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ACAMS Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Sample Questions (Q68-Q73):

NEW QUESTION # 68
Which action should a financial institution take when it receives a grand-jury subpoena regarding a customer?

A. Make copies of the customer's documents and submit the originals to the enforcement agency.
B. Have the institution's assigned legal counsel review the subpoena.
C. Keep the customer's accounts open at the enforcement agency's verbal request.
D. Notify the customer being investigated before submitting documents.

Answer: B

Explanation:
A financial institution should consult with its legal counsel before responding to a grand jury subpoena regarding a customer, as such subpoenas may involve complex legal issues and potential conflicts of interest. A grand jury subpoena is a legal order issued by a federal or state grand jury that compels a person or entity to produce documents, testify, or both, in connection with a criminal investigation. A financial institution that receives a grand jury subpoena should not disclose its existence or contents to the customer or any third party, unless authorized by law or the court, as doing so may constitute obstruction of justice or violate the secrecy rules of the grand jury. A financial institution should also assess and review all relevant information it has about the customer that is the subject of the subpoena, in accordance with its risk-based AML program, and consider filing a SAR if it identifies any suspicious activity.
Reference:
1: This article provides an overview of the legal and practical considerations for financial institutions when responding to subpoenas, including the types of subpoenas, the rules that apply, the confidentiality and privilege issues, and the procedural steps to follow.
2: This document provides answers to frequently asked questions regarding SARs and other AML considerations, including the question of how to handle grand jury subpoenas and other law enforcement inquiries.

NEW QUESTION # 69
A financial institution's monitoring system triggers an alert and an internal investigation has confirmed the activity as suspicious. Which of the following should an anti-money laundering specialist do before submitting the suspicious transaction report?

A. Check with other financial institutions in accordance with the relevant law.
B. Add information related to the suspicious activity to the customer's account-opening file.
C. Secure documents related to the suspicious circumstances and the decision to report.
D. Contact the customer for further information without disclosing the suspicion.

Answer: C

Explanation:
The anti-money laundering specialist should secure all the documents related to the suspicious activity and the decision to report before submitting the suspicious transaction report (STR). This is to ensure that the evidence is preserved, the confidentiality is maintained, and the audit trail is documented. The documents may include the customer identification, transaction records, account statements, monitoring alerts, investigation reports, and any other relevant information12.
Checking with other financial institutions, adding information to the customer's file, or contacting the customer are not appropriate actions to take before submitting the STR. These actions may compromise the confidentiality of the report, alert the customer of the suspicion, or interfere with the investigation by the competent authorities12.

NEW QUESTION # 70
An employee hears a colleague on the telephone with a customer giving advice on how to ensure that a suspicious transaction report will not be filed as a result of a future transaction.
What action should the employee take?

A. Report the conversation to the local police
B. Ignore the situation because the colleague is the relationship manager for that customer
C. Tell the colleague that it is against policy to give such advice
D. Report the conversation to the compliance officer

Answer: D

Explanation:
According to the Anti-Money Laundering Specialist (the 6th edition) resources, the employee should report the conversation to the compliance officer because the colleague is engaging in tipping off, which is a serious violation of anti-money laundering laws and regulations. Tipping off is the act of informing a person or entity that they are the subject of a suspicious transaction report or an investigation, or providing any information that may compromise or impede the investigation. Tipping off can result in criminal penalties, civil liabilities, and disciplinary actions for the individual and the institution. Therefore, the employee has a duty to report the colleague's misconduct to the compliance officer, who is responsible for ensuring compliance with the anti- money laundering policies and procedures, and taking appropriate corrective actions.
:
CAMS Certification Package - 6th Edition | ACAMS, Chapter 3: Compliance Standards for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT), page 97 CAMS Certifications: How to Get CAMS Certified | ACAMS, CAMS Examination Preparation, page 8 ACAMS CAMS Certification Video Training Course - Exam-Labs, Module 3: Compliance Standards for Anti-Money Laundering and Combating the Financing of Terrorism, video 3.4: Tipping Off and Confidentiality Exam CAMS: Certified Anti-Money Laundering Specialist (the 6th edition), Question 8, Answer B

NEW QUESTION # 71
Which aspect of the USA PATRIOT Act impacts foreign financial institutions?

A. Providing authority to impose special measures on institutions that are of primary money-laundering concern
B. Requiring enhanced due diligence for foreign shell banks
C. Expanding the anti-money laundering program requirements to all foreign financial institutions
D. Expanding sanctions requirements to a U.S. financial institution's foreign branches

Answer: A

Explanation:
Reference: https://www.imf.org/external/np/leg/sem/2002/cdmfl/eng/tompki.pdf (8)

NEW QUESTION # 72
Law enforcement is confidentially investigating 20 individuals suspected of belonging to a criminal network allegedly involved in laundering tens of millions of euros for cybercriminals. Which actions need to be taken by the AML Specialist at a bank upon learning the alert? (Select Two.)

A. Perform a search on the bank's client data platform to determine if the bank has had any business with the named individuals.
B. N Send out an email to all of the bank's client advisors to request information on any of the individuals.
C. Respond to law enforcement that their request without a judicial order would breach the bank's General Data Protection Regulation duty with respect to its clients.
D. Report findings back to law enforcement only if they are of any significance.
E. Involve the bank's legal and compliance function to address the gravity of the matter.

Answer: A,E

Explanation:
According to the ACAMS CAMS Study Guide, 6th Edition, Chapter 4, Section 4.2, the AML Specialist at a bank should take the following actions upon receiving a confidential alert from law enforcement about suspected money launderers:
Involve the bank's legal and compliance function to address the gravity of the matter and ensure that the bank's response is appropriate and lawful. The legal and compliance function can also advise on the bank's obligations and rights under the relevant laws and regulations, such as the General Data Protection Regulation (GDPR), the Bank Secrecy Act (BSA), and the USA PATRIOT Act.
Perform a search on the bank's client data platform to determine if the bank has had any business with the named individuals or any related parties. The search should include current and past accounts, transactions, wire transfers, and other relevant records. The AML Specialist should also review any existing customer due diligence (CDD) and enhanced due diligence (EDD) information on the potential suspects and update them as necessary.
The other options are not recommended or required actions for the AML Specialist at a bank in this scenario:
Sending out an email to all of the bank's client advisors to request information on any of the individuals could compromise the confidentiality of the alert and expose the bank to legal and reputational risks. It could also alert the suspects or their associates and hinder the law enforcement investigation.
Reporting findings back to law enforcement only if they are of any significance is not sufficient or compliant with the bank's obligations to cooperate with law enforcement and report any suspicious activity. The AML Specialist should report any relevant information or findings to law enforcement as soon as possible, regardless of their significance, and follow the established procedures and protocols for information sharing and reporting.
Responding to law enforcement that their request without a judicial order would breach the bank's GDPR duty with respect to its clients is not accurate or helpful. The GDPR does not prohibit the bank from sharing personal data with law enforcement for the purposes of preventing, detecting, or investigating money laundering or other criminal activities, as long as the bank has a legal basis and safeguards for doing so. The bank should consult with its legal and compliance function to determine the best way to respond to the law enforcement request and balance its GDPR obligations with its anti-money laundering (AML) duties.
Reference:
ACAMS CAMS Study Guide, 6th Edition, Chapter 4, Section 4.2
General Data Protection Regulation (GDPR)
Bank Secrecy Act (BSA)
USA PATRIOT Act

NEW QUESTION # 73
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