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AML Certification Certified Anti-Money Laundering Specialist (the 6th edition)

Certified Anti-Money Laundering Specialist (the 6th edition)

Last Update Apr 29, 2025
Total Questions : 772

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Questions 2

According to the Basel Committee on Banking Supervision standards, which statements best describe sound practices in relation to customer due diligence (CDD) policies and procedures? (Choose three.)

Options:

Banks should identify its customers based on a general-rules based assessment without considering the expected size and use of the account.

Banks should never allow for verification to be completed after the establishment of the business relationship since it would not be essential for the normal conduct of business.

Banks should take into consideration the occasional banking transaction or the size/level of assets to build an understanding of the customer's profile and behavior.

Banks should develop and implement clear acceptance policies and procedures to identify the types of customer that are likely to pose a higher risk of financing terrorism or money laundering.

Banks should implement enhanced due diligence measures for entering business relationships with high-risk customers, such as approval by senior management.

Banks should use CDD procedures based in another bank's standards when subject to the same criteria for handling funds of a shared customer.

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Questions 3

According to the USA PATRIOT Act, under which condition would US financial institutions (Fls) maintain correspondent accounts for foreign shell banks?

Options:

US Fls cannot maintain correspondent bank accounts for foreign shell banks.

US Fls can open correspondent bank accounts for foreign shell banks but only in certain countries.

US Fls must undertake a rigorous, risk-based approval process to open correspondent bank accounts for foreign shell banks.

US Fls must be certified by the Financial Action Task Force to maintain correspondent accounts for foreign shell banks.

Discussion 0

Questions 4

Which type of sanctions are most likely to be used in order to avoid escalating violent conflicts and/or proliferation of weapons?

Options:

Financial prohibitions

Export and import restrictions

Arms and related materials embargo

Asset freeze

Discussion 0

Questions 5

A client who owns a swimming pool company requests to open 19 accounts at a bank, each with a debit card for its swimming pool technicians. When asked about the purpose of each account, the client explains that each technician needs a separate checking account to purchase pool chemicals.

Which available source could be used in the bank’s internal investigation on this client’s activities?

Options:

Client’s credit bureau report

Local law enforcement investigation report

Interview swimming pool technicians and chemical suppliers

Internet search showing how such business are typically operated

Discussion 0

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2025-03-10