CAMS Exam Dumps - ACAMS AML Certifications Questions and Answers

FATF, MONEYVAL, and other regional bodies acting as a contact point for FIUs

The Wolfsberg Group serving as a communication platform for FIUs

Memoranda of Understanding (MOUs) between FIUs establishing structured information sharing

Mutual Legal Assistance Treaties (MLATs) allowing FIUs to request arrests and evidence

PPPs improve financial crime detection and prevention by sharing intelligence between banks and law enforcement.

PPPs help banks reduce compliance costs by automating information sharing.

PPPs allow banks to manage their own suspicious activity report (SAR) filing process without the need to involve the Financial Intelligence Unit (FIU).

PPPs maximize the efficiency of the bank's compliance program by providing real-time intelligence from law enforcement.

An existing local league footballer trying to open a bank account with a bank in their local jurisdiction

The current prime minister of a country trying to open a bank account in another country

The former personal secretary to the minister of transport in a low-risk country 25 years ago opening a bank account at a bank in a neighboring low-risk country

A bank located in a higher risk country trying to establish a correspondent-respondent banking relationship with a bank in a lower-risk country

An individual with a current bank account who resides in one country becoming the ambassador of another country

Involvement in community development and humanitarian aid projects

Large and unaccounted cash donations from anonymous sources

Operating in high-risk jurisdictions with limited oversight

Frequent changes in leadership and mission statements

Extensive transparency in financial reporting and governance practices

Appointing individuals to serve in official capacities of the company

Annual maintenance services

Provision of a local business address

Company incorporation services

Relying on self-reported compliance certifications from vendors and employees to confirm adherence to AML standards on a periodic basis

Establishing a surveillance program for employees, vendors, and third parties, including periodic risk assessments, access controls, and regular reviews of their compliance with AML policies

Implementing background checks for employees and vendors prior to onboarding or the start of engagement to identify any red flags

Limiting the number of vendors and third parties in high-risk jurisdictions in order to reduce exposure to compliance risks

Keep senior management informed at all times to strategically organize a defense to terminate the law enforcement request

Verify the officer's identification and ask for the law enforcement request to be served when the Chief Executive Officer is available to sign for it

Ask for an extension to review the FI's privacy policy and confidentiality policy before providing any information under the law enforcement request

Designate a person responsible for the internal investigation in preparation of documents for the request

Money services business (MSB)

Multinational corporations

Individual foreign customers

Non-profit organizations with international operations