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NO.1 A profitable commercial customer who operates an import-export business has
multiple
accounts with the same institution at branches m different
locations. The customer receives funds
from a jurisdiction perceived as
highly corrupt according to Transparency International ratings. The
customer
makes frequent transfers among the accounts and prefers to manage the
accounts
separately. What should the institution do to mitigate the risk
associated with these accounts?
A. Conduct a trade-pnce manipulation
analysis
B. Diminish the importance of the subjective Transparency
International rating
C. File a suspicious transaction report
D. Develop a
system to monitor all the activity
Answer: C
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NO.2 Which activity is most likely to facilitate money
laundering through on-line systems with
inadequate controls?
A. Conducting
anonymous transactions
B. Conducting large value transactions
C.
Conducting a large volume of transactions
D. Providing continuous worldwide
access
Answer: D
NO.3 What should law enforcement provide when asking
an institution to keep an account open?
A. An explanation of the underlying
conduct that is being investigated
B. An in-person visit by an investigating
official to explain the reasons why the account mustremain
open
C. A
written request on government agency letterhead with the appropriate
signature
D. A written request with an explanation of the scope of the
investigation
Answer: C
CAMS exam
NO.4 A compliance officer
is looking to update an institution's private bank procedures. What should
be
included as recommended by the Wolfsberg AML Principles on Private
Banking?
A. Review of client files annually if there are unusual
transactions
B. Approval of Politically Exposed Persons (PEPs) by at least
one person other than the
relationshipmanager
C. The institution's senior
management has primary responsibility for the relationship
D. Dedicated
automated AML monitoring of client activity
Answer: B
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