CAMS Exam Dumps - ACAMS AML Certifications Questions and Answers

The vendor provides services to end users located in an area subject to economic sanctions

The vendor's sales representative was a refugee from a sanctioned jurisdiction as a child

The vendor is organized as a privately held company

The vendor has no individuals that own or control more than 10% of the company

A large multinational corporation with extensive, documented wire transfer activity

A local convenience store that replenishes the onsite automated teller machine (ATM) with cash from its till

A local used car sale lot that allows individuals to pay their monthly bill in cash

A virtual asset service provider (VASP), facilitating peer-to-peer cryptocurrency transactions

These businesses are all cash intensive, increasing the risk of financial crime

KYC challenges arise because e-commerce platforms face global customers making customer due diligence complex and resource intensive

These businesses are highly regulated and therefore have no reason to be non-compliant as this would put them at risk of sanctions and fines

Criminals can make use of identify fraud to fulfill KYC processes for layering purposes

The settlement systems of these businesses are not sophisticated enough to cope with the high transaction volume

Make an official request directly from the head of Country A's anti-corruption authority to Country B's corresponding law enforcement authority

Make a request for the required evidence using Country A's mutual legal assistance treaty with Country B

Use the International Criminal Police Organization (INTERPOL) network to obtain the required evidence from Country B

Use the Egmont Secure Web to obtain the required evidence from Country B's financial intelligence unit

Be consistent with the head office audits

Be tailored to the higher of standards between the jurisdictions.

Conform to the foreign jurisdiction policies to align with the head office policies.

Provide all foreign jurisdiction reports to the head office for approval.

Securely share sensitive information in the fight against money laundering and the financing of terrorism

Establish an environment to foster trust amongst countries

Sign memoranda of cooperation that recognize and allow room for case-by-case solutions to specific problems

Improve global cooperation between FIUs

Propose legislation to combat financial crime, including money laundering and the financing of terrorism

Setting tone from the top

Mandatory participation in all regulatory inspections

Mandatory attendance and review of all financial crime trainings

Setting clear criteria for escalations to senior management

It is subject to heightened regulatory obligations with strict reporting requirements to safeguard the financial system from illicit fund flows and ensure market stability

It invests in new technology and systems to ensure effective and timely detection of financial crime

It offers complex financial products, which can make it easier to obscure the source of funds

It is frequently engaged with high-risk jurisdictions, which can increase exposure to financial crime or weak regulatory oversight

It has high transaction volumes, making it difficult to identify suspicious activities and track the origin of funds

Adverse media databases

Publicly available information on non-government data repositories

Credit reference agencies

Beneficial ownership registers available in country of incorporation of entity

Disseminate analysis of suspicious transaction and suspicious activity reports to foreign judicial systems to enhance their anti-money laundering and terrorist financing investigations and prosecutions

Receive reports of suspicious transactions and suspicious activities from reporting institutions or obliged institutions

Disseminate the analysis of suspicious transaction and suspicious activity reports to local law enforcement agencies and foreign FIUs to combat money laundering

Investigate and where appropriate prosecute all suspicious transaction and suspicious activity reports received from reporting institutions or obliged institutions

Analyze all suspicious transaction and suspicious activity reports received from reporting institutions or obliged institutions