ACAMS-PREP-MOCK EXAM WITH ALL CORRECT & 100%
VERIFIED ANSWERS|ACTUAL COMPLETE EXAM|
ALREADY GRADED A+
What are three indicators of money laundering associated with using electronic funds transfers?
✔Correct Answer-Funds 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.
Payments or receipts with no apparent link to legitimate contract goods or services
On who does the ultimate responsibility for an institution's anti-money laundering program rest?
✔Correct Answer-FI board of directors.
Federal law requires all U.S. financial institutions to secure and maintain all records and supporting
documentation used in suspicious activity reporting for how many years? ✔Correct Answer-5 years
The marketing department presents a business plan targeting individuals holding important public
positions. What are some steps the financial institution should implement as part of the plan to
target such individuals? ✔Correct Answer-Investigate the source of funds.
Determine the purpose of the account.
Take all reasonable steps to check the background of the individual based on public information.
Which statement is true about banking regulatory agencies having the authority to obtain
information from regulated institutions? ✔Correct Answer-The agencies authority to conduct
examinations negates the need for a warrant or subpoena.
A customer comes into the bank and appears to be ill-at-ease waiting in the teller line. When the
customer gets to the teller, he become exceedingly nervous and asks for a large cashier's check to be
cashed and disbursed to him in $100 bills.
What should the teller do after completing the transaction? ✔Correct Answer-File a SAR on the
customer
What is the term for trading through multiple accounts, where an individual generates offsetting
profits and losses and transfers of positions through accounts that do not appear to be commonly
controlled? ✔Correct Answer-Wash Trading
In performing a risk analysis, which factor(s) should a financial institution review? ✔Correct
Answer-Its customer base, location, products and services.
How should a financial institution deter money laundering through new accounts? ✔Correct
Answer-Document the identity of the party opening the account.
Determine the beneficial owners of the account.
, Seek to determine the the source of deposited funds.
A commission regotorie would be used in which gateway to obtain information from another
country? ✔Correct Answer-An FIU request under the EGMONT principles
What are the European Union Directives on Money Laundering? ✔Correct Answer-They require
members to implement certain laws to prevent money laundering.
What should law enforcement provide when asking an institution to keep an account open?
✔Correct Answer-a written request on government agency letterhead with the appropriate
signature.
The Wolfsberg Principles for Private Banking list circumstances that would require additional due
diligence, including activities that involve which three of these choices? ✔Correct Answer-High risk
countries
High risk activities
Public officials, including those who had positions of public trust.
A compliance officer is looking to update an institution's private bank procedures. What should be
included as recommended by the Wolfsberg AML Principles on Private Banking? ✔Correct Answer-
Approval of PEPs by at least one person other than the relationship manager.
Which three circumstances are indicators for defining a customer as required additional diligence
according to the Wolfsberg Principles on Private Banking? ✔Correct Answer-Persons residing in
and having funds from countries with inadequate AML standards.
Persons engaged in business activities known to be susceptible to money laundering
Persons who receive funds from correspondent banking relationship
What is the Black Market Peso Exchange? ✔Correct Answer-
Which customer transaction with a securities dealer would indicate the highest suspicion of money
laundering? ✔Correct Answer-High level of account activity with very low levels of securities
transactions.
What was cited by the Wolfsberg Group in its Statement on the Suppression of the Financing of
Terrorism as being vulnerable to terrorist financing? ✔Correct Answer-Alternative remittance
(Hawala)
Which three are principles found in the document "Principles of information Exchange between
Financial Intelligence Units (FIUs)"? ✔Correct Answer-The Exchange of information between FIUs
should take place as informally and as rapidly as possible and with no perquisites, while guaranteeing
privacy and confidentiality of the shared data.
The EGMONT principle of free exchange of information at the FIU level should be possible on the
basis of reciprocity, including spontaneous exchange.
VERIFIED ANSWERS|ACTUAL COMPLETE EXAM|
ALREADY GRADED A+
What are three indicators of money laundering associated with using electronic funds transfers?
✔Correct Answer-Funds 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.
Payments or receipts with no apparent link to legitimate contract goods or services
On who does the ultimate responsibility for an institution's anti-money laundering program rest?
✔Correct Answer-FI board of directors.
Federal law requires all U.S. financial institutions to secure and maintain all records and supporting
documentation used in suspicious activity reporting for how many years? ✔Correct Answer-5 years
The marketing department presents a business plan targeting individuals holding important public
positions. What are some steps the financial institution should implement as part of the plan to
target such individuals? ✔Correct Answer-Investigate the source of funds.
Determine the purpose of the account.
Take all reasonable steps to check the background of the individual based on public information.
Which statement is true about banking regulatory agencies having the authority to obtain
information from regulated institutions? ✔Correct Answer-The agencies authority to conduct
examinations negates the need for a warrant or subpoena.
A customer comes into the bank and appears to be ill-at-ease waiting in the teller line. When the
customer gets to the teller, he become exceedingly nervous and asks for a large cashier's check to be
cashed and disbursed to him in $100 bills.
What should the teller do after completing the transaction? ✔Correct Answer-File a SAR on the
customer
What is the term for trading through multiple accounts, where an individual generates offsetting
profits and losses and transfers of positions through accounts that do not appear to be commonly
controlled? ✔Correct Answer-Wash Trading
In performing a risk analysis, which factor(s) should a financial institution review? ✔Correct
Answer-Its customer base, location, products and services.
How should a financial institution deter money laundering through new accounts? ✔Correct
Answer-Document the identity of the party opening the account.
Determine the beneficial owners of the account.
, Seek to determine the the source of deposited funds.
A commission regotorie would be used in which gateway to obtain information from another
country? ✔Correct Answer-An FIU request under the EGMONT principles
What are the European Union Directives on Money Laundering? ✔Correct Answer-They require
members to implement certain laws to prevent money laundering.
What should law enforcement provide when asking an institution to keep an account open?
✔Correct Answer-a written request on government agency letterhead with the appropriate
signature.
The Wolfsberg Principles for Private Banking list circumstances that would require additional due
diligence, including activities that involve which three of these choices? ✔Correct Answer-High risk
countries
High risk activities
Public officials, including those who had positions of public trust.
A compliance officer is looking to update an institution's private bank procedures. What should be
included as recommended by the Wolfsberg AML Principles on Private Banking? ✔Correct Answer-
Approval of PEPs by at least one person other than the relationship manager.
Which three circumstances are indicators for defining a customer as required additional diligence
according to the Wolfsberg Principles on Private Banking? ✔Correct Answer-Persons residing in
and having funds from countries with inadequate AML standards.
Persons engaged in business activities known to be susceptible to money laundering
Persons who receive funds from correspondent banking relationship
What is the Black Market Peso Exchange? ✔Correct Answer-
Which customer transaction with a securities dealer would indicate the highest suspicion of money
laundering? ✔Correct Answer-High level of account activity with very low levels of securities
transactions.
What was cited by the Wolfsberg Group in its Statement on the Suppression of the Financing of
Terrorism as being vulnerable to terrorist financing? ✔Correct Answer-Alternative remittance
(Hawala)
Which three are principles found in the document "Principles of information Exchange between
Financial Intelligence Units (FIUs)"? ✔Correct Answer-The Exchange of information between FIUs
should take place as informally and as rapidly as possible and with no perquisites, while guaranteeing
privacy and confidentiality of the shared data.
The EGMONT principle of free exchange of information at the FIU level should be possible on the
basis of reciprocity, including spontaneous exchange.
