CAMS All Possible Questions and Answers with complete solution

Moneyval - Answer-Council of European committee of Experts on the Evaluation of AML measures and the Financing of Terrorism GAFISUD - Answer-Financial Action Task Force on Money Laundering in South America MENAFATF - Answer-Middle East and North Africa Financial Action Task Force EAG - Answer-EurAsian Group GIABA - Answer-Intergovernmental Action Group against Money Laundering in Africa Why is 'refining' critical to a money launderer's efforts? - Answer-If one needs to transport currency across borders, one needs to have the smallest package possible to avoid detection. What does the 'SEC' (US Securities and Exchange Commission) do? Under what authority? - AnswerAmong other things, it regulates brokers and dealers, under authority of the Securities Exchange Act of 1934. Respondent Bank - Answer-A bank which uses the services of another bank, such as check clearing, wire transfers, etc. The bank providing the service is the 'Correspondent Bank' What must a financial institution do if they have 'Exempt Accounts'? - Answer-The exempt accounts must be documented and the financial institution that secures the exemptions must still monitor their financial transactions. Who appoints a 'Federal Receiver' (US)? - Answer-A US Federal Court What was the effect of the 1988 Vienna Convention as it relates to extradtition? - Answer-If provided for money laundering to be an internationally extraditable offense.In general terms, EDD requires what of a financial institution? - Answer-To take additional steps of examination and caution in identifying their customers and confirming that the customers' activities and funds are legitimate. What is the goal of the Egmont group? - Answer-To provide a forum for FIU's (Financial Intelligence Unit) to improve support to their respective national AML progrmans and development protocols for the sharing of information. What does an Extradition Treaty specify? - Answer-The terms of such exchanges, the persons subject to being exchanged, and the crimes for which exchanges will be permitted. How does the Egmont group help its members? - Answer-Expanding/Systemising the exchange of financial intelligence, improving expertise/capabilities of their personnel, fostering better communication by applying new technologies and sharing financial crimes investigations information. What is the Federal Service for Financial Monitoring? - Answer-The FIU of Russia What is the Serious Organised Crime Agency (SOCA)? - Answer-The FIU of the UK In what country is the Egmont Group Secretariat now located? - Answer-Canada What is important about the US Money Laundering Control Act (MCLA)? - Answer-It was the first law in any country to make money laundering a crime. What does the principal US money laundering law look for before implementing its 'Extraterritorial Reach'? - Answer-Transportation/transfer of funds (even clean) to/from the US, if done to promote unlawful activity, or with knowledge that the funds are illicit, or to conceal/disguise the nature, location, source, ownership, etc. of funds, or to avoid federal/state transaction reporting requirements. What criterion does the US need to enforce its 'Extraterritorial Reach'? - Answer-The principal US money laundering law can apply to a non-US citizen if the 'conduct' occurs 'in part' of the US. What does a 'Commission Rogatoire' normally specify? - Answer-The nature of the request, the relevant criminal charges in the requesting country, the legal provision under which the request is made, and the information that is sought.'Commission Rogatoire' known in English as? - Answer-Letters Rogatory Foriegn Shell Banks are vehicles for ______ & ______? - Answer-Money Laundering and Tax Evasion US law prohibhits Foriegn Shell Banks from ____? - Answer-Maintaining correspondent accoutnts at US Financial Institutions (USA Patriot Act) What is a Financial Intelligence Unit? - Answer-An intelligence gathering law enforcement or regulatory body that receives financial information form covered financial institutions, businesses and persons in tis respective country