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NEW QUESTION 151
What is an example of the integration stage of money laundering involving a bank or another deposit-taking institution?

• A. Wiring illicit funds from an account at one bank to an account at another bank
• B. Directing third parties to exchange illicit cash for negotiable instruments
• C. Depositing illicit funds into an account set up for a front company
• D. Using illicit funds that had previously been deposited to purchase a luxury vehicle

Answer: D

Explanation:
Explanation/Reference: https://www.moneylaundering.ca/public/law/3_stages_ML.php

 

NEW QUESTION 152
In order to protect investigative materials from disclosure when conducting an internal
Investigation of any employee of a financial institution, legal counsel of that financial
should________ ?

• A. Not mark files or documents with privileged and Confidential: Attorney-Client Privilege and/orWork-Product. Those marks will only encourage law enforcement or opposing attorneys to seizethose files
• B. Refuse to provide any records or documents to law enforcement because the bank has clientprivilege with its bank customers
• C. Let the bank hire any and all contract investigators to conduct the internal investigation. Thatway Legal is not a party to the action and may remain independent
• D. Request formal companyauthorizationto conduct the investigation. Such authorization shouldbe granted, if possible, by the board of directors or audit committee

Answer: D

 

NEW QUESTION 153
Why do trusts established in certain offshore jurisdictions make good vehicles to launder money?

• A. Names of the settlor and beneficiaries are not publicly available
• B. Offshore jurisdictions are unfamiliar with trusts
• C. Trusts are typically set up to minimize taxes
• D. Trusts may hold asset of significant size

Answer: D

 

NEW QUESTION 154
An anti-money laundering officer for a financial institution has been conducting a monthly self assessment.
The officer reviews the accounts increase in compliance with a long standing know your Customer policy. The self-assessment for the latest month shows a significant increase in compliance deficiencies for the first time in more than a year. What is the nest course of action for the anti-money laundering officer to take?

• A. Inform the Board of Directors promptly of the Know Your Customer policy trend over the last sixmonths.
• B. Determine if there is a readily identifiable cause for the deficiencies
• C. Revise the policy to simplify Know Your Customer compliance before the report is issued
• D. Implement a revision to the account-opening training program

Answer: D

 

NEW QUESTION 155
Which of the following is the main reason Internet gambling is an ideal web-based money laundering method?

• A. Ability to transfer value across jurisdictions.
• B. Ease of connection and low subscription rate with major Internet service providers.
• C. Large number of offshore websites located in known high-crime areas.
• D. High credibility of gambling websites.

Answer: A

 

NEW QUESTION 156
You plan to deploy two AI applications named AI1 and AI2. The data for the applications will be stored in a relational database.
You need to ensure that the users of AI1 and AI2 can see only data in each user's respective geographic region. The solution must be enforced at the database level by using row-level security.
Which database solution should you use to store the application data?

• A. Microsoft Azure Cosmos DB
• B. Microsoft Azure Database for MySQL
• C. Microsoft SQL Server on a Microsoft Azure virtual machine
• D. Microsoft Azure Data Lake Store

Answer: C

Explanation:
Row-level security is supported by SQL Server, Azure SQL Database, and Azure SQL Data Warehouse.
References:
https://docs.microsoft.com/en-us/sql/relational-databases/security/row-level-security?view=sql-server-2017

 

NEW QUESTION 157
Which two actions should Financial Intelligence Units (FIUs) take when submitting a request to another FIU?
(Choose two.)

• A. Make best efforts to provide complete and factual information
• B. Provide feedback on how the information was used
• C. Disclose the reason and purpose for the request
• D. Send the same request to all FIUs

Answer: A,C

 

NEW QUESTION 158
What should be part of an institution's monitoring and STR filing process? Choose 3 answers

• A. Review on a regular basis of all high-risk accounts and transactions
• B. Requirement that the Board of Directors approve the filing of an STR
• C. Periodic training on the identification of red flags
• D. Review of STR filing trends and typologies

Answer: A,C,D

 

NEW QUESTION 159
A bank's anti-money laundering section receives an anonymous tip that a customer might be engaging in possible money laundering.
Which two facts should be considered during the course of an investigation into this matter? (Choose two.)

• A. The customer has had a long-standing account at the bank
• B. The customer is on the exempt list for currency transaction reporting requirements
• C. The customer is issuing a number of wires to several relatively high-risk jurisdictions
• D. The customer's account has had a large volume of activity, but the month-end balance is usually low

Answer: C,D

 

NEW QUESTION 160
A popular restaurant in town has begun depositing less cash than it has in prior years. In a review of the customer's accounts, you notice that credit card receipts have increased with no explanation.
The account officer discovers that the restaurant has installed a privately-owned automated teller machine (ATM) onsite and has begun construction on a patio dining area.
Which red flag should trigger additional investigation?

• A. Privately-owned ATM
• B. Lower cash deposits
• C. Construction of the new patio dining area
• D. Increased credit card receipts

Answer: D

 

NEW QUESTION 161
Your company has a data team of Scala and R experts.
You plan to ingest data from multiple Apache Kafka streams.
You need to recommend a processing technology to broker messages at scale from Kafka streams to Azure Storage.
What should you recommend?

• A. Azure Functions
• B. Azure HDInsight with Microsoft Machine Learning Server
• C. Azure Databricks
• D. Azure HDInsight with Apache Storm

Answer: D

Explanation:
Explanation/Reference:
References:
https://docs.microsoft.com/en-us/azure/hdinsight/hdinsight-streaming-at-scale-overview?toc=https%3A%2F%
2Fdocs.microsoft.com%2Fen-us%2Fazure%2Fhdinsight%2Fhadoop%2FTOC.json&bc=https%3A%2F%
2Fdocs.microsoft.com%2Fen-us%2Fazure%2Fbread%2Ftoc.json

 

NEW QUESTION 162
What is the most effective criterion for determining the beneficial ownership of funds?

• A. Having signature authority over the account
• B. Being a person who is the trusted party in a correspondent banking relationship
• C. Having control over such funds or entitlement to such funds
• D. Being the person in whose name an account is opened with a financial institution

Answer: D

 

NEW QUESTION 163
How can dealers in high-value items be at risk for money laundering?

• A. Carrying large amounts of gems of high value is physically easy
• B. Drug dealers prefer cash to precious metals and gems
• C. The value of precious metals such as gold and silver is constantly fluctuating.
• D. Paperwork is not required to ship precious metals and gems

Answer: A

 

NEW QUESTION 164
Under requirements for correspondent accounts in the USA PATRIOT Act, the word "certification" refers to a written representation by a

• A. respondent bank, certifying that they do not do business with politically exposed persons.
• B. federal receiver" certifying that he is not the beneficial owner of the correspondent account.
• C. respondent bank, certifying that they do not do business with shell banks.
• D. correspondent bank, certifying that they do not open correspondent accounts for alternative remittance companies.

Answer: D

Explanation:
Explanation
Explanation/Reference:
The information contained in this Certification is sought pursuant to Sections 5318(j) and 5318(k) of Title 31 of the United State Code, as added by sections 313 and 319(b) of the USA PATRIOT Act of 2001 (Public Law 107-56).
This Certification should be completed by any foreign bank that maintains a correspondent account with any
U.S. bank or broker-dealer in securities (a covered financial institution as defined in 31 CFR 1010.605(e)). An entity that is not a foreign bank is not required to complete this Certification.
A foreign bank is a bank organized under foreign law and located outside of the United States (see definition at 31 CFR 1010.100(u)). A bank includes offices, branches, and agencies of commercial banks or trust companies, private banks, national banks, thrift institutions, credit unions, and other organizations chartered under banking laws and supervised by banking supervisors of any state (see definition at 31 CFR
1010.100(d)).
A correspondent account for a foreign bank is any account to receive deposits from, make payments or other disbursements on behalf of a foreign bank, or handle other financial transactions related to the foreign bank.
Special instructions for foreign branches of U.S. banks: A branch or office of a U.S. bank outside the United State is a foreign bank. Such a branch or office is not required to complete this Certification with respect to Correspondent Accounts with U.S. branches and offices of the same U.S. bank.

 

NEW QUESTION 165
A high-volume dealer of precious metals and stones in a high-risk jurisdiction is approached by a new customer interested in selling gold worth $200,000. The customer was referred by a longtime family friend of the dealer and provides no indication of background or business purpose for the sale. The dealer agrees to make the purchase based solely on the reference.
What is the money laundering red flag?

• A. A new customer is selling gold worth $200,000 to a high volume dealer
• B. The customer provides no background information or business purpose for the transaction
• C. The precious metals dealer is operating in a high-risk jurisdiction
• D. The customer was referred by a longtime friend of the dealer

Answer: B

 

NEW QUESTION 166
A European Union (EU) bank has a correspondent banking relationship with a U.S. bank. Under USA PATRIOT Act Section 311, the U.S. government has enacted special measures against a designated entity that has a payable-through account with the EU bank. Which of the following actions might the U.S. bank be required to take regarding the EU bank's services for the designated entity?

• A. Perform enhanced due diligence on the EU bank.
• B. Obtain additional information about customers permitted to use this account.
• C. Verify that the EU bank serves the designated entity.
• D. Ensure the designated entity's confidential information is not shared with other entities.

Answer: B

 

NEW QUESTION 167
Your company has factories in 10 countries. Each factory contains several thousand IoT devices.
The devices present status and trending data on a dashboard.
You need to ingest the data from the IoT devices into a data warehouse.
Which two Microsoft Azure technologies should you use? Each correct answer presents part of the solution.
NOTE: Each correct selection is worth one point.

• A. Azure Data Lake
• B. Azure Batch
• C. Azure Data Factory
• D. Azure Stream Analytics
• E. an Azure HDInsight cluster

Answer: A,E

Explanation:
With Azure Data Lake Store (ADLS) serving as the hyper-scale storage layer and HDInsight serving as the Hadoop-based compute engine services. It can be used for prepping large amounts of data for insertion into a Data Warehouse References:
https://www.blue-granite.com/blog/azure-data-lake-analytics-holds-a-unique-spot-in-the-modern-data- architecture

 

NEW QUESTION 168
Who has the ultimate responsibility within a bank for ensuring that the bank has a comprehensive and effective Bank Secrecy Act / anti-money laundering (BSA/AML) program and oversight framework that is reasonably designed to ensure compliance with applicable regulations?

• A. Business line managers
• B. BSA/AML compliance officer
• C. Board of directors
• D. Senior management

Answer: C

Explanation:
Explanation/Reference:

 

NEW QUESTION 169
Which aspect of the USA PATRIOT Act impacts foreign financial institutions?

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

Answer: C

 

NEW QUESTION 170
Historically, a tour guide has made monthly cash deposits averaging $10,000. Over the past three months, the monthly deposits have averaged $100,000. When the financial institution questions the increased deposits, the tour guide explains that there have been numerous conventions in town so business has increased substantially.
Which further action(s) should the financial institution take?

• A. Perform further investigation, if appropriate report the activity to the authorities and consider terminating the relationship
• B. Immediately terminate the relationship
• C. Schedule a periodic review of activity
• D. Perform further investigation, if appropriate report the activity to the authorities and place a limit on future transactions

Answer: A

 

NEW QUESTION 171
How can a 'free-look provision' as part of a life insurance policy help criminals to launder money?

• A. A policy owner can decide how to pay the premium within a pre-defined period.
• B. A policy owner is able to terminate the contract without penalties such as surrender charges.
• C. A policy owner has freedom to decide who the beneficiary of the policy will be and can in this way move money to an unrelated third party.
• D. A policy owner has freedom to decide who the beneficiary of the policy will be and can in this way move money to a related third party.

Answer: A

 

NEW QUESTION 172
......

Who should take the CAMS exam

The CAMS certification is an internationally-recognized credential that identifies persons who earn it as possessing specialized AML knowledge. AML professionals who earn the CAMS designation position themselves to be leaders in the business and to expertise professional growth. If a candidate wants significant improvement in career growth needs enhanced knowledge, skills, and talents. The CAMS certification provides proof of this advanced knowledge and skill. If a person fulfills the following eligibility requirements of the CAMS exam then he should take this exam.

• Provide three professional references.
• Document a minimum of 40 qualifying credits based on education, other professional certification and professional expertise in the field.
• Submit supporting documents.

 

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