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NEW QUESTION 161
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. Copies of promotional materials sent to the customer
- B. Previously filed STRs on the same customer
- C. A copy of the institution's STR policy and procedures
- D. Account opening documents and account statements
Answer: D
NEW QUESTION 162
A bank maintains a number of United States (U.S.) dollar correspondent accounts for foreign financial institutions. Upon a routine review of a U.S. dollar correspondent account owned by Foreign Bank A, a number of transactions appear to have been originated by Foreign Bank B outside the expected activity for this account. These transactions appear suspicious and a suspicious transaction report was filed by the compliance officer.
Which step should the compliance officer take?
- A. Notify other U.S. financial institutions who maintain U.S. dollar correspondent accounts for Foreign Bank A and Foreign Bank B in an effort to shut down the activity
- B. Notify senior management of the money laundering risks by allowing Foreign Bank A to maintain its U.S. dollar correspondent account
- C. File a report with the appropriate tax authorities in the jurisdictions of Foreign Bank A and Foreign Bank B
- D. Notify Foreign Bank A of the discovery and seek documentation supporting Foreign Bank A was collusive and a willing partner with Foreign Bank B in the activity
Answer: D
NEW QUESTION 163
Which of the following is the most likely reason for the Financial Action Task Force to remove a jurisdiction from the Non-Cooperative Countries and Territories list?
- A. Joining the Wolfsburg Group.
- B. Receiving a favorable mutual evaluation.
- C. Entering into a mutual legal assistance treaty.
- D. Conducting successful annual self-assessments.
Answer: C
NEW QUESTION 164
Which method most likely indicates the placement stage of laundering dirty money in a land based casino?
- A. Buying casino chips against a bank draft
- B. Transferring substantial amounts of money from a client's credit card to a client's casino's VIP account
- C. Using cash to buy casino winnings from legitimate winners at a premium
- D. Redeeming smaller denomination casino chips for largest denomination chips
Answer: C
NEW QUESTION 165
Which of the following customer activities poses the highest risk of money laundering?
- A. Conducting business in a country that represents a high risk of money laundering.
- B. Making multiple cash deposits slightly below a required reporting limit.
- C. Paying a supplier of precious metals at regular quarterly intervals.
- D. Transferring funds to pay for flight training lessons.
Answer: B
NEW QUESTION 166
How can dealers in high-value items be at risk for money laundering?
- A. Paperwork is not required to ship precious metals and gems
- B. Carrying large amounts of gems of high value is physically easy
- C. Drug dealers prefer cash to precious metals and gems
- D. The value of precious metals such as gold and silver is constantly fluctuating.
Answer: B
NEW QUESTION 167
You need to build an API pipeline that analyzes streaming data. The pipeline will perform the following:
* Visual text recognition
* Audio transcription
* Sentiment analysis
* Face detection
Which Azure Cognitive Services should you use in the pipeline?
- A. Face API
- B. Text Analytics
- C. Video Indexer
- D. Custom Speech Service
Answer: C
Explanation:
Azure Video Indexer is a cloud application built on Azure Media Analytics, Azure Search, Cognitive Services (such as the Face API, Microsoft Translator, the Computer Vision API, and Custom Speech Service). It enables you to extract the insights from your videos using Video Indexer video and audio models described below:
* Visual text recognition (OCR): Extracts text that is visually displayed in the video.
* Audio transcription: Converts speech to text in 12 languages and allows extensions.
* Sentiment analysis: Identifies positive, negative, and neutral sentiments from speech and visual text.
* Face detection: Detects and groups faces appearing in the video.
References:
https://docs.microsoft.com/en-us/azure/media-services/video-indexer/video-indexer-overview
NEW QUESTION 168
Under the USA PATRIOT Act, in which scenario would the US not have jurisdiction?
- A. Shell banks operating in foreign jurisdictions
- B. Foreign branch of a bank located in the US
- C. US bank subsidiaries located in foreign jurisdictions
- D. Foreign bank with a US correspondent account
Answer: A
NEW QUESTION 169
Which of the following is the main reason Internet gambling is an ideal web-based money laundering method?
- A. Ease of connection and low subscription rate with major Internet service providers.
- B. Large number of offshore websites located in known high-crime areas.
- C. Ability to transfer value across jurisdictions.
- D. High credibility of gambling websites.
Answer: C
NEW QUESTION 170
What is a key risk associated with Correspondent Accounts according to the Basel Customer Due Diligence paper?
- A. The respondent bank's customer acceptance and know your customer policies are ineffective
- B. The service fees are insufficient to cover the cost of managing the account
- C. It is not used on a daily basis
- D. The volume and value of transactions passing through the account may not be in line with the original correspondent agreement
Answer: A
Explanation:
Explanation
https://www.bis.org/publ/bcbs85.pdf - page 12
Banks should gather sufficient information about their respondent banks to understand fully the nature of the respondent's business. Factors to consider include: information about the respondent bank's management, major business activities, where they are located and its money-laundering prevention and detection efforts; the purpose of the account; the identity of any third party entities that will use the correspondent banking services; and the condition of bank regulation and supervision in the respondent's country. Banks should only establish correspondent relationships with foreign banks that are effectively supervised by the relevant authorities. For their part, respondent banks should have effective customer acceptance and KYC policies.
NEW QUESTION 171
The Board of Directors for a small private bank has asked the management to no longer apply the identity requirements for high net worth individuals to protect their privacy. Which of the following Financial Action Task Force 40 Recommendations should cause an anti-money laundering specialist the most concern?
- A. Financial institutions should not keep anonymous accounts.
- B. Financial institutions should maintain all necessary suspicious transaction report records on transactions, both domestic are international, for at least 5 years.
- C. If financial institutions suspect that funds stem from criminal activity, they should be required to close the account.
- D. Financial institutions should not warn their customers when information relating to them is being reported to the competent authorities.
Answer: A
NEW QUESTION 172
A popular restaurant in town has begun depositing less cash than it has in prior years. In a review of the customer's accounts, you notice that credit card receipts have increased with no explanation.
The account officer discovers that the restaurant has installed a privately-owned automated teller machine (ATM) onsite and has begun construction of a patio dining area.
Which red flag should trigger additional investigation?
- A. Lower cash deposits
- B. Privately-owned ATM
- C. Construction of the new patio dining area
- D. Increased credit card receipts
Answer: D
NEW QUESTION 173
A Money Laundering Reporting Officer's (MLRO) lack of action led to deficiencies in the bank's AML program and a civil monetary penalty being levied against the MLRO. Why was this direct action taken against the MLRO?
- A. Action was brought against the MLRO because banks cannot be found liable for AML program deficiencies.
- B. MLROs can be held to an individual accountability standard and face potential penalties for contributing to AML program deficiencies.
- C. The MLRO is the only individual that can be held responsible for AML program deficiencies.
- D. The MLRO agreed to the civil penalty so that the bank would not be found liable for the AML program deficiencies.
Answer: A
NEW QUESTION 174
What is an example of the integration stage of money laundering involving a bank or another deposit-taking institution?
- A. Wiring illicit funds from an account at one bank to an account at another bank
- B. Using illicit funds that had previously been deposited to purchase a luxury vehicle
- C. Directing third parties to exchange illicit cash for negotiable instruments
- D. Depositing illicit funds into an account set up for a front company
Answer: B
Explanation:
Explanation/Reference: https://www.moneylaundering.ca/public/law/3_stages_ML.php
NEW QUESTION 175
What is one of the indicia of a Black Market Peso Exchange?
- A. A transfer of U.S. dollars to Central or Sourth America to be converted into pesos
- B. An illegal entity that exchanges pesos for U.S. dollard for illegal immigrants
- C. A wire transfer from a third party not connected with a transaction
- D. A large deposit of pesos converted into U.S. dollars
Answer: C
NEW QUESTION 176
A client who owns a swimming pool company requests to open 19 accounts at a bank, each with a debit card for its swimming pool technicians. When asked about the purpose of each account, the client explains that each technician needs a separate checking account to purchase pool chemicals.
Which available source could be used in the bank's internal investigation on this client's activities?
- A. Client's credit bureau report
- B. Local law enforcement investigation report
- C. Interview swimming pool technicians and chemical suppliers
- D. Internet search showing how such business are typically operated
Answer: A
NEW QUESTION 177
A division anti-money laundering officer for a financial institution has been conducting a monthly self- assessment.
The officer reviews the accounts opened for compliance with a long standing Know Your Customer policy.
The self-assessment for the latest month shows a significant increase in compliance deficiencies for the first time in more than a year.
Which of the following is the next course of action for the anti-money laundering officer to take?
- A. Implement a revision to the account-opening training program.
- B. Determine if there is a readily identifiable cause for the deficiencies.
- C. Revise the policy to simplify Know Your Customer compliance before the report is issued.
- D. Inform the Board promptly of the Know Your Customer policy trend over the last 6 months.
Answer: A
NEW QUESTION 178
What indicates potential money laundering activity by a lawyer?
- A. A lawyer's trust account regularly receives wire transfers from unknown remitters in a high risk country and immediately redirects the same funds to the same remitters account in a low risk country
- B. A lawyer's account in a high risk country receives a cash deposit of an amount that is considerable below the reporting threshold
- C. A lawyer's trust account receives a large value wire transfer from a publicly listed life insurance company and then immediately transfers the same funds out to an unknown individual in a low risk country
- D. A lawyer's account in a low risk country receives a bank draft from another lawyer firm in a high risk country
Answer: A
NEW QUESTION 179
The Board of Directors and the senior management of a financial institution should ensure that which three are established and followed with regard to an effective AML program?
- A. Regulatorycompliance is made part of all relevant job descriptions
- B. There is a strongcomplianceprogram
- C. They are kept informed of all major AML issues
- D. International guidance is followed and understood
Answer: A,B,C
NEW QUESTION 180
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?
- A. Agree to keep the account open
- B. Request a letter on the agency's letterhead
- C. Request a search warrant from the local court
- D. Request a subpoena to maintain the account
Answer: B
NEW QUESTION 181
You are designing an AI solution that will analyze millions of pictures by using Azure HDInsight Hadoop cluster.
You need to recommend a solution for storing the pictures. The solution must minimize costs.
Which storage solution should you recommend?
- A. an Azure Data Lake Storage Gen1
- B. Azure File Storage
- C. Azure Table storage
- D. Azure Blob storage
Answer: D
Explanation:
Data Lake will be a bit more expensive although they are in close range of each other. Blob storage has more options for pricing depending upon things like how frequently you need to access your data (cold vs hot storage).
References:
http://blog.pragmaticworks.com/azure-data-lake-vs-azure-blob-storage-in-data-warehousing
NEW QUESTION 182
What reputational risk consequence could a financial entity face for violating AML laws?
- A. Increased audit costs to monitor behavior
- B. Monetary penalties
- C. Loss of high-profile customers
- D. Seizure of assets
Answer: B
NEW QUESTION 183
Which requirement is included in the Fourth European Union Directive on money laundering?
- A. It requires member countries to maintain registries of the beneficial owners of legal entities
- B. It requires obliged entities to conduct enhanced due diligence on all prepaid card holders
- C. It requires member states to enact economic sanctions against countries that do not cooperate with Financial Action Task Force recommendations
- D. It requires obliged entities to consider politically exposed persons as high risk for life
Answer: A
NEW QUESTION 184
A local law enforcement officer, who is conducting a criminal investigation, requests information about a customer.
Which two actions should the bank take? (Choose two.)
- A. Close the account immediately
- B. File a suspicious transaction report
- C. Review the money laundering risk posed by the account
- D. Monitor the account for suspicious activity
Answer: C,D
NEW QUESTION 185
Which two statements about the Wolfsburg Group are true?
- A. It is composed of representatives of financial intelligence units from around the world
- B. It focuses primarily on Know Your Customer, AML and CTF guidance
- C. It has no power to impose its principles/guidance
- D. It based its original guidance around combating the laundering of proceeds of narcotics trafficking
Answer: B,C
NEW QUESTION 186
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CAMS Certified Anti-Money Laundering Specialist Exam
CAMS Certified Anti-Money Laundering Specialist Exam is designed by the Association of certified anti-money laundering specialist (ACAMS) is a global membership organization that provides training and certification, of anti-money laundering professionals worldwide. ACAMS is supporting financial AML professionals through knowledge sharing and skills development. CAMS exam tests candidates basic knowledge on setting up an AML compliance program, money laundering schemes, various international AML regulations, and how to handle AML investigations. CAMS exam is internationally recognized and a good designation for those who are looking to work in the AML field.
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