CAMS exam

A law enforcement agency is reviewing a suspicious transaction report (STR) filed by a financial institution for suspicious activity on a client’s account. Subsequently, the agency requests further information. Which supporting documentation might the law enforcement agency request from the institution to facilitate its investigation?A . Previously filed STRs on...

Which method do terrorist financiers use to move funds without leaving an audit trail?A . ExtortionB . Cash couriersC . Casa de cambioD . Virtual currencyView AnswerAnswer: B Explanation: Reference: https://www.fatf-gafi.org/media/fatf/documents/reports/FATF%20Terrorist%20Financing% 20Typologies%20Report.pdf (24)

What are two reasons physical certificates present a money laundering risk to broker-dealers? (Choose two.)A . The trade information on a physical certificate can be easily alteredB . Physical certificates do not expire and may be held by the owner for perpetuityC . There is little information readily available to...

The branch manager notices that a number of customers come in weekly and always use the same teller to process their deposits. The manager notices that the customers and the teller, who are from the same ethnic group, are speaking in a foreign language and every once in a while...

Which insurance product is particularly vulnerable to money laundering?A . AnnuityB . CasualtyC . CollateralD . Regulated pensionView AnswerAnswer: A

A non-U.S. bank wants to open an account at Bank A, which is a U.S.-based bank. Which information must Bank A obtain under the USA PATRIOT Act?A . A complete client list from the non-C . bankD . The identity of owners and percentage of ownership of the non-F ....

What is true regarding disclosure to a law enforcement agency by a financial institution of the supporting documentation for a suspicious transaction report?A . Documentation must be provided as quickly as possible using emailB . The financial institution may notify the account holder of the requestC . Confirm that the...

What are the regulatory risks to a bank employee who willfully violates anti-money laundering laws?A . Investigation and reputational damageB . Fines and suspension from the industryC . Criminal investigation and imprisonmentD . Enforcement actions including fines against the financial institutionView AnswerAnswer: C Explanation: Reference: https://books.google.com.pk/books?id=qKLr7IdWCqsC&pg=PA9&lpg=PA9&dq=What+are+the+regulatory+risks+to+a+bank+employee+who+willfully+violates+anti-money+laundering+laws&source=bl&ots=gZzA0Ey5nB&sig=ACfU3U29fq8lwYh08XqdR1X7sWSISySPZw&hl=en&sa=X&ved=2ahUKEwiHwKHTjIvmAhWqwzgGHfW_AToQ6AEwC3oECAkQAQ#v=onepage&q=What%20are%20the %20regulatory%20risks%20to%20a%20bank%20employee%20who%20willfully%20violates%20anti­money%20laundering%20laws&f=false

The vice president of the foreign correspondent banking department at a large United States bank has been notified that a foreign bank with an offshore license wants to open a correspondent account. Which two things must the vice president acquire under the USA PATRIOT Act? (Choose two.)A . A list...

What is a key risk associated with Correspondent Accounts according to the Basel Customer Due Diligence paper?A . It is not used on a daily basisB . The service fees are insufficient to cover the cost of managing the accountC . The respondent bank’s customer acceptance and know your customer...