ACAMS CAMS Exam Questions & Answers

A financial institution receives a regulatory enforcement action because of deficiencies in its anti-money laundering program.

Which action should the board of directors take?

A. Terminate the compliance officer and staff

B. Purchase and install a new suspicious activity monitoring system

C. Hire an attorney with instructions to protest the enforcement action

D. Instruct the compliance officer to develop a plan to remediate the institution's anti-money laundering program

A customer has borrowed the cash surrender value of their life insurance policies. Which requires a further investigation and filing of the SAR/STR?

A. The customer uses multiple currency equivalents from different sources to pay the monthly life insurance policy premiums.

B. The customer cancels the insurance contract without concern for the penalties after the money is borrowed.

C. The customer has paid the monthly life insurance policy premiums with cash.

D. The customer directs the payment of the money borrowed to an unrelated third party.

According to the USA PATRIOT Act, under which condition would U.S. FIs maintain correspondent accounts for foreign shell banks?

A. Correspondent accounts at foreign shell banks can be maintained by U.S. FIs, but the bank must be certified by FATF.

B. Correspondent accounts at foreign shell banks can be maintained by U.S. FIs, but only in certain countries.

C. Correspondent accounts for foreign shell banks at U.S. FIs must go through a rigorous, risk-based approval process.

D. Correspondent accounts for foreign shell banks at U.S. FIs cannot maintain these types of accounts.