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NEW QUESTION # 20
How should a financial institution respond to a verbal request from a law enforcement agency to keep an account open to assist in an investigation?
- A. Request a subpoena to maintain the account
- B. Agree to keep the account open
- C. Request a letter on the agency's letterhead
- D. Request a search warrant from the local court
Answer: C
Explanation:
Reference: http://files.acams.org/pdfs/English_Study_Guide/Chapter_5.pdf (12)
NEW QUESTION # 21
You have a solution that runs on a five-node Azure Kubernetes Service (AKS) cluster. The cluster uses an N- series virtual machine.
An Azure Batch AI process runs once a day and rarely on demand.
You need to recommend a solution to maintain the cluster configuration when the cluster is not in use. The solution must not incur any compute costs.
What should you include in the recommendation?
- A. Downscale the cluster to one node
- B. Delete the cluster
- C. Downscale the cluster to zero nodes
Answer: A
Explanation:
An AKS cluster has one or more nodes.
References:
https://docs.microsoft.com/en-us/azure/aks/concepts-clusters-workloads
NEW QUESTION # 22
The compliance officer for a private bank has been tasked with reviewing the procedure for authorized signatories on customer accounts to ensure it is in line with relevant Wolfsberg Anti-Money Laundering Principles for Private Banking.
Which three statements from the procedure are in line with Wolfsberg? (Choose three.)
- A. Where due diligence has been satisfactorily completed on all authorized signers, the responsible private banker may reduce the due diligence performed on the account holder and/or beneficial owner.
- B. Where the Authorized Signatory is not a lawyer or accountant, due diligence as to the source of funds and wealth of the Authorized Signatory should be undertaken.
- C. If an individual has signing authority over an account but does not act on a professional basis as a manager of funds, the responsible private banker must understand and document the relationship between that authorized signer, the account holder, and, if different, the beneficial owner of the account.
- D. The responsible private banker must establish the identity of a holder of general powers over an account (e.g. a signatory for the account) and, as appropriate, verify that identity.
- E. The responsible private banker must obtain the necessary documentation establishing the authorized signer's authority to act on behalf of the account holder or beneficial owner (e.g. a Power of Attorney).
Answer: A,C,E
Explanation:
Reference:
https://www.wolfsberg-principles.com/sites/default/files/wb/pdfs/faqs/20.%20Wolfsberg-FAQs-on-Intermediarie
NEW QUESTION # 23
Sanctions screening requirements include that a financial institution should:
- A. immediately freeze the bank account of an individual that appears on a sanctions list.
- B. report an individual whose name appears on a sanctions list to the police.
- C. immediately close the bank account of an entity who appears on a sanctions list.
- D. compare customer and transaction records against periodically updated sanctions lists provided by governmental bodies.
Answer: D
Explanation:
Explanation
Compare customer and transaction records against periodically updated sanctions lists provided by governmental bodies. This is stated in the Certified Anti-Money Laundering Specialist (the 6th edition) manual on page 595, which states: "Sanctions screening requirements include that a financial institution should compare customer and transaction records against periodically updated sanctions lists provided by governmental bodies."
NEW QUESTION # 24
The Wolfsberg Anti-Money Laundering Principles for Private Banking require new clients to be approved by whom?
- A. The board of directors
- B. Only the private banker
- C. The private banker's supervisor
- D. At least one person other than the private banker
Answer: D
NEW QUESTION # 25
A compliance officer was recently reviewing transactional data for an international charity and found transactions that present a higher risk.
Which reason is cause for terminating the banking relationship?
- A. The charity has several incoming international funds transfers
- B. The charity is headquartered in a country on the Office of Foreign Assets Control list
- C. The flow of funds both in and out are complex and hard to trace
- D. The charity has had a high a high turnover rate of official positions
Answer: C
NEW QUESTION # 26
When creating an anti-money laundering program for a foreign bank with branches in the United States, which of the following are included among the four minimum elements required under the USA PATRIOT Act?
1. The development of a Know Your Customer program.
2. An ongoing employee training program.
3. The designation of a compliance officer.
4. An independent audit function to test the program.
- A. 1, 3, and 4 only
- B. 1, 2, and 4 only
- C. 1, 2, and 3 only
- D. 2, 3, and 4 only
Answer: D
NEW QUESTION # 27
You plan to design an application that will use data from Azure Data Lake and perform sentiment analysis by using Azure Machine Learning algorithms.
The developers of the application use a mix of Windows- and Linux-based environments. The developers contribute to shared GitHub repositories.
You need all the developers to use the same tool to develop the application.
What is the best tool to use? More than one answer choice may achieve the goal.
- A. Microsoft Visual Studio
- B. Microsoft Visual Studio Code
- C. Azure Notebooks
- D. Azure Machine Learning Studio
Answer: D
Explanation:
Explanation/Reference:
References:
https://github.com/MicrosoftDocs/azure-docs/blob/master/articles/machine-learning/studio/algorithm-choice.md
NEW QUESTION # 28
Bank A is located in Country A.
A wire transfer from Bank B located in Country B is processes by Bank A,where the funds are being moved to a customer at Bank C located in Country C.
The wire transfer isdeemed suspicious by Bank A.
- A. Bank B in Country A.
- B. The transaction in Country B.
- C. The transaction in Country A.
- D. Bank C in Country C.
Answer: A
NEW QUESTION # 29
How does the Financial Action Task Force (FATF) communicate its findings regarding jurisdictions with strategic anti-money laundering / Counter Financing of Terrorism deficiencies?
- A. By issuing documentation to the private sector
- B. By issuing two formal documents three times per year
- C. By issuing four formal documents to the deficient jurisdictions
- D. By issuing informal communication to FATF members
Answer: C
NEW QUESTION # 30
What must be materially true regarding transactions for United States (U.S.) sanctions laws to have jurisdiction?
- A. Transactions are stripped of beneficial owner information
- B. Transactions are identified as proceeds of foreign corruption
- C. Transactions are processed by a U.S. person
- D. Transactions are traced to illegal proceeds
Answer: C
NEW QUESTION # 31
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. Refuse to provide any records or documents to law enforcement because the bank has client privilege with its bank customers
- B. Not mark files or documents with privileged and Confidential: Attorney-Client Privilege and/or Work- Product. Those marks will only encourage law enforcement or opposing attorneys to seize those files
- C. Request formal company authorization to conduct the investigation. Such authorization should be granted, if possible, by the board of directors or audit committee
- D. Let the bank hire any and all contract investigators to conduct the internal investigation. That way Legal is not a party to the action and may remain independent
Answer: C
NEW QUESTION # 32
In many jurisdictions, financial institutions are prohibited from hiring a person who has been convicted of what type of offense?
- A. Offenses involving dishonesty
- B. Protests of government action
- C. Kidnapping
- D. Driving while under the influence
Answer: A
Explanation:
Explanation
Explanation/Reference:
NEW QUESTION # 33
A U.K. real estate agent has three foreign clients interested in purchasing an apartment building, valued at £30 million, in the outskirts of London as an investment property. The clients are not willing to have their names provided to the bank. The clients want to purchase to be made in the names of three private companies for privacy reasons. The plan is to wire the funds into an account held in the name of another private company at a bank in London.
Which red flag should stop the agent from discussing this potential purchase further?
- A. The clients have the funds necessary to fund a £30 million purchase
- B. The clients want to purchase to be made in the names of the private companies
- C. The clients are foreign
- D. The clients are not willing to have their names provided to the bank
Answer: D
NEW QUESTION # 34
Which of the following best describes the Black Market Peso Exchange money laundering method?
- A. A method used to smuggle dollars or pesos across the border from the United States to Mexico, and vice versa
- B. A method primarily used by narcotics traffickers to transfer value back to the source country
- C. The best known money laundering method used by known terrorists
- D. An undercover technique to identify politically exposed persons who may assist money launderers
Answer: A
NEW QUESTION # 35
During an ongoing investigation into a client's activities by a competent authority, a compliance officer should
- A. Communicate with regulatory and law enforcement authorities in line with applicable local laws.
- B. Communicate only in writing with regulatory and law enforcement authorities in line with applicable local laws.
- C. Limit communication with regulatory and law enforcement authorities to the absolute minimum.
- D. Ensure communication with regulatory and law enforcement authorities is conducted only through senior management.
Answer: A
NEW QUESTION # 36
A profitable commercial customer who operates an import-export business has multiple accounts with the same institution at branches m different locations. The customer receives funds from a jurisdiction perceived as highly corrupt according to Transparency International ratings. The customer makes frequent transfers among the accounts and prefers to manage the accounts separately. What should the institution do to mitigate the risk associated with these accounts?
- A. Diminish the importance of the subjective Transparency International rating
- B. Develop a system to monitor all the activity
- C. File a suspicious transaction report
- D. Conduct a trade-price manipulation analysis
Answer: C
NEW QUESTION # 37
What should an employee do after witnessing suspicious activity from a coworker?
- A. Request help from colleagues in determining that the best course of action.
- B. Request that the coworker provide justification for their actions.
- C. Discuss the suspicious activity with your supervisor.
- D. Escalate to the company's conflict line or compliance department.
Answer: D
Explanation:
Explanation
An employee who witnesses suspicious activity from a coworker should not confront the coworker or discuss the activity with their supervisor. Instead, they should report the activity to their employer's conflict line or compliance department, who can investigate the matter and take the appropriate action. It is important to remember that employees are legally obligated to report any suspicious activity they witness.
NEW QUESTION # 38
Which method is indicative of potential money laundering and terrorist financing activity?
- A. An unknown client pays $1,000 in cash for an urgent transfer to a high risk country
- B. Client converts 500 Euro in mixed denomination notes to small denomination U.S. bills in a single transaction
- C. An unknown client purchases multiple monetary instruments for one person during the course of one day
- D. A commercial client in the export business regularly receives wire transfers from high risk countries
Answer: A
NEW QUESTION # 39
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