions

Question 13

Why should a financial institution (Fl) require an update of its AML risk assessment?

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    To identify risk considerations for sharing information based on Fl changes
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    To ensure an accurate reflection of the Fl's money laundering and other illicit financial activity risks
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    To satisfy law enforcement when reporting suspicious activity
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    To ensure the Fl's alignment with the board-approved strategic plan
Question 14

Which statement is true regarding the FATF standards for SARs/STRs information sharing within a financial group?

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    FIs must retain copies of SARs/STRs and supporting documentation for five years from the date of filing the STRs.
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    FIs cannot share customer information at all since it is confidential.
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    Financial institutions (FIs) should establish sufficient safeguards concerning the confidentiality of information shared for AML purposes.
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    FIs must require approval from regulators to share SARs/STRs information and supporting documentation.
Question 15

According to the Basel Committee's principles on customer due diligence, a bank should:

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    maintain systems to detect suspicious transactions based on a customer's velocity and volume patterns.
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    refuse to conduct ongoing business with a customer who fails to provide proper identification documentation.
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    obtain the information to establish the identity of a customer, beneficial owners, and any person acting on behalf of the customer,
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    file a suspicious activity report when there is reason to believe the bank is being used for criminal activity.