Certified Anti-Money Laundering Specialist (the 6th edition) CAMS Exam Questions with Experts Answers Updated Recently

A.  

Banks should identify its customers based on a general-rules based assessment without considering the expected size and use of the account.

B.  

Banks should never allow for verification to be completed after the establishment of the business relationship since it would not be essential for the normal conduct of business.

C.  

Banks should take into consideration the occasional banking transaction or the size/level of assets to build an understanding of the customer's profile and behavior.

D.  

Banks should develop and implement clear acceptance policies and procedures to identify the types of customer that are likely to pose a higher risk of financing terrorism or money laundering.

E.  

Banks should implement enhanced due diligence measures for entering business relationships with high-risk customers, such as approval by senior management.

F.  

Banks should use CDD procedures based in another bank's standards when subject to the same criteria for handling funds of a shared customer.

A.  

US Fls cannot maintain correspondent bank accounts for foreign shell banks.

B.  

US Fls can open correspondent bank accounts for foreign shell banks but only in certain countries.

C.  

US Fls must undertake a rigorous, risk-based approval process to open correspondent bank accounts for foreign shell banks.

D.  

US Fls must be certified by the Financial Action Task Force to maintain correspondent accounts for foreign shell banks.

A.  

Financial prohibitions

B.  

Export and import restrictions

C.  

Arms and related materials embargo

D.  

Asset freeze

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