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100% Pass Quiz CAMS - Certified Anti-Money Laundering Specialists Latest Reliable Exam Syllabus

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q740-Q745):

NEW QUESTION # 740
Bank A is a non-United States (U.S.) bank that has $5 million in a correspondent account at a bank in New York City. The Worldwide Terrorist Syndicate (WTS) has $1 million in its account at a non-US branch of Bank A. The U.S. government has initiated forfeiture action against the WTS.
Which potential action can the U.S. take under the USA PATRIOT ACT pursuant to the issuance seizure warrant?

A. Seize $5 million from the non-U.S. branch of Bank A where the WTS' account is located.
B. Seize Bank A's $5 million correspondent account in the U.S.
C. Seize WTS' $1 million account at the non-U.S. branch of Bank A.
D. Seize $1 million from Bank A's correspondent account in the U.S.

Answer: D

Explanation:
This potential action is authorized by Section 319 of the USA PATRIOT ACT, which allows the U.S. government to seize funds from a foreign bank's correspondent account in the U.S. if the foreign bank refuses to cooperate with a request for records relating to an investigation of money laundering or terrorist financing. The U.S. government can seize an amount equal to the funds in the account of the target of the investigation, regardless of whether those funds are actually in the correspondent account. In this case, the U.S. government can seize $1 million from Bank A's correspondent account in the U.S. because Bank A holds $1 million in the account of the WTS, which is the target of the forfeiture action.
The other potential actions are not authorized by the USA PATRIOT ACT or other U.S. laws. The U.S. government cannot seize Bank A's entire $5 million correspondent account in the U.S. because that would exceed the amount in the WTS's account and would violate the principle of proportionality. The U.S. government cannot seize the WTS's $1 million account at the non-U.S. branch of Bank A because that would require the cooperation of the foreign jurisdiction where the branch is located, which may not be forthcoming. The U.S. government cannot seize $5 million from the non-U.S. branch of Bank A where the WTS's account is located because that would also require the cooperation of the foreign jurisdiction and would exceed the amount in the WTS's account.
Reference:
CAMS Certification Package - 6th Edition | ACAMS, Chapter 3: International Standards and Global Initiatives, pp. 67-68 CAMS Certifications: How to Get CAMS Certified | ACAMS, CAMS Study Guide, pp. 54-55 How Does the Patriot Act Affect Criminal Investigations? | Nolo, Section 319: Forfeiture of Funds in United States Interbank Accounts The USA PATRIOT Act at 20: Sneak and Peek Searches - CRS Reports, Section 319: Forfeiture of Funds in United States Interbank Accounts

NEW QUESTION # 741
The Chief Compliance Officer (CCO) of a financial institution has been asked by a manufacturing customer reliant upon imported raw materials if there will be repercussions to his business following the weak assessment of the recent publicly issued Financial Action Task Force (FATF) Mutual Evaluation Report (MER). How should the CCO respond?

A. Delayed processing of cross-border transfer of funds between countries may occur due to increased scrutiny to determine the legitimacy of each transfer.
B. Negative consequences will not occur because the manufacturing customer has been trading with reputable countries and suppliers for many years without incident.
C. Mandate termination of all cross-border trading until evidence can be provided to show an improved position of compliance for the weaknesses stated in the MER.
D. Citing inaccurate content of the MER. the president of the country has called upon the FATF to publicly withdraw the MER and commission an independent review of findings.

Answer: A

Explanation:
According to the Certified Anti-Money Laundering Specialist (the 6th edition) Study guide, the CCO should advise the manufacturing customer that increased scrutiny of cross-border transfers may lead to delays and caution them to ensure that all necessary documentation is provided in order to facilitate a timely transfer. Additionally, the CCO should recommend that the customer contact the FATF to discuss the possibility of an independent review of the findings, as well as other options to mitigate the potential negative consequences.

NEW QUESTION # 742
A bank employee recently opened an account for a new restaurant. Daily cash deposits over a three-month period are close to $9,500.
What are two red flags that indicate possible money laundering or terrorist financing? (Choose two.)

A. The restaurant is located in a different city
B. The new account demonstrates a steady flow of income
C. It is a new account that has daily cash deposits
D. The daily cash deposits are so close in amount

Answer: B,D

Explanation:
These two options are potential red flags for money laundering or terrorist financing because they could indicate an attempt to avoid the reporting threshold of $10,000 for cash transactions, or to conceal the source or origin of the funds. According to the ACAMS Study Guide, some common indicators of money laundering are:
Transactions structured to avoid recordkeeping or reporting requirements Transactions inconsistent with the customer's profile or business activity Transactions involving the use of multiple accounts or locations Transactions involving high-risk jurisdictions or entities Transactions involving cash or complex crypto assets The other two options are not necessarily red flags by themselves, as they could have legitimate explanations.
For example, the restaurant could be located in a different city because of market demand, or the new account could demonstrate a steady flow of income because of the success of the business.
References:
ACAMS Study Guide for the CAMS Certification Examination - 6th Edition, Chapter 2, page 41-42 FFIEC BSA/AML Appendices - Appendix F - Money Laundering and Terrorist Financing Red Flags, page 1-
2
4 Red Flags of Money Laundering or Terrorist Financing, page 1
Money Laundering Red Flags | Key Behaviours and Indicators, page 1

NEW QUESTION # 743
Which three measures are contained in Financial Action Task Force 40 Recommendations for reporting suspicious activity? (Choose three.)

A. The activity should be reported promptly to the country's financial intelligence unit.
B. The financial institution has contacted the account holder to determine the activity of the account.
C. The financial institution has grounds to believe the activity is related to terrorist financing.
D. The financial institution has reasonable grounds to suspect the funds are proceeds of criminal activity.
E. The financial institution has been contracted by law enforcement regarding the activity.

Answer: A,C,D

Explanation:
Explanation
REPORTING OF SUSPICIOUS TRANSACTIONS [https://www.fatf-
gafi.org/media/fatf/documents/recommendations/pdfs/FATF%20Recommendations%202012.pdf] If a financial institution suspects or has reasonable grounds to suspect that funds are the proceeds of a criminal activity, or are related to terrorist financing, it should be required, by law, to report promptly its suspicions to the financial intelligence unit (FIU). According to the Financial Action Task Force's (FATF) Recommendation 20, a suspicious transaction report (STR) or a suspicious activity report (SAR) is filed by a financial institution or, by a concerned citizen, to the local Financial Intelligence Unit if they have reasonable grounds to believe that a transaction is related to criminal activity.
[https://aml-cft.net/library/suspicious-transaction-report-str-suspicious-activity-report-sar/]

NEW QUESTION # 744
the Financing of Terrorism (CFT)]
What can a compliance officer do in the absence of automated software to conduct U.S. Department of the Treasury Office of Foreign Assets Control (OFAC) sanction screens?

A. Rely on a credit report from OFAC
B. Conduct a key-word search on the Internet
C. Use the consolidated Sanctions List Search screen on the OFAC website
D. Obtain up-to-date copies of the OFAC's Specially Designated Nationals list

Answer: D

Explanation:
As part of its enforcement efforts, OFAC publishes a list of individuals and companies owned or controlled by, or acting for or on behalf of, targeted countries. It also lists individuals, groups, and entities, such as terrorists and narcotics traffickers designated under programs that are not country-specific. Collectively, such individuals and companies are called "Specially Designated Nationals" or "SDNs." Their assets are blocked and U.S. persons are generally prohibited from dealing with them. So it's covering all

NEW QUESTION # 745
......

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