Bundle For ACAMS: Certified Anti-Money Laundering Specialist Tests

C - Ans The USA PATRIOT Act was passed in: A) 1970 B) 1985 C) 2001 D) 2007 D - Ans The three stages of money laundering are: A) Layering, Placement, Refining B) Placement, Refining, Integration C) Refining. Integration, Layering D) Integration, Layering, Placement D...

Which of the following is the most common method of laundering money through a legal money services business? A. Exchanging currency and remitting money B. Smuggling bulk cash C. Transferring funds through payable through accounts (PTAs) D. Exchanging Colombian pesos on the black market - Ans ...

Identify the seven topics of international incorporated into the FATF 40 recommendations in 2012? - Ans AML/CFT policies & procedures. Money Laundering & confiscation. Terrorist financing & financing of proliferation. Financial & non-financial institution preventative measures. Transparency &...

Which of the following is the most common method of laundering money through a legal money services business? - Ans Purchasing structured money instruments In general, the 3 phases of money laundering are said to be: Placement; - Ans Layering and integration Which statement is true? - Ans ...

ACAMS questions with correct answers Structuring - Ans Designing a transaction to evade triggering a reporting or record-keeping requirement. Smurfing - Ans Multiple individuals making multiple cash deposits and/or buying multiple monetary instruments or bank drafts in amounts under the re...

Financial Action Task Force (FATF) - Ans An international, intergovernmental organization composed of members from more than 30 countries, whose primary purpose is the development and promotion of policies, at both national and international levels, to combat money laundering and terrorist financi...

FATF objectives are to set standards and promote effective implementation of _________, ____________, and ___________ for combatting ML, TF and other related threats. - Ans legal, regulatory and operational measures Starting with its own members, FATF: - Ans Monitors countries' progress in i...

Why is it important to continue to update and revisit risk assessments? - Ans Risk is dynamic and needs to be continuously managed. It should also be noted that the environment in which each organization operates is subject to continual change. Externally, the political changes of a jurisdiction o...

What is Money Laundering? - Ans Money laundering is the taking of criminal proceeds and disguising their illegal sources in order to use the funds to perform legal or illegal acts. Describe the three phases of Money Laundering. - Ans 1) Placement is the physical disposal of cash or other asse...