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Question 1 of 30
1. Question
The segregation of duties is the assignment of various steps in a business process to different employees, what are the three general functions that should be assigned to different people?
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The three general functions should be assigned to different people: (1) Physical custody of assets. (2) Record keeping of assets. (3) Authorization to acquire or dispose of assets.
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Question 2 of 30
2. Question
All of the following are examples of effective controls at the enterprise level, except?
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Examples of effective controls at the enterprise level include Tone at the Top, Engagement of Senior Management, Ethical Code, and Privacy and Confidentiality.
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Question 3 of 30
3. Question
An example of effective controls at the front line unit includes Manual Control, which defines as?
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Manual control is a simple control where an employee or manager is required to review and authorize a transaction before it can be permitted to move to the next stage. It is susceptible to human error which affects their reliability over time.
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Question 4 of 30
4. Question
One effective control for the front line unit is information and technology controls. What does it do to help front line units?
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Information and technology controls can be more reliable, due to the consistency of their execution. Its logic within the computer application must be accurate and it’s essential that the information technology department has strong change management controls to update existing applications and the implementation of new systems that do not disrupt the business.
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Question 5 of 30
5. Question
In internal controls, the policy and procedures should at least include which of the following?
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The policy and procedures should include (1) The periodic refresh procedures for existing customers that must be completed with a frequency that is dictated by the AML/CTF risk represented by the customer. (2) A definition of data integrity that must be enforced. (3) A list relating to the North America Industry Classification System Codes to the AML/CTF risk rating of customer groups. (4) The criteria for exiting a customer relationship.
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Question 6 of 30
6. Question
In the United States, a new CDD rule was in effect on May 11, 2018, what should it establish in banks?
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The banks must establish risk-based CDD procedures that enable them to understand the nature and purpose of the customer relationship, to monitor accounts for the purpose of identifying and reporting suspicious transactions and to maintain beneficial ownership information of legal entity customers on a risk basis.
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Question 7 of 30
7. Question
What is a significant component of the risk governance framework?
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A significant component of the risk governance framework is regular reporting of the status of the AML/CTF program.
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Question 8 of 30
8. Question
When a financial institution is designing a training program, to whom’s needs should it consider?
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A financial institution must design and execute a process for the training needs of every employee, including all contingent workers, interns and consultants.
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Question 9 of 30
9. Question
One type of training analysis is “personnel”, how is it defined in training analysis?
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Personnel is the review of the actual job performance of the employees themselves.
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Question 10 of 30
10. Question
In communication and training, what is the focus of job function analysis?
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It focuses on the tasks to be performed and the knowledge, skills, and abilities (KSAs) required for employee performance.
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Question 11 of 30
11. Question
In the courses to be given in training programs in financial institutions, what should be included together with the AML/CTF risks?
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Inherent risks to medium and low priority products can be used for financial crime, it is equally important to identify. Recognizing how a financial crime occurs, enables employees to consider potential scenarios and use cases involving their own products.
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Question 12 of 30
12. Question
A standard template with standard terminologies should be consistently used in financial institutions, what information should be included in a template?
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The template should include Line of business name, Front line unit name, Cost center, Job title name, Job title code, and more.
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Question 13 of 30
13. Question
There are suggested ratings for the AML/CTF Personnel Risk Ranking, and one is called as “high rating”, how is it described?
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A high rating is where the job function has the potential to detect or report potentially suspicious activity. It includes jobs involving KYC, compliance, internal audit, private banking, a teller and processing high-risk products and services.
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Question 14 of 30
14. Question
What are the components of an enterprise training and communication plan?
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The components include formal, and informal training, and communication.
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Question 15 of 30
15. Question
What resulted in the financial crisis of 2007-2008?
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The result of the financial crisis of 2007-2008, had a significant effect on the global economy, coupled with significant AML/CTF failures, the supervisory agencies, all over the globe, began to reconsider their supervisory strategies. So, financial institutions are required to manage risk more effectively and openly.
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Question 16 of 30
16. Question
Which of these should be included in a course template?
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A course template should have the following course name, reference number, course title, name of the owner, version number, and more.
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Question 17 of 30
17. Question
A training course contains the following, except?
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It contains a statement by the board of directors or senior management endorsing the culture of compliance; an affirmation by the employee confirming course attendance for both in-person and online courses; all relevant legal, regulatory and internal policies and procedures with consequences for compliance failures and contact personnel, and a description of the risk governance framework and risk assessment processes followed by the financial institution.
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Question 18 of 30
18. Question
Which of the following people needs appropriate training and be reminded of the need to constantly drive the importance of the culture of compliance?
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It is the senior management who needs appropriate training and to be reminded to constantly drive the importance of the culture of compliance.
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Question 19 of 30
19. Question
In training metrics, a summary of all attendance and assessment details should be published on a regular basis, including all of the following except?
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Training metrics should include: Attendance at external courses and conferences.; Average scores by course.; Summary of course evaluations.; Course maintenance schedule.
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Question 20 of 30
20. Question
What does a robust training material management program will include?
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It will include the restriction of editing or changing course material, except for the approved members of the financial crimes training faculty.
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Question 21 of 30
21. Question
What is the difference of Advanced CAMS Risk Management and CAMSAudit and CAMS-FCI?
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Advanced CAMS Risk Management will focus on demonstrating an advanced understanding of managing financial crime risk concepts, processes, regulations, and best practices. It isn’t “less” or “more” than the other advanced certifications; it is just different and accessible to more people.
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Question 22 of 30
22. Question
Federal Reserve views applicable to large banking organizations with complex compliance profiles in the following areas, except?
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The areas included are Organizations that should implement a firmwide approach to compliance risk management and oversight.; Independence of compliance staff. ; Compliance monitoring and testing.; Responsibilities of boards of directors and senior management regarding compliance risk management and oversight.
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Question 23 of 30
23. Question
The following are objectives of governance structure, except?
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“We study the governance structure:
To develop knowledge for managing a risk governance framework to an acceptable standard.
To develop skills for managing a risk governance framework to an acceptable standard.
To introduce an appreciation of a risk governance framework and a recognition of the important success factors. ” -
Question 24 of 30
24. Question
What is the Federal Reserve issued on June 8, 2016, that is in line with the OCC guidelines?
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On June 8, 2016, The Federal Reserve issued SR-16-11 entitled “Supervisory Guidance for Assessing Risk Management at Supervised Institutions with Total Consolidated Assets Less than $50 Billion.” It is very much in line with the OCC guidance and in conformance with the Basel Committee definition of operational risk, the guidance does address the needs of smaller institutions.
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Question 25 of 30
25. Question
What is the partnership between law enforcement and the financial sector to exchange and analyze information relating to money laundering and wider economic threats?
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Joint Money Laundering Intelligence Taskforce (JMLIT) was formed in 2015, by the National Economic Crime Centre (NECC) in the United Kingdom.
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Question 26 of 30
26. Question
“The OCC Guidelines” specify standards for the risk governance structure. The board of directors should oversee the covered bank’s compliance with safe and sound banking practices as well as independent judgment, meaning?
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Exercise independent judgment when providing active oversight, each member of the board of directors should exercise sound and independent judgment.
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Question 27 of 30
27. Question
The following are transparent communication for customers regarding the current account charge, except?
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The current account charge includes uniform requirements for the security of electronic payments.; the abolition of additional charges claimed for card payments.; and clear rules for dealing with disputes and less responsibility for the customer in case of fraud.
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Question 28 of 30
28. Question
Who is responsible for establishing and maintaining policies and procedures to ensure compliance for model development and implementation?
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The senior management establishes and maintains adequate policies and procedures to ensure compliance for model development and implementation. Another responsibility is reviewing the validation results and findings by the supervisory agency and internal audit, and take prompt remedial action where necessary.
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Question 29 of 30
29. Question
What are the objectives of risk identification and assessment?
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The objectives are to develop knowledge and skills for producing a risk assessment to an acceptable standard and to introduce an appreciation of the risk assessment process and a recognition of the importance of policies and procedures.
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Question 30 of 30
30. Question
Which process is used by the KYC committee during their meetings in providing information about customer types?
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The KYC Committee uses the feedback loop in their meetings to provide information about customer types including,the number of recent alerts generated and STRs filed.