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Question #11

A prospective AML officer comes highly recommended by a banks up-stream correspondent institution of similar size and make-up, located in a different city in the same country. The bank is interested in hiring the individual.

What should be the next step taken by the Board of Directors?

A . Do a thorough background check
B . Confer with its regulatory agency to determine whether it is appropriate to hire the person
C . Hire the individual, relying on the recommendation of its correspondent
D . Hire the individual on a probationary basis so that the institution can determine if the individual is sufficiently experienced and capable

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Question #12

Which Trust parties should be identified to determine the true nature of the Trust relationship according to Basel guidelines? (Choose three.)

A . Respondents
B . Payees
C . Trust Administrators
D . Trustees
E . Beneficiaries
F . Settlors/grantors

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Richtige Antwort: D E F
D E F

Explanation:

According to the Basel guidelines on customer due diligence for banks, a trust is a legal arrangement whereby a person (the settlor or grantor) transfers the legal ownership of specific assets to another person or entity (the trustee) to hold for the benefit of a third person or persons (the beneficiaries)1. The Basel guidelines recommend that banks should identify and verify the identity of the following parties to determine the true nature of the trust relationship:

The trustee, who is the person or entity that has the legal authority and duty to manage the trust assets and distribute them to the beneficiaries according to the trust deed2. The trustee may also be the settlor, the beneficiary, or both, depending on the type and structure of the trust3.

The beneficiaries, who are the persons or entities that have a beneficial interest in the trust assets or income, either presently or in the future4. The beneficiaries may be named individuals, classes of persons, or charitable causes.

The settlor or grantor, who is the person or entity that creates the trust and transfers the legal ownership of the assets to the trustee. The settlor or grantor may also retain some rights or powers over the trust, such as the ability to appoint or remove trustees, beneficiaries, or protectors. The other three options are incorrect because:

Respondents are not trust parties, but rather financial institutions that maintain correspondent banking relationships with other financial institutions. Respondents are not relevant for the identification of the trust relationship, but rather for the due diligence of the correspondent banking relationship.

Payees are not trust parties, but rather persons or entities that receive payments from the trust or other sources. Payees are not relevant for the identification of the trust relationship, but rather for the monitoring of the transactions and activities of the trust.

Trust administrators are not trust parties, but rather persons or entities that provide administrative services to the trust, such as accounting, record-keeping, or tax compliance. Trust administrators are not relevant for the identification of the trust relationship, but rather for the assessment of the risk

and complexity of the trust.

Reference: 1: Basel Committee on Banking Supervision, Customer due diligence for banks, October 2001, 4,p. 17 2: Basel Committee on Banking Supervision, Customer due diligence for banks, October 2001, 4, p. 17 3: ACAMS, CAMS Study Guide, 6th Edition, Chapter 5, p. 111 4: Basel Committee on Banking Supervision, Customer due diligence for banks, October 2001, 4, p. 17: ACAMS, CAMS Study Guide, 6th Edition, Chapter 5, p. 111: Basel Committee on Banking Supervision, Customer due diligence for banks, October 2001, 4, p. 17: ACAMS, CAMS Study Guide, 6th Edition, Chapter 5, p. 111: Basel Committee on Banking Supervision, Customer due diligence for banks, October 2001, 4, p. 10: ACAMS, CAMS Study Guide, 6th Edition, Chapter 5, p. 112: ACAMS, CAMS Study Guide, 6th Edition, Chapter 5, p. 112

Question #12

Which Trust parties should be identified to determine the true nature of the Trust relationship according to Basel guidelines? (Choose three.)

A . Respondents
B . Payees
C . Trust Administrators
D . Trustees
E . Beneficiaries
F . Settlors/grantors

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Richtige Antwort: D E F
D E F

Explanation:

According to the Basel guidelines on customer due diligence for banks, a trust is a legal arrangement whereby a person (the settlor or grantor) transfers the legal ownership of specific assets to another person or entity (the trustee) to hold for the benefit of a third person or persons (the beneficiaries)1. The Basel guidelines recommend that banks should identify and verify the identity of the following parties to determine the true nature of the trust relationship:

The trustee, who is the person or entity that has the legal authority and duty to manage the trust assets and distribute them to the beneficiaries according to the trust deed2. The trustee may also be the settlor, the beneficiary, or both, depending on the type and structure of the trust3.

The beneficiaries, who are the persons or entities that have a beneficial interest in the trust assets or income, either presently or in the future4. The beneficiaries may be named individuals, classes of persons, or charitable causes.

The settlor or grantor, who is the person or entity that creates the trust and transfers the legal ownership of the assets to the trustee. The settlor or grantor may also retain some rights or powers over the trust, such as the ability to appoint or remove trustees, beneficiaries, or protectors. The other three options are incorrect because:

Respondents are not trust parties, but rather financial institutions that maintain correspondent banking relationships with other financial institutions. Respondents are not relevant for the identification of the trust relationship, but rather for the due diligence of the correspondent banking relationship.

Payees are not trust parties, but rather persons or entities that receive payments from the trust or other sources. Payees are not relevant for the identification of the trust relationship, but rather for the monitoring of the transactions and activities of the trust.

Trust administrators are not trust parties, but rather persons or entities that provide administrative services to the trust, such as accounting, record-keeping, or tax compliance. Trust administrators are not relevant for the identification of the trust relationship, but rather for the assessment of the risk

and complexity of the trust.

Reference: 1: Basel Committee on Banking Supervision, Customer due diligence for banks, October 2001, 4,p. 17 2: Basel Committee on Banking Supervision, Customer due diligence for banks, October 2001, 4, p. 17 3: ACAMS, CAMS Study Guide, 6th Edition, Chapter 5, p. 111 4: Basel Committee on Banking Supervision, Customer due diligence for banks, October 2001, 4, p. 17: ACAMS, CAMS Study Guide, 6th Edition, Chapter 5, p. 111: Basel Committee on Banking Supervision, Customer due diligence for banks, October 2001, 4, p. 17: ACAMS, CAMS Study Guide, 6th Edition, Chapter 5, p. 111: Basel Committee on Banking Supervision, Customer due diligence for banks, October 2001, 4, p. 10: ACAMS, CAMS Study Guide, 6th Edition, Chapter 5, p. 112: ACAMS, CAMS Study Guide, 6th Edition, Chapter 5, p. 112

Question #14

Which does the USA PATRIOT Act stipulate for foreign banks concerning correspondent banking?

A . US banks that maintain correspondent accounts for foreign banks must keep identification records of foreign bank owners with 50% or more ownership in the bank
B . A subpoena issued to a foreign bank that maintains a correspondent account in the US can require the bank to submit any records except for records in a foreign jurisdiction.
C . The US federal banking agency can require foreign banks to produce records or information related to any account opened in the US or other countries.
D . Illicit funds deposited with a foreign bank can be seized by the US government by confiscating the same amount of funds deposited in a correspondent account in the US.

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Question #15

Which method is indicative of potential money laundering and terrorist financing activity?

A . Client converts 500 Euro in mixed denomination notes to small denomination U.S. bills in a single transaction
B . A commercial client in the export business regularly receives wire transfers from high risk countries
C . An unknown client purchases multiple monetary instruments for one person during the course of one day
D . An unknown client pays $1,000 in cash for an urgent transfer to a high risk country

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Question #16

The law enforcement agency (LEA) of a foreign jurisdiction contacts a financial institution (Fl) regarding one of the Fl’s clients. The LEA advises that the client is currently wanted for prosecution as a result of a series of human trafficking charges.

What should the Fl do? (Select Two.)

A . Review the client’s activity, determine if suspicious activity exists, and report accordingly.
B . Advise the LEA that the government needs to be contacted for extradition.
C . Comply immediately with the foreign jurisdiction and turn over all client information.
D . Inform local LEA and regulator of the request for awareness.
E . Close the clients accounts immediately to avoid any undue risk.

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Question #17

A director of a financial institution was convicted of laundering money as part of a Ponzi scheme and terminated. As a result of an internal investigation evidence proved that an employee assisted in the illegal activity.

Which action should the institution take?

A . Discipline the employee with no further action
B . Discipline the employee and inform local authorities
C . Since the employee was not charged, no further action is required
D . Require all employees to complete additional anti-money laundering training

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Question #18

AML training programs should extend beyond basic concepts to deliver targeted training by:

A . offering internal policies training, such as customer identification and verification procedures and policies.
B . offering general background and history training pertaining to money laundering controls.
C . offering periodic refresher training on AML bases (usually annually) for existing employees.
D . offering appropriate training tailored to the individual’s specific roles, such as alerts for investigators and suspicious activity report writers.

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Question #19

Which three stages of money laundering are on-line banking vulnerable to?

A . Placement
B . Layering
C . Integration
D . Structuring

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Richtige Antwort: A, B, C
A, B, C

Explanation:

Online banking is vulnerable to all three stages of money laundering, namely placement, layering, and integration, because it allows the movement of funds across different accounts, jurisdictions, and institutions with speed, anonymity, and convenience. Online banking can facilitate the following money laundering methods:

Placement: The initial stage of money laundering, where illicit funds are introduced into the financial system. Online banking can enable placement by allowing the deposit of cash or checks through ATMs, mobile devices, or remote deposit capture, or the transfer of funds from prepaid cards, digital wallets, or cryptocurrencies to bank accounts.

Layering: The second stage of money laundering, where illicit funds are moved, disguised, or concealed to obscure their origin and ownership. Online banking can enable layering by allowing the transfer of funds between multiple accounts, often in different jurisdictions or currencies, or the purchase of financial products or services, such as money orders, wire transfers, or online gambling, that create complex transaction trails.

Integration: The final stage of money laundering, where illicit funds are reintroduced into the legitimate economy as apparently legal income or assets. Online banking can enable integration by allowing the transfer of funds to legitimate businesses, investments, or charities, or the purchase of goods or services, such as real estate, luxury items, or travel, that provide a cover for the source of funds.

Reference: ACAMS CAMS Certification Video Training Course1, Module 2: Money Laundering Risks and Methods, Lesson 2.1: The Three Stages of Money Laundering

ACAMS CAMS Study Guide, 6th Edition2, Chapter 2: Money Laundering Risks and Methods, Section 2.1: The Three Stages of Money Laundering, pp. 29-34

ACAMS CAMS Examination Preparation Seminar, 6th Edition3, Chapter 2: Money Laundering Risks and Methods, Section 2.1: The Three Stages of Money Laundering, Slides 9-13

Question #20

One key aspect of promoting an enterprise-wide compliance culture within a financial institution (FI)

is that the:

A . first line of defense should establish its own policies independently.
B . revenue generating business sectors should have precedence over compliance.
C . relevant information should be shared throughout the organization.
D . cost of compliance should increase proportionately to revenues.

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