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Question #221

The manager of a bank’s KYC team discovers that a high-risk customer’s activity was not reviewed last quarter as required by the bank’s internal compliance schedule.

What should the KYC team manager do?

A . Submit a referral to file a Suspicious Activity Report (SAR).
B . Remove the customer from the bank’s high-risk list.
C . Contact the customer’s relationship manager to suspend account access until the periodic KYC review is completed.
D . Evaluate the KYC review process to understand why the review did not occur as required and take corrective action as necessary.

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Question #222

Which three are the most commonly used risk criteria?

A . Country Risk
B . Customer Risk
C . Reputation Risk
D . Product and Service Risk

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Richtige Antwort: ABD
ABD

Explanation:

According to the CAMS Study Guide, the most commonly used risk criteria for assessing the money laundering and terrorist financing risks are country risk, customer risk, and product and service risk. These criteria are based on the FATF Recommendations and the Basel Committee’s guidance on sound management of risks related to money laundering and financing of terrorism.

Country risk refers to the level of exposure to potential money laundering and terrorist financing activities in a specific jurisdiction, based on factors such as the quality of its AML/CFT regime, its level of corruption, its political and economic stability, its involvement in illicit activities, and its cooperation with international bodies.

Customer risk refers to the level of exposure to potential money laundering and terrorist financing activities associated with a specific customer or customer segment, based on factors such as the nature and purpose of the business relationship, the source and destination of funds, the type and volume of transactions, the customer’s profile and behavior, and the customer’s geographic location. Product and service risk refers to the level of exposure to potential money laundering and terrorist financing activities associated with a specific product or service offered by a financial institution, based on factors such as the complexity, transparency, anonymity, and accessibility of the product or service, the delivery channels and payment methods used, and the degree of oversight and monitoring applied.

Reputation risk is not a risk criterion for assessing the money laundering and terrorist financing risks, but rather a potential consequence of failing to manage those risks effectively. Reputation risk refers to the potential damage to the public trust and confidence in a financial institution due to its involvement or association with money laundering and terrorist financing activities, whether directly or indirectly.

Reference: CAMS Study Guide, 6th Edition, Chapter 2: Risk Assessments, pp. 41-461

FATF Recommendations, Recommendation 1: Assessing Risks and Applying a Risk-Based Approach2 Basel Committee on Banking Supervision, Sound management of risks related to money laundering and financing of terrorism, June 2017, pp. 9-143

Question #223

Money laundering can cause which consequences for a financial institution? (Select Two.)

A . Increases in corporate taxes
B . Increases in investigation costs and fines
C . Reduction in number of employees
D . Reduction or loss of profitable business
E . Increases in correspondent banking facilities

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Question #224

Which is a key aspect of the first EU Directive on Money Laundering?

A . IT expanded the definition of criminal activity to all serious crimes.
B . It defined money laundering as a separate crime.
C . It established drug trafficking as a predicate offense of money laundering.
D . It extended the scope beyond drug-related crimes.

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Question #225

Which is a purpose of imposing sanctions?

A . Accomplish foreign policy and national security goals
B . Encourage business deals
C . Deter countries from choosing a desirable course of action
D . Limit opportunities for desirable behavior

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Question #226

What correspondent banking risk factor increases the risk for a Correspondent Bank?

A . Multi-national financial institution with global operations
B . Offers international funds transfer to customers
C . Major service provider to money service businesses
D . Limited product offering to customers in high-risk jurisdictions

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Question #227

A company service provider in Country A sets up a corporate structure for a client from Country B, which is known for corruption. The corporate structure includes a holding company in Country A with a bank account in one of the international banks located there.

During on-boarding, the client’s wealth was estimated at $7 million. Shortly thereafter, the client’s father became president of Country B. During a routine client review two years later, it was identified that client’s wealth had grown to $510 million.

What are two red flags that indicate money laundering or financial terrorism? (Choose two.)

A . The client is from a country known for corruption.
B . The substantial growth in wealth during a short period of time.
C . The client is a family member of a PEP from a country known for corruption.
D . The holding company is in Country A with a bank account in one of the international banks.

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Question #228

Which statement is true regarding the FATF standards for SARs/STRs information sharing within a financial group?

A . FIs must retain copies of SARs/STRs and supporting documentation for five years from the date of filing the STRs
B . FIs cannot share customer information at all since it is confidential.
C . Financial institutions (FIs) should establish sufficient safeguards concerning the confidentiality of information shared for AML purposes.
D . FIs must require approval from regulators to share SARs/STRs information and supporting documentation.

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Question #229

The Chief Compliance Officer (CCO) of a financial institution has been asked by a manufacturing customer reliant upon imported raw materials if there will be repercussions to his business following the weak assessment of the recent publicly issued Financial Action Task Force (FATF) Mutual Evaluation Report (MER).

How should the CCO respond?

A . Delayed processing of cross-border transfer of funds between countries may occur due to increased scrutiny to determine the legitimacy of each transfer.
B . Citing inaccurate content of the MER. the president of the country has called upon the FATF to publicly withdraw the MER and commission an independent review of findings.
C . Mandate termination of all cross-border trading until evidence can be provided to show an improved position of compliance for the weaknesses stated in the MER.
D . Negative consequences will not occur because the manufacturing customer has been trading with reputable countries and suppliers for many years without incident.

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Question #230

What is the intentional evasion of a reporting or recordkeeping requirement?

A . Money laundering
B . Layering
C . Placement
D . Structuring

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