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Guide for Acams Certified Anti-Money Laundering Specialist

Quiz Acams Certified Anti-Money Laundering Specialist

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/ 10

Quiz

1/10
A bank account is established for a new business customer. The business was established five years
ago with an address in another state. The business website contains few details other than stating it
is a real estate business.
One principal has an international telephone number and appears to be living in another country.
The other principal works out of a recreational vehicle.
What warrants enhanced due diligence in this scenario?
Select the answer
1 correct answer
A.
Shell company
B.
Human trafficker
C.
Politically exposed person
D.
Money laundering through real estate

Quiz

2/10
A branch manager for a small community bank has a new customer who deposits for EUR 50,000
checks into one account. Shortly thereafter, the customer goes to another branch and asks to transfer
all but EUR 1,500 to three accounts in different foreign jurisdictions.
Which suspicious activity should be the focus of the suspicious transaction report?
Select the answer
1 correct answer
A.
The customer opened the account with four large checks
B.
The customer goes to a different branch to make this transaction
C.
The customer transfers almost all of the funds out of the account
D.
The customer asks to transfer funds to accounts in three different foreign jurisdictions

Quiz

3/10
A government has instituted a new anti-money laundering laws which require all financial
institutions to obtain certain information from its customers.
Which step should an institution located in this jurisdiction take to ensure compliance?
Select the answer
1 correct answer
A.
Change procedures to require that the necessary information is obtained
B.
Change procedures and systems as necessary and provide employee training
C.
Send a notice to customers asking them to provide the necessary information
D.
Change systems to ensure the required information is automatically obtained from all customers

Quiz

4/10
An anti-money laundering audit identifies a significant weakness in how transaction monitoring
alerts are
cleared. Audit sampling identified potentially suspicious activity that was cleared as not suspicious.
Management accepts the audit finding and develops a remediation plan.
What is the role of the auditor during the correction phase?
Select the answer
1 correct answer
A.
Directing the remediation of the deficiency in a timely manner
B.
Developing procedures to provide sufficient risk-based documentation for clearing alerts
C.
Providing training to the alert clearing department on the importance of effective alert clearing
D.
Validating the successful remediation of the issue once management indicates the issue is resolved

Quiz

5/10
Which method to launder money through deposit-taking institutions is closely associated with
international
trade?
Select the answer
1 correct answer
A.
Forming a shell company
B.
Using Black Market Peso Exchange
C.
Structuring cash deposits withdrawals
D.
Investing in legitimate business with illicit funds

Quiz

6/10
A customer opens a corporate account with a broker-dealer on behalf of several beneficial owners,
with a
stated long-term investment goal. The customer deposits $25.5 million into the account and three
days later transfers $5 million to an overseas bank. Shortly thereafter, the customer begins making
numerous purchases of pesos. The compliance officer receives a query regarding the movement of
funds. Within a month of account opening, the customer depletes the account.
Which two red flags should prompt the firm’s compliance officer to take action? (Choose two.)
Select the answer
2 correct answers
A.
The new account deposit is $25.5 million
B.
A corporate account is opened on behalf of several beneficial owners
C.
The compliance officer receives the query regarding the movement of funds
D.
The customer’s stated investment goal is not reflective of account activity

Quiz

7/10
What should countries do to help prevent non-profit organizations from being abused for the
financing of terrorism according to the Financial Action Task Force 40 Recommendations?
Select the answer
1 correct answer
A.
Allow for freezing assets of non-profit organizations
B.
Require all non-profit organizations to register with the country’s financial intelligence unit
C.
Ensure non-profit organizations cannot be used to conceal or obscure the diversion of funds intended forlegitimate purposes to terrorists’ organizations
D.
Create laws that forbid non-profit organizations from completing cross-border transactions without firstrunning them through known terrorist data bases

Quiz

8/10
An employee hears a colleague on the telephone with a customer giving advice on how to ensure
that a
suspicious transaction report will not be filed as a result of a future transaction.
What action should the employee take?
Select the answer
1 correct answer
A.
Report the conversation to the local police
B.
Report the conversation to the compliance officer
C.
Tell the colleague that it is against policy to give such advice
D.
Ignore the situation because the colleague is the relationship manager for that customer

Quiz

9/10
The USA PATRIOT Act requires United States (U.S.) financial institutions to collect certain information
from non-U.S. banks that hold a correspondent account.
Which two pieces of information must a non-U.S. bank provide to its U.S. correspondent to enable
them to comply with this requirement? (Choose two.)
Select the answer
2 correct answers
A.
The name and address of all shell banks the bank maintains accounts for
B.
The name and address of all beneficial owners who own 25% or more of the bank
C.
Prompt notice of any suspicious activity it detects on any customer who uses the correspondent account
D.
The name and address of a U.S. person who is authorized to receive service of legal process for the bank

Quiz

10/10
What are two legal risks of having inadequate privacy policies and procedures? (Choose two.)
Select the answer
2 correct answers
A.
Diminished reputation
B.
Industry of regulatory sanctions
C.
Charges of deceptive business practices
D.
Higher marketing and public relations costs
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  • Total number of questions:862
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