ACAMS Updated CAMS Exam Questions and Answers by marcel

The bank’s existing anti-money laundering training is not adequate to be delivered to the employees of the newly acquired credit card business, because anti-money laundering training needs to be tailored and focused on the risks specific to the business. Credit card businesses face different types of money laundering risks than retail banks, suchas card-not-present fraud, identity theft, card skimming, and prepaid card abuse. Therefore, the anti-money laundering training for credit card businesses should cover the specific red flags, indicators, typologies, and mitigation measures related to these risks, as well as the relevant laws and regulations that apply to credit card businesses.

CAMS Study Guide, 6th Edition, Chapter 4, Section 4.31

CAMS Study Guide, 6th Edition, Chapter 5, Section 5.21

Certification Candidate Handbook, Section 3.22

Latest CAMS Exam Questions, Question 433

A court order is a legal document issued by a judge or a magistrate that authorizes or requires a person or an entity to perform or refrain from performing a certain action. A court order to freeze an account is a legitimate request that requires the bank to comply, as it is a binding and enforceable order that may be issued for various reasons, such as preventing the dissipation of assets, preserving evidence, or facilitating the recovery of funds. A bank that receives a court order to freeze an account should follow its policies and procedures to verify the authenticity and validity of the order, and to implement the freeze as instructed by the order. A bank should also file a SAR if it suspects or has reason to suspect that the account is involved in suspicious or illicit activity.

The other options are not legitimate requests that require the bank to respond. A verbal request to keep an account open, a written request to seize privileged documents, or a request to producedocuments and testimony without a subpoena are not legally binding or enforceable, and may violate the bank’s obligations to protect the privacy and confidentiality of its customers. A bank may choose to cooperate with law enforcement in these situations, but it is not required to do so. A bank should also consider the potential risks and implications of maintaining an account or disclosing information that may be related to suspicious or illicit activity, and consult with its legal counsel as appropriate.