Free ACAMS CAMS Exam Dumps Questions & Answers

Which section of theUSA PATRIOT Actpermits theU.S. government to seize funds deposited in a U.S.
correspondent account of a foreign bank, creating extraterritorial impact?

• A.Section 319(b)
• B.Section 314(a)
• C.Section 319(a)
• D.Section 314(b)

An institution has made the decision to exit a client relationship due to anti-money laundering concerns. Prior to starting the close out process, the institution receives a written request from a law enforcement agency to keep the account open. The client is the subject of an ongoing investigation and law enforcement wants the institution to continue to monitor the account and report any suspicious activity.
What is primary consideration the institution should keep in mind when deciding whether to agree to this request?

• A.The number of suspicious transaction reports previously filed on the client
• B.The fact that the institution has a solid record in complying with law enforcement requests
• C.The anticipated cost of complying with the law enforcement request
• D.Whether the institution can continue to meet its regulatory obligations with the accounts open

To what extent should senior management and the Board of Directors be involved in the filing of any STR?

• A.They should review and approve the filing of all STRs
• B.They should be given copies of all STRs filed by the institution
• C.They should be the only designated individuals to communicate with law enforcement
• D.They should be informed of all significant STRs and the numbers and trends of the filings

An alert has been triggered by a monitoring system and an investigation has been opened. The activity involves significant and multiple cash deposits into a personal account and transferring funds to an offshore bank on the same day. Further investigation reveals this personal account had experienced low levels of activity for the past 6 months and funds are transferred to the account of a charitable organization. Which of the following is the next step that the Compliance Officer should take?

• A.Conduct enhanced due diligence on the charity's trustees.
• B.File a suspicious transaction report with the competent authority.
• C.Prohibit further transactions with the charitable organization.
• D.Place the charitable organization on the bank's internal "watchlist."

What is thepurpose of a Risk Appetite Statement (RAS)and its linkages while implementingorganizational controls? (Select Two.)

• A.An RAS establishes a management-approved policy that identifies the organization's risk tolerances with strategic objectives, risk profile, and risk management capabilities.
• B.An RAS sets limits for risk-taking by means of quantitative and qualitative metrics so that the business does not take up risk in excess of the organization's risk tolerance.
• C.An RAS formalizes a risk appetite statement from management and informs the Board of Directors on the risk assessment performed.
• D.An RAS sets limits in terms of residual risk and thus is strongly intertwined with the efficacy of the system of internal controls.
• E.An RAS establishes a desired level of risk exposure in qualitative terms, covering all areas of compliance.