100% Pass Guaranteed Free CAMS Exam Dumps Oct 16, 2022 [Q243-Q263]

QUESTION 243
What correspondent banking risk factor increases the risk for a Correspondent Bank?

QUESTION 244
A school teacher recently opened a private banking account with a major bank. The customer indicated annual income of EUR 45,000 and listed her source of wealth as a EUR 1.5 million inheritance from relatives. The customer plans to invest EUR 12,000 to 15,000 earned annually from bearer bonds. The relationship manager verified the client’s identity and documented all of the above information in the account file before opening the account. During a routine review of the account, several electronic fund transfers in excess of EUR 5 million each were made from a diamond distributor. The relationship manager also noticed that in each instance, the customer immediately transferred the funds to bank accounts in Hong Kong. Which of the following is appropriate for the anti-money laundering specialist to recommend?

QUESTION 245
An anti-money laundering specialist has been asked to establish a compliance program to detect and prevent money laundering and terrorist financing. Which of the following should the anti-money laundering specialist consider in developing the program?
1. Funds for money laundering and terrorist financing are derived from illegal sources.
2. Related practices are used to conceal the nature of the funds.
3. The source and disposition of funds are similar.
4. Similar techniques are used to move funds.

QUESTION 246
An anti-money laundering specialist is employed by a large multi-national bank. The bank is planning to open an international department that will be responsible for expanding services to various countries. The head of the new international department has asked the specialist to assess risks associated with the bank’s expansion plans. Which of the following materials should be included as a reference?
1. USA PATRIOT Act
2. Financial Action Task Force 40 Recommendations
3. Customer Due Diligence for Banks issued by the Basel Committee on Banking Supervision
4. The Egmont Group Statement of Purpose

QUESTION 247
During a law enforcement investigative interview regarding potential money laundering, the suspect starts making assertions and statements that the investigator believes are false.
How should the investigator respond?

QUESTION 248
A bank located in New York has identified suspicious transactions at a correspondent bank in China. For one of the international customers, the correspondent bank is not following agreed upon protocols.
Which factor indicates that the bank should terminate the relationship?

QUESTION 249
Which of the following is the financial stage of money laundering?

QUESTION 250
Which statement about U.S. Specified Unlawful Activities (SUA) is true?

QUESTION 251
A compliance officer is conducting a review of the automated transaction monitoring system. What would be most likely to result in a change in the monitoring system parameters?

QUESTION 252
What is the main role of the Egmont Group in combating money laundering and terrorist financing?

QUESTION 253
What are two requirements with respect to supporting documentation that is used to identify potentially suspicious activity, according to Financial Action Task Force? (Choose two.)

QUESTION 254
A government has instituted a new anti-money laundering laws which require all financial institutions to obtain certain information from its customers.
Which step should an institution located in this jurisdiction take to ensure compliance?

QUESTION 255
Which method to finance terrorism involves falsifying transaction-related documents?

QUESTION 256
A popular restaurant in town has begun depositing less cash than it has in prior years. In a review of the customer’s accounts, you notice that credit card receipts have increased with no explanation.
The account officer discovers that the restaurant has installed a privately-owned automated teller machine (ATM) onsite and has begun construction of a patio dining area.
Which red flag should trigger additional investigation?

QUESTION 257
A New York-based lawyer is interested in purchasing a luxury condo in Manhattan listed at $30 million for a client based in the Caribbean.
The client does not want to be named on the deed and wants the purchase to be made under the name of a limited liability company (LLC). The client states that the reason for this arrangement is that he is a high level government official who is concerned about his privacy if the purchase were to be made in his name.
The funds for the purchase are to be wired from several accounts in various countries.
Which two facts lead to gathering more information about this potential client before moving forward with the transaction? (Choose two.)

QUESTION 258
Which three should real estate agents include in the criteria to assess their company’s potential money laundering and terrorist financing risks when implementing a reasonable risk-based approach?

QUESTION 259
A division anti-money laundering officer for a financial institution has been conducting a monthly self- assessment.
The officer reviews the accounts opened for compliance with a long standing Know Your Customer policy.
The self-assessment for the latest month shows a significant increase in compliance deficiencies for the first time in more than a year.
Which of the following is the next course of action for the anti-money laundering officer to take?

QUESTION 260
What is the intentional evasion of a reporting or recordkeeping requirement?

QUESTION 261
A bank maintains a relationship with a customer who owns a small bakery business.
Which customer action indicates potential money laundering?

QUESTION 262
Federal law requires all U.S. financial institutions to secure and maintain all records and supporting documentation used m suspicious activity reporting for how many years?

QUESTION 263
After review of the financial institution’s enterprise-wide anti-money laundering risk assessment, the new compliance officer identifies several deficiencies that need attention.
Which deficiency could lead to the highest potential for unmitigated risk?