PASS GUARANTEED QUIZ ACAMS - CAMS - UNPARALLELED NEW GUIDE CERTIFIED ANTI-MONEY LAUNDERING SPECIALISTS FILES

Pass Guaranteed Quiz ACAMS - CAMS - Unparalleled New Guide Certified Anti-Money Laundering Specialists Files

Pass Guaranteed Quiz ACAMS - CAMS - Unparalleled New Guide Certified Anti-Money Laundering Specialists Files

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q553-Q558):

NEW QUESTION # 553
Which three statements are true regarding the extraterritorial reach of laws and legislation of the U.S.?

  • A. The criminal anti-money laundering law can apply to transactions that occur partiallyoverseas
  • B. The defendant does not need to know the funds came from an illegal activity under state,federal or foreign law
  • C. Economic and trade sanctions by OFAC may pose extraterritorial risks for financialinstitutionsand businesses outside the U.S.
  • D. The extraterritorial reach covers all transactions throughout the global economy

Answer: A,B,C


NEW QUESTION # 554
You plan to deploy two AI applications named AI1 and AI2. The data for the applications will be stored in a relational database.
You need to ensure that the users of AI1 and AI2 can see only data in each user's respective geographic region. The solution must be enforced at the database level by using row-level security.
Which database solution should you use to store the application data?

  • A. Microsoft Azure Data Lake Store
  • B. Microsoft SQL Server on a Microsoft Azure virtual machine
  • C. Microsoft Azure Cosmos DB
  • D. Microsoft Azure Database for MySQL

Answer: B

Explanation:
Row-level security is supported by SQL Server, Azure SQL Database, and Azure SQL Data Warehouse.
References:
https://docs.microsoft.com/en-us/sql/relational-databases/security/row-level-security?view=sql-server-2017


NEW QUESTION # 555
A financial institution opens a mortgage loan for a customer. During a subsequent internal review of the loan, it was noted that the appraisal used to support the loan was performed by an appraiser who was not on the institution's approved appraiser list. This exception was approved by the senior loan underwriter. The reviewer, who had examined other loans from the same general area, noted that the value on the loan appeared significantly higher than on other comparable properties. Which of the following should the anti-money laundering specialist recommend next?

  • A. Determine whether the loan underwriter reviewed the appraiser's license for validity.
  • B. Alert local law enforcement regarding a potential collusive relationship between the un-derwriter and appraiser.
  • C. Train the appraiser on anti-money laundering compliance for high-end real estate loans.
  • D. Document the underwriter's actions prior to filing a suspicious transaction report.

Answer: D

Explanation:
According to the Anti-Money Laundering Specialist (the 6th edition) resources, one of the red flags for money laundering in real estate transactions is the use of an appraiser who is not on the approved list of the financial institution. This could indicate a possible collusion between the appraiser and the borrower or the underwriter to inflate the value of the property and obtain a higher loan amount. The anti-money laundering specialist should document the underwriter's actions and the reasons for approving the exception, as well as the discrepancy between the appraised value and the market value of the property. The specialist should then file a suspicious transaction report (STR) to the relevant authorities, as required by the local regulations .
References:
ACAMS Study Guide for the Certified Anti-Money Laundering Specialist (the 6th edition), Chapter 7: Money Laundering Risks and Methods, page 201.
ACAMS Study Guide for the Certified Anti-Money Laundering Specialist (the 6th edition), Chapter 8: Anti- Money Laundering Programs, page 227.
ACAMS Study Guide for the Certified Anti-Money Laundering Specialist (the 6th edition), Chapter 9:
Conducting or Supporting the Investigation Process, page 255.


NEW QUESTION # 556
When should a financial institution (FI) exit a relationship? (Choose two.)

  • A. The suspicious conduct of the account holder
  • B. The reputational risk to the FI posed by closing the account
  • C. The FI's requirements for opening an account
  • D. The request from law enforcement to close the account
  • E. The FI's stated policies and procedures for closing an account

Answer: A,E

Explanation:
A financial institution (FI) should exit a relationship when the suspicious conduct of the account holder or the FI's stated policies and procedures for closing an account warrant such action. A FI has the right and responsibility to terminate a customer relationship that poses an unacceptable level of risk to the FI or violates its AML/CFT program. A FI should have clear and consistent criteria for exiting a relationship, such as the number and severity of SARs filed, the nature and extent of due diligence conducted, the availability and effectiveness of mitigating controls, and the alignment of the customer profile with the FI's risk appetite. A FI should also document the rationale and process for exiting a relationship, communicate the decision to the customer and relevant stakeholders, and monitor the account until closure.
The reputational risk to the FI posed by closing the account or the request from law enforcement to close the account are not valid reasons for exiting a relationship by themselves. A FI should consider the potential reputational impact of closing an account, but it should not outweigh the legal and regulatory obligations of the FI to prevent and detect money laundering and terrorist financing. A FI should also cooperate with law enforcement requests, but it should not automatically close an account based on such requests, as they may interfere with ongoing investigations or intelligence gathering. A FI should exercise its own judgment and discretion in deciding whether to exit a relationship, based on its own policies and procedures and the facts and circumstances of each case.
Reference:
Exiting Relationships: Ten Steps to a Successful Client Exit Strategy
De-risking your SARs: Building SAR relationship exit strategies into your AML/CFT program Answers to Frequently Asked Questions Regarding Suspicious Activity Reporting and Other Anti-Money Laundering Considerations


NEW QUESTION # 557
According to the USA PATRIOT Act, under which condition would US financial institutions (Fls) maintain correspondent accounts for foreign shell banks?

  • A. US Fls can open correspondent bank accounts for foreign shell banks but only in certain countries.
  • B. US Fls must be certified by the Financial Action Task Force to maintain correspondent accounts for foreign shell banks.
  • C. US Fls cannot maintain correspondent bank accounts for foreign shell banks.
  • D. US Fls must undertake a rigorous, risk-based approval process to open correspondent bank accounts for foreign shell banks.

Answer: C

Explanation:
According to section 313 of the USA PATRIOT Act, a covered financial institution (generally any U.S. bank or broker dealer in securities) is prohibited from establishing, maintaining, administering, or managing a correspondent account in the U.S. for, or on behalf of, a foreign shell bank. A foreign shell bank is defined as a foreign bank that does not have a physical presence in any country. The only exception to this prohibition is if the foreign shell bank is a regulated affiliate of a depository institution, credit union, or foreign bank that maintains a physical presence in the U.S. or a foreign country, respectively. In that case, the U.S. financial institution must obtain a written certification from the foreign bank that it does not provide banking services to any other foreign shell banks.
References:
Here's Why A Process Agent Is Required Under a Certification by a Foreign Bank, Cogency Global, September 2020.
Definition of "Foreign Shell Bank" and "Foreign Bank", FinCEN, April 2003.
USA PATRIOT Act, FinCEN, accessed February 2024.


NEW QUESTION # 558
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