[Q104-Q125] Neueste ACAMS CAMS First Attempt, Exam real Dumps Updated [May-2022]

NR. 104 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.)

NR. 105 A bank located in Arizona is considering a loan application for a new client. The collateral for the loan is a property in Florida.
The loan will be in the name of a limited company (LLC) whose ownership is not disclosed to the bank. The LLC was established by a New York-based attorney.
The loan will be repaid by the LLC in monthly wire transfers of $9,000 which is more than the required monthly payment.
Which aspect indicates potential for money laundering?

NR. 106 A suspicious transaction report filed on a car dealer structuring deposits initiates a criminal investigation. The dealer changes branches and begins placing transactions with a frontline employee to whom the dealer has given numerous gifts.
This employee handles all of the dealer’s structured deposits and does not report the suspicious activity internally.
The competent authority has advised the anti-money laundering specialist to avoid tipping off the employee until the investigation is finalized.
What action should the specialist take next?

NO.107 Which statement is true about when an institute becomes aware that a particular employee is under investigation by law enforcement as a result of a subpoena or warrant?

NO.108 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?

NO.109 Which of the following activities is most likely associated with a lawyer participating in a money laundering scheme?

NO.110 An anti-money laundering specialist working at a bank just received a legal request from a law enforcement agency mandating the release of all financial transaction records relating to an account at the bank. The specialist immediately recognizes the account as one owned by the bank Chief Executive Officer’s brother. During research to gather the requested documents, the specialist finds several internal memos he had sent to the bank president with concerns regarding possible suspicious activity relating to this account. The specialist recalls the bank president verbally responded to each memo with an explanation of the activity and indicated there was no cause for concern. What should the specialist do with respect to these internal memos?

NO.111 Which activity would require an update to the first line training program?

NO.112 The findings of an internal audit discover that a large group of employees do not know how to handle Politically Exposed Persons (PEPs). Which is the next course of action that should be taken?

NO.113 What does the Financial Action Task Force 40 Recommendations address on transparency of beneficial ownership?

NO.114 A compliance analyst is reviewing recent activity between a publicly traded company and a company in a high risk jurisdiction. Which detail suggests that escalation is warranted?

NO.115 What does the Financial Action Task Force 40 Recommendations address on transparency of beneficial ownership?

NO.116 To ensure that an institution’s anti-money laundering program is current, which step should be taken?

NO.117 Which activity is most likely to facilitate money laundering through on-line banking systems with inadequate controls?

NO.118 As a result of an audit, a policy exception was identified that had been approved by the compliance officer. The auditor determined that the policy exception is a violation of a regulatory requirement.
What should the auditor do?

NO.119 Bank A is located in Country A.
A wire transfer from Bank B located in Country B is processes by Bank A,where the funds are being moved to a customer at Bank C located in Country C.
The wire transfer isdeemed suspicious by Bank A.

NO.120 What was cited by the Wolfsburg Group in its Statement on the Suppression of the Financing of Terrorism as being vulnerable to terrorist financing?

NO.121 Which of the following is the most common risk with a Personal or Private Investment Company (PIC)?

NO.122 A bank has opened a new account for a well-known attorney to manage client funds. During the first six months, bank staff observe the account receives multiple deposits via wire transfer. They also observe that the attorney withdraws cash, makes payments to various people, and transfers funds to the law firm’s account online.
What is considered a red flag for potential money laundering in this situation?

NO.123 What is an example of the integration stage of money laundering involving a bank or another deposit-taking institution?

NO.124 You are configuring data persistence for a Microsoft Bot Framework application. The application requires a structured NoSQL cloud data store.
You need to identify a storage solution for the application. The solution must minimize costs.
What should you identify?

NO.125 In some instances, a financial institution may receive a warrant from law enforcement authorities to search its premises. A search warrant is a grant of permission from a court for a law enforcement agency to search certain designated premises and seize specific categories of items or information. Generally, what is the required threshold for the requesting agency to establish in order to obtain a search warrant of a financial institution?