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CAMS - Chapter 2 - Practice Questions | Latest Update | 2024/2025 | Rated A+ $9.97   Add to cart

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CAMS - Chapter 2 - Practice Questions | Latest Update | 2024/2025 | Rated A+

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CAMS - Chapter 2 - Practice Questions | Latest Update | 2024/2025 | Rated A+ What is the primary function of a bank’s compliance department? - To increase the bank's profitability - To develop new financial products To ensure adherence to regulatory requirements - To manage customer se...

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  • August 18, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • CAMS - Chapter 2 -
  • CAMS - Chapter 2 -
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CAMS - Chapter 2 - Practice Questions |
Latest Update | 2024/2025 | Rated A+
What is the primary function of a bank’s compliance department?




- To increase the bank's profitability

- To develop new financial products


✔✔ To ensure adherence to regulatory requirements


- To manage customer service inquiries




Which of the following is an example of a financial crime?




- Regular account balance checks

- Credit score monitoring


✔✔ Money laundering


- Interest rate adjustments




What is the purpose of Anti-Money Laundering (AML) regulations?




1

, ✔✔ To prevent the use of financial systems for illegal activities


- To enhance customer service quality

- To simplify the loan application process

- To increase the bank's market share




What does the term "know your customer" (KYC) refer to?




- The practice of determining customers’ creditworthiness


✔✔ The process of verifying the identity of customers


- The evaluation of customers' investment portfolios

- The strategy for marketing new banking products




Which of the following documents is commonly used for verifying a customer's identity?




- Bank statement


✔✔ Passport


- Credit report

- Utility bill


2

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