ACAMS Quiz 16 Topic 2 Questions 76-80

Question: 1

In May 2002, the Wolfsberg Principles on Private Banking were revised and included a section that prohibits the use of internal non-client accounts in a manner that would prevent officials from appropriate monitoring movements of funds or keep clients from being linked to the movement of funds on their behalf.

What is another name for these internal, non-client accounts?

ATrust accounts

BCorrespondent accounts

CConcentration accounts

DPay through accounts

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Question: 2

What should a bank focus on to ensure on-going compliance with its AML program?

AIt should ensure that it develops and provides on-going targeted training of all current and new employees

BIt should subject all new employees to criminal background checks before being hired

CIt should review and update its transaction monitoring system

DIt should ensure that the regulators have reviewed and have approved the bank's AML program

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Question: 3

Why do trusts established in certain offshore jurisdictions make good vehicles to launder money?

ANames of the settlor and beneficiaries are not publicly available

BTrust are typically set up to minimize taxes

COffshore jurisdictions are unfamiliar with trusts

DTrusts may hold assest of significant size

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Question: 4

Federal law requires all U.S. financial institutions to secure and maintain all records and supporting documentation used m suspicious activity reporting for how many years?

A2 years

B5 years

C10 years

DNo requirement

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Question: 5

What is a criterion for FATF membership?

AThe country should be democracy

BThe country should be a member of a FATF-style regional body

CThe country should have already implemented all of the FATF Recommendations

DThe country should have already implemented the standards of the European Union Directives

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Acams CAMS Quiz:16 Topic:2 Questions:76-80