CAMS - Chapter 4 Practice Questions With Verified Solutions.

According to the EU Directives an independent legal professional is obligated to report suspicion of money laundering in a client relationship when: A. Representing a client in a legal matter B. Ascertaining the legal position for a client C. Participating in financial or corporate transactions D. Obtaining information associated with a judicial proceeding - Answer C The FinCEN "Advisory to US Financial Institutions on Promoting a Culture of Compliance" published in 2014 listed six areas of emphasis. Which three areas below are included in that list: A. Leadership Should Be Engaged B. Information Should Be Shared Throughout the Organization C. Leadership and Staff Should Understand How Their BSA Reports are Used D. The Organization must have an Appropriately Qualified Compliance Officer - Answer A B C Which of the following should a national legislature consider when criminalizing money laundering in line with the CFAFT 19 Recommendations: A. Do not limit the number of specific predicate offenses for money laundering B. Criminalize conspiracy or association to engage in money laundering C. Indicate whether it is relevant that a predicate offense may have been committed outside the local jurisdiction D. Require money laundering offenses to prove that the offender has actual knowledge of a criminal connection to the funds - Answer A B C