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Exam Name:	Certified Anti-Money Laundering Specialist (the 6th edition)
Exam Code:	CAMS Dumps
Vendor:	ACAMS	Certification:	AML Certification
Questions:	811 Q&A's	Shared By:	juniper

Question 68

An organization is developing a comprehensive anti-money laundering (AML) framework.

Which of the following statements best describes the relationship between AML policies and procedures?

Options:

Policies are detailed instructions for specific processes. Procedures are an overarching framework. Neither policies nor procedures are mandatory for knowledge and adherence

Policies are broad guidelines. Procedures are detailed Instructions for specific processes. Only procedures are mandatory for knowledge and adherence.

Policies are detailed instructions for specific processes Procedures are an overarching framework Both policies and procedures are mandatory for knowledge and adherence.

Policies define the principles of an organization and influence the drafting of procedures. Procedures are detailed instructions for specific processes.

Discussion

Question 69

Whichpersons must always comply with all Office of Foreign Assets Control (OFAC) regulations? (Select Three.)

Options:

U.S. citizens regardless of location.

Non-U.S. financial institutions that offer accounts in USD regardless of location.

Merchants that offer U.S.-origin goods for sale regardless of location.

U.S.-incorporated entities and their foreign branches.

Permanent U.S. resident aliens regardless of location.

Discussion

Question 70

AnAML compliance officeris drafting plans toaddress deficiencies identified in an independent audit.

Which approach is thebest option?

Options:

Draft action plans in consultation with the jurisdiction’s FIU to remain aligned with other similar companies.

Only commit to action plans that can be implemented and closed within the three-month management reporting cycle.

Draft action plans that will take many months to fully implement to address the root cause of the deficiencies.

Only commit to action plans that require no new investment to maximize shareholder value.

Discussion

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Question 71

Whichrisk factors should a financial institution (FI) examinefor anew corporate customer intending to open a bank account? (Select Three.)

Options:

Thetype of businessthe corporate customer is engaged in.

Theemployment profilesand information of all employees of the new customer.

All thefinancial institutions where the new customer currently banks or banked previously.

Theidentity of senior managing officialsand all individuals authorized to operate the account.

Thecountry or locationwhere the customer is from or conducts business.