ACAMS 50 PRACTICE QUESTIONS WITH ALL CORRECT &
100% VERIFIED ANSWERS|ACTUAL COMPLETE EXAM|
ALREADY GRADED A+
Which of the following is the most common method of laundering money through a legal money
services business?
A. Purchasing structured money settlements
B. Smuggling bulk-cash
C. Transferring funds through Payable Through Accounts (PTAs)
D. Exchanging Columbian pesos on the black market ✔Correct Answer-A. Purchasing structured
money settlements
In general, the three phases of money laundering are said to be: Placement:
A. Structuring and manipulation
B. Layering and integration
C. Layering and smurfing
D. Integration and infiltration ✔Correct Answer-B. Layering and integration
Which statement is true?
A. Bust-out schemes are popular in creating large bankruptcy frauds where businesses secure
increasing loans in access of the actual value of the company or property and then run with the
money, leaving the lender to foreclose and take a substantial loss
B. Cuckoo smurfing is a significant money laundering technique identified by the Financial Action
Task Force, where a form of structuring uses nested accounts with shell banks in secrecy havens
C. In its 40 Recommendations, the FATF issued a list of "designated categories of offense that asserts
crimes for a money laundering prosecution
D. E-cash is not attractive to the money launderer because it cannot be completely anonymous and
does not allow for large amounds to be "transported" quickly and easily ✔Correct Answer-A. Bust-
out schemes are popular in creating large bankruptcy frauds where businesses secure increasing
loans in access of the actual value of the company or property and then run with the money, leaving
the lender to foreclose and take a substantial loss
Which three of the following is an indication of possible money laundering in an insurance industry
scenario?
A. Insurance products sold through intermediaries, agents, or brokers
B. Single-premium insurance bonds, redeemed at a discount
C. Policyholders who are unconcerned about penalties for early cancellation
D. Policyholders who redeem the policy within the "free look" period ✔Correct Answer-B. Single-
premium insurance bonds, redeemed at a discount
C. Policyholders who are unconcerned about penalties for early cancellation
D. Policyholders who redeem the policy within the "free look" period
Which two activities are typically associated with the black market peso exchange (BMPE) money
laundering system?
, A. Converting illicit drug proceeds from dollars or pesos to Colombian pesos
B. Converting illicit drug proceeds from Colombian pesos to dollars or Euros
C. Facilitating purchases by Colombian importers of goods manufactured in the United States or
Europe through peso brokers
D. Facilitating purchases by European of U.S. Importers of goods manufactures in Colombia through
peso brokers ✔Correct Answer-A. Converting illicit drug proceeds from dollars or pesos to
Colombian pesos
C. Facilitating purchases by Colombian importers of goods manufactured in the United States or
Europe through peso brokers
What is the Right of Reciprocity in the field of international cooperation against money laundering?
A. The legal principle that financial institutions that have referred customers to other financial
institutions can share information about these customers with the other institutions
B. A rule of the Basel Committee allowing properly regulated financial institutes of another member
state of the Basel Committee to do business without additional supervision to the degree that the
other state grants the same right
C. The right of each FATF member country to delegate prosecution of a case of money laundering to
another member that is already investigating the same case
D. A rule in the law of a country allowing its authorities to cooperate with authorities of other
countries to the degree that their law allows them to do the same ✔Correct Answer-D. A rule in
the law of a country allowing its authorities to cooperate with authorities of other countries to the
degree that their law allows them to do the same
The greatest risk for money laundering is for casinos that
A. Provide their customers with a wide array of gambling services
B. Operate in non-Egmont member country
C. Allow customers with credit balances to withdraw funds by check in another jurisdiction
D. Only send suspicious transaction reports to the financial intelligence unit of the country it
operates in ✔Correct Answer-C. Allow customers with credit balances to withdraw funds by check
in another jurisdiction
Which statement is true regarding the risk of Politically Exposed Persons (PEPs)?
A. PEPs provide access to third parties on whom the financial institution has not conducted sufficient
due diligence
B. PEPs have significantly greater exposure to the politically corrupt funds, including accepting bribes
or misappropriating government funds
C. PEPs are foreign customeres who inherently present additional risk as they are engaged in cross
border transactions
D. PEPs generally do not pose enhanced risks to an institution due to their political standing; rather,
PEPs increase the prestige of an institution ✔Correct Answer-B. PEPs have significantly greater
exposure to the politically corrupt funds, including accepting bribes or misappropriating government
funds
In 2014, the Wolfsberg Group published their Anti-Money Laundering Principles for Correspondent
Banking. Which three out of the following elements are recommended to be included in the due
diligence of a Correspondent Banking client?
100% VERIFIED ANSWERS|ACTUAL COMPLETE EXAM|
ALREADY GRADED A+
Which of the following is the most common method of laundering money through a legal money
services business?
A. Purchasing structured money settlements
B. Smuggling bulk-cash
C. Transferring funds through Payable Through Accounts (PTAs)
D. Exchanging Columbian pesos on the black market ✔Correct Answer-A. Purchasing structured
money settlements
In general, the three phases of money laundering are said to be: Placement:
A. Structuring and manipulation
B. Layering and integration
C. Layering and smurfing
D. Integration and infiltration ✔Correct Answer-B. Layering and integration
Which statement is true?
A. Bust-out schemes are popular in creating large bankruptcy frauds where businesses secure
increasing loans in access of the actual value of the company or property and then run with the
money, leaving the lender to foreclose and take a substantial loss
B. Cuckoo smurfing is a significant money laundering technique identified by the Financial Action
Task Force, where a form of structuring uses nested accounts with shell banks in secrecy havens
C. In its 40 Recommendations, the FATF issued a list of "designated categories of offense that asserts
crimes for a money laundering prosecution
D. E-cash is not attractive to the money launderer because it cannot be completely anonymous and
does not allow for large amounds to be "transported" quickly and easily ✔Correct Answer-A. Bust-
out schemes are popular in creating large bankruptcy frauds where businesses secure increasing
loans in access of the actual value of the company or property and then run with the money, leaving
the lender to foreclose and take a substantial loss
Which three of the following is an indication of possible money laundering in an insurance industry
scenario?
A. Insurance products sold through intermediaries, agents, or brokers
B. Single-premium insurance bonds, redeemed at a discount
C. Policyholders who are unconcerned about penalties for early cancellation
D. Policyholders who redeem the policy within the "free look" period ✔Correct Answer-B. Single-
premium insurance bonds, redeemed at a discount
C. Policyholders who are unconcerned about penalties for early cancellation
D. Policyholders who redeem the policy within the "free look" period
Which two activities are typically associated with the black market peso exchange (BMPE) money
laundering system?
, A. Converting illicit drug proceeds from dollars or pesos to Colombian pesos
B. Converting illicit drug proceeds from Colombian pesos to dollars or Euros
C. Facilitating purchases by Colombian importers of goods manufactured in the United States or
Europe through peso brokers
D. Facilitating purchases by European of U.S. Importers of goods manufactures in Colombia through
peso brokers ✔Correct Answer-A. Converting illicit drug proceeds from dollars or pesos to
Colombian pesos
C. Facilitating purchases by Colombian importers of goods manufactured in the United States or
Europe through peso brokers
What is the Right of Reciprocity in the field of international cooperation against money laundering?
A. The legal principle that financial institutions that have referred customers to other financial
institutions can share information about these customers with the other institutions
B. A rule of the Basel Committee allowing properly regulated financial institutes of another member
state of the Basel Committee to do business without additional supervision to the degree that the
other state grants the same right
C. The right of each FATF member country to delegate prosecution of a case of money laundering to
another member that is already investigating the same case
D. A rule in the law of a country allowing its authorities to cooperate with authorities of other
countries to the degree that their law allows them to do the same ✔Correct Answer-D. A rule in
the law of a country allowing its authorities to cooperate with authorities of other countries to the
degree that their law allows them to do the same
The greatest risk for money laundering is for casinos that
A. Provide their customers with a wide array of gambling services
B. Operate in non-Egmont member country
C. Allow customers with credit balances to withdraw funds by check in another jurisdiction
D. Only send suspicious transaction reports to the financial intelligence unit of the country it
operates in ✔Correct Answer-C. Allow customers with credit balances to withdraw funds by check
in another jurisdiction
Which statement is true regarding the risk of Politically Exposed Persons (PEPs)?
A. PEPs provide access to third parties on whom the financial institution has not conducted sufficient
due diligence
B. PEPs have significantly greater exposure to the politically corrupt funds, including accepting bribes
or misappropriating government funds
C. PEPs are foreign customeres who inherently present additional risk as they are engaged in cross
border transactions
D. PEPs generally do not pose enhanced risks to an institution due to their political standing; rather,
PEPs increase the prestige of an institution ✔Correct Answer-B. PEPs have significantly greater
exposure to the politically corrupt funds, including accepting bribes or misappropriating government
funds
In 2014, the Wolfsberg Group published their Anti-Money Laundering Principles for Correspondent
Banking. Which three out of the following elements are recommended to be included in the due
diligence of a Correspondent Banking client?
