Updated Jun-2023 Premium CAMS Exam Engine pdf – Download Free Updated 512 Questions [Q218-Q242]

Q218. What should a compliance officer do during an ongoing investigation into a client’s activities by a competent authority?

Q219. An anti-money laundering specialist is concerned that several suspicious transaction reports will discuss potential illegal activity of bank employees.
In this situation, which of the following is the immediate concern for the institution?

Q220. A customer has held an account at a local credit institution for 10 years. The account has received deposits twice weekly for the same amount and has never shown signs of suspect behavior. Monitoring software indicated that in the past few months the account has received several large deposits that were not in line with the account history. When asked, the customer states she recently sold a piece of property, which is supported with a proof of sale. What should the compliance officer do next?

Q221. A branch manager for a small community bank has a new customer who deposits for EUR 50,000 checks into one account. Shortly thereafter, the customer goes to another branch and asks to transfer all but EUR 1,500 to three accounts in different foreign jurisdictions.
Which suspicious activity should be the focus of the suspicious transaction report?

Q222. A startup virtual currency exchange has registered as a money services business and will commence operations in six months. The company will provide digital wallets to customers to hold their virtual currency after purchase. Customers will have the option to conduct purchases of the virtual currency and transfer the currency to and from the digital wallet. The startup must develop an anti-money laundering compliance program prior to launch.
Which two anti-money laundering responsibilities should be considered before business launch? (Choose two.)

Q223. When an institution receives a document request from law enforcement with regard to an STR that the institution has filed, what should institution do?

Q224. What are two requirements of United States financial institutions when conducting business with an international institution as a result of the USA PATRIOT Act? (Choose two.)

Q225. Which of the following employee behaviors would not trigger an AML red flag?

Q226. Which action does the Financial Action Task Force (FATF) recommend be taken against jurisdictions that have strategic deficiencies?

Q227. Which is a key aspect of the first EU Directive on Money Laundering?

Q228. A customer runs an export business for agricultural products. There has been steady growth over the years from sales to the Caribbeanregion. A sudden increase is noted in this customer’s account balances during the last month. On what grounds should an anti-money laundering specialist prepare a suspicious transaction report?

Q229. Which statement identifies one of the duties of a government Financial Intelligence Unit?

Q230. The Basel Committee on Banking Supervision issued a paper in October 2001 in which it presented a Know Your Customer framework and recommended standards applicable to

Q231. Financial Action Task Force (FATF)-style regional bodies are created and obliged to understand the inherent money laundering and terrorist financing risks in the region of the world they serve.
What is one of the methods they use to understand these risks?

Q232. What is the most effective criterion for determining the beneficial ownership of funds?

Q233. When should the anti-money laundering risk assessment be updated?

Q234. A foreign bank’s compliance officer receives a request for information from a US bank, alerting the foreign bank to the possibility that it may have transferred funds on behalf of an Office of Foreign Assets Control (OFAC>-sanctioned person, who holds an account with the foreign bank. Which statements are true with respect to said funds and the information in relation to the transaction under scrutiny? (Select Two.)

Q235. A bank has maintained an account for a European charity for several years. The charity provides clothing to persons in need in various countries with active terrorists’ cells.
Which action by the charity indicates possible terrorist financing?

Q236. Which three are principles found in the document “Principles of information Exchange between Financial Intelligence Units (FIUs)”?

Q237. Which key aspect of the Office of Foreign Assets Control’s extraterritorial reach specifically relates to prohibited transactions?

Q238. A financial institution has expanded its scope of services so that it is attracting the business of politically exposed persons (PEPs) who had previously never been part of the customer base.
Which two courses of action should the compliance officer include in the institution’s procedures for considering PEPs as customers? (Choose two.)

Q239. How should a financial institution respond to a verbal request from a law enforcement agency to keep an account open to assist in an investigation?

Q240. How can a financial institution verify the nature and purpose of a business and its legitimacy?

Q241. An institution receives a request for credit from a local company that has been a client for many years. The information provided by the company indicates that its assets have increased substantially with the addition of several new subsidiaries. Further research performed by the institution indicates the new subsidiaries are recently created shell companies.
Could this indicate potential money laundering?

Q242. When an institution files an STR with regard to a particular account, what steps should the institution take visa account?