ACAMS Certification bundled exams 2023 with correct answers

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

Define "smurfing." correct answersThe use of multiple individuals and/or transactions for making cash deposits, buying monetary transactions or banks drafts in amounts under the reporting threshold. (NB: Some equate this term with structuring) What are the sections of the USA PATRIOT Act per...

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 correct ...

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

Which of the following is the most common method of laundering money through a legal money services business? correct answersPurchasing structured money instruments In general, the 3 phases of money laundering are said to be: Placement; correct answersLayering and integration Which statement i...

What are three indicators of money laundering associated with using electronic funds transfers? correct answersFunds transfers to or from financial secrecy haven without an apparent business reason. Funds transfers are received or sent from the same person to or from different accounts. Paymen...

Structuring correct answersDesigning a transaction to evade triggering a reporting or record-keeping requirement. Smurfing correct answersMultiple individuals making multiple cash deposits and/or buying multiple monetary instruments or bank drafts in amounts under the reporting threshold in an at...

Bank Draft correct answersVulnerable to money laundering because it represents a reputable international monetary instrument drawn on a reputable institution, and is often made payable-in cash-upon presentation and at the issuing institution's account in another country. Bank for International S...

What is Money Laundering? correct answersMoney 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. correct answers1) Placement is the physical disposal of cash...

When a financial institution is served with a search warrant by a law enforcement agency, what are three things that the employees of the institution should do? correct answers- They should cooperate fully with the law enforcement agents and remain calm and polite. - They should try to obtain an ...

What are the four elements of fraud? correct answers1. Material false statement 2. Knowledge that statement is false 3. Reliance on false statement 4. Financial loss What is the distinct difference between a fraud and an attempted fraud? correct answersFinancial loss What is the process of ...