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NEW QUESTION # 299
When may Office of Foreign Assets Control (OFAC) sanctioned-related transactions be allowed that would otherwise be prohibited?
- A. When the bank's board of directors approves the OFAC risk appetite for sanction-related transactions
- B. After going through a robust internal OFAC audit process that reviews sanction-related risks
- C. Through an OFAC licensing process to determine that the transaction does not undermine the US policy objectives
- D. Only when the federal banking regulator provides OFAC approval before the transactions are processed
Answer: C
Explanation:
Explanation
The Office of Foreign Assets Control (OFAC) administers and enforces economic sanctions programs [1][2], which are designed to protect US national security, foreign policy, and economic interests. Transactions that would otherwise be prohibited can be allowed through an OFAC licensing process, in which the OFAC evaluates the request to determine that the transaction does not undermine US policy objectives.
NEW QUESTION # 300
Which of the following activities conducted at a financial institution is the strongest example of avoiding reporting thresholds?
- A. Conducting small cash transactions at multiple locations during the same day.
- B. Performing transactions by check (cheque) or other payment instrument.
- C. Establishing both a personal and business account and depositing cash in both.
- D. Making small cash deposits over the course of a week.
Answer: A
NEW QUESTION # 301
Which regulation regarding data privacy has to be considered while carrying out a financial crime investigation?
- A. Rome II Regulation
- B. General Data Protection Regulation
- C. European Enforcement Order
- D. Securities Financing Transactions Regulation
Answer: B
Explanation:
Explanation
The General Data Protection Regulation (GDPR) is a regulation issued by the European Union (EU) that sets out requirements for the processing and protection of personal data. It applies to any company that processes personal data of individuals in the EU, and requires organizations to take appropriate measures to protect the personal data of individuals, such as implementing appropriate security measures, limiting the amount of data collected and stored, and providing clear explanations of how the data will be used. In the context of financial crime investigations, the GDPR requires organizations to ensure the security and confidentiality of personal data that they collect and process, and to take measures to ensure that the data is used only for the purpose of the investigation and not for any other purpose.
NEW QUESTION # 302
The Wolfsberg Group has issued a number of documents since its inception aiming to:
- A. prevent money laundering or terrorist financing by establishing consistent regulatory standards across the EU.
- B. provide financial institutions with an industry perspective on effective financial crime risk management.
- C. provide a standardized process amongst its bank members for combatting money laundering and terrorist financing in private banking.
- D. provide advice to regulators around the world on the due diligence requirements for politically exposed persons.
Answer: B
Explanation:
Explanation
The Wolfsberg Group is an association of thirteen global banks that aims to develop guidance and standards for the management of financial crime risks. The Group has issued a number of documents since its inception to provide financial institutions with an industry perspective on effective financial crime risk management.
NEW QUESTION # 303
What type of records do the recordkeeping requirements of section 319 of the Patriot Act require U.S. banks to collect and maintain records of in the U.S. for each non-U.S. bank with which it maintains a correspondent relationship?
- A. Ownership and agent for service of legal process
- B. Name of attorney and name of all shell bank clients
- C. Copy of AML policies and annual reports
- D. Beneficial ownership and any Politically Exposed Person (PEPs) in the management chain
Answer: A
NEW QUESTION # 304
Which two aspects of precious metals pose the highest risk of money laundering? (Choose two.)
- A. Precious metals have high intrinsic value in a relatively compact form and are easy to convert into currency
- B. The value of precious metals can be inflated easily, making it easy to increase the amount of money laundered
- C. Precious metals can be readily used in many high-tech commercial applications, making them all the more valuable
- D. Some precious metals can be formed into other objects, making easier to transport
Answer: A,C
NEW QUESTION # 305
Which measure to mitigate risk does the Basel Committee's Customer Due Diligence Principles suggest banks apply when accepting business from non-face-to-face customers?
- A. Imposing a limit on permissible account activity for a defined period of time
- B. Certification of documents presented
- C. Requiring additional review of account opening documents by senior management
- D. Requiring an in person interview with the customer
Answer: B
Explanation:
Reference:
https://books.google.com.pk/books?id=gy8qBAAAQBAJ&pg=PA219&lpg=PA219&dq=measure+to+mitigate+
NEW QUESTION # 306
Which red flag indicates high potential for money laundering in a real estate purchase?
- A. The purchaser is not a resident where the property is located
- B. The purchaser is a nominee
- C. The purchaser had a previous bankruptcy
- D. The purchaser owns a cash intensive business
Answer: D
NEW QUESTION # 307
In some instances, a financial institution may receive a warrant from law enforcement authorities to search its premises. A search warrant is a grant of permission from a court for a law enforcement agency to search certain designated premises and seize specific categories of items or information. Generally, what is the required threshold for the requesting agency to establish in order to obtain a search warrant of a financial institution?
- A. Reasonable belief
- B. A preponderance of the evidence
- C. Probable cause
- D. Clear and convincing proof
Answer: A
NEW QUESTION # 308
In relationship to life insurance business, the third European Directive states that Member States may allow the identity verification of the beneficiary under the policy after the business relationship has been established, but before which events?
- A. At or before a premium payment has been accepted for the policy purchased
- B. At or before the time of payout or before the beneficiary intends to exercise rights vested underthe policy
- C. At or before the policy is issued to the beneficiary by the insurance company
- D. At or before 30 days of the relationship being established under the policy
Answer: B
NEW QUESTION # 309
How does the Egmont Group assist financial intelligence unit members to accomplish their goals? (Select Three.)
- A. Provides support to expand and systematize cooperation related to the reciprocal exchange of information
- B. Maintains uniform global formats for funds transfers that assist in the detection of money laundering
- C. Develops official lists of suspected terrorists on a globally coordinated basis by relevant authorities
- D. Fosters better and secure communication through the application of technology
- E. Supplies information on the common money laundering tactics used by terrorists and financial supporters of terrorism
- F. Encourages operational autonomy of financial intelligence units
Answer: A,D,F
Explanation:
Explanation
The Egmont Group assists financial intelligence unit members to accomplish their goals by providing support to expand and systematize cooperation related to the reciprocal exchange of information, fostering better and secure communication through the application of technology, and encouraging operational autonomy of financial intelligence units. Additionally, the Egmont Group also maintains uniform global formats for funds transfers that assist in the detection of money laundering and supplies information on the common money laundering tactics used by terrorists and financial supporters of terrorism.
NEW QUESTION # 310
Which method is used to launder money via wire remittances sent through a bureau de change or money services business?
- A. A customer in country A makes a weekly small wire transfer to the bank account of an individual in country
- B. A customer in country A makes frequent wire transfers to a single customer in country B that are slightly under the legal reporting threshold.
- C. A customer in country A receives four small wire transfers from four different individuals located in country B on December 21. The aggregate of the wire transfers falls below the legal reporting threshold.
- D. A large number of wire transfers are sent from a large number of senders in country A to a large number of recipients in country B during the period of December 1 to December 15.
Answer: B
NEW QUESTION # 311
The findings of an internal audit discover that a large group of employees do not know how to handle Politically Exposed Persons (PEPs). Which is the next course of action that should be taken?
- A. Ensure all new-hire individuals have in-depth knowledge of PEPs.
- B. Create a company-wide training program.
- C. De-risk all PEPs from the financial institution (FI) to ensure compliance.
- D. Revamp the compliance program to better identify PEPs.
Answer: B
NEW QUESTION # 312
Bank A is located in Country A.
A wire transfer from Bank B located in Country B is processes by Bank A,where the funds are being moved to a customer at Bank C located in Country C.
The wire transfer isdeemed suspicious by Bank A.
- A. The transaction in Country B.
- B. Bank B in Country A.
- C. Bank C in Country C.
- D. The transaction in Country A.
Answer: B
NEW QUESTION # 313
You plan to build an application that will perform predictive analytics. Users will be able to consume the application data by using Microsoft Power BI or a custom website.
You need to ensure that you can audit application usage.
Which auditing solution should you use?
- A. Azure Application Insights
- B. Azure diagnostics logs
- C. Azure Active Directory (Azure AD) reporting
- D. Azure Storage Analytics
Answer: C
Explanation:
Explanation/Reference:
References:
https://docs.microsoft.com/en-us/azure/active-directory/reports-monitoring/concept-audit-logs
NEW QUESTION # 314
Your company has recently deployed 5,000 Internet-connected sensors for a planned AI solution.
You need to recommend a computing solution to perform a real-time analysis of the data generated by the sensors.
Which computing solution should you recommend?
- A. an Azure HDInsight Hadoop cluster
- B. an Azure HDInsight R cluster
- C. an Azure HDInsight Storm cluster
- D. Azure Notification Hubs
Answer: A
Explanation:
Azure HDInsight makes it easy, fast, and cost-effective to process massive amounts of data.
You can use HDInsight to process streaming data that's received in real time from a variety of devices.
References:
https://docs.microsoft.com/en-us/azure/hdinsight/hadoop/apache-hadoop-introduction
NEW QUESTION # 315
According to the Second European Union Money Laundering Directive, what may knowledge of criminal conduct be inferred from?
- A. Objective, non-factual circumstances
- B. Objective, factual circumstances
- C. Subjective, factual circumstances
- D. Subjective, non-factual circumstances
Answer: B
NEW QUESTION # 316
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The CAMS certification is a highly regarded credential in the AML field that demonstrates the holder's knowledge and skills in detecting, preventing, and enforcing anti-money laundering regulations. Certified Anti-Money Laundering Specialists certification exam is designed to test the candidate's understanding of various AML topics and can be taken by meeting certain eligibility requirements. Earning the CAMS certification can lead to numerous career opportunities and benefits.
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