ACAMS Study guides, Revision notes & Summaries

ACAMS Certification Exam 2023-2024 Questions and Answers Correct C - The USA PATRIOT Act was passed in: A) 1970 B) 1985 C) 2001 D) 2007 D - 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 would be satisfactory elements of an Anti-Money Laundering Program? I - A CAMS certified employee in the Investiga...

Numbered Account - Ans A bank account where the identity of the account holder is not disclosed in the title of an account, and identification to effect transactions takes place using a code word or number known only by the account holder and a restricted number of bank employees, thus providing the account holder with a degree of bank privacy in their financial transactions. Comitology - Ans The EU system that oversees the implementation of acts proposed by the European Commission. Third...

. 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 customers who inherently present additional risk as they are engaged in cross-border transactions. D. PEPs generally do not pose...

What are some of the aspects associated with securities brokerdealers that increase the risk of money laundering? - Ans Its international nature; the speed of their transactions; the ease of converting holdings into cash without significant loss of principal; the large volume of wires used; the competitive, commission-driven environment; the practice of maintaining securities accounts in the name of nominees or trusts; and weak AML programs What were two of the key findings by FATF in its r...

ACAMS Practice Questions Solved 100% to Guarantee A+ The size of your financial institution is a critical element in determining the level of sensitivity to risks for certain customers. Analysis questions require one to synthesize information, arrive at solutions and/or evaluate the usefulness of solutions. One needs to distinguish between facts and assumptions and to put various knowledge parts together to form a new knowledge component or solution to a problem. While this is also an imp...

5 Measures that might limit the vulnerability to money laundering of new payment technologies are: - Ans • Limiting the functions and capacity of smart cards (including maximum value and turnover limits, as well as number of smart cards per customer); • Linking new payment technology to financial institutions and bank accounts; • Requiring standard record keeping procedures for these systems to enable the examination, • Documentation, and seizure of relevant records by investigating...

ACAMS Main Exam | 120 QUESTIONS with 100% Solutions Which statement is true? A. Bust-out schemes are popular in creating large bankruptcy frauds where businesses secure increasing loans in excess 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 ...

Which statement is true? A. Bust-out schemes are popular in creating large bankruptcy frauds where businesses secure increasing loans in excess 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 revised 4...

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...

Payable Through Account - Ans Transaction account opened at a depository institution by a foreign financial institution through which the foreign institution's customers engage, either directly or through sub-accounts, in banking activities and transactions in the country where the account was opened. EX: I have an acct at Bank of China and correspondent bank is JP Morgan and sending to my sister who has Citibank> W/PTA no more BOC and just use JPMorgan Concentration Account - Ans -int...

ank Draft - Ans Vulnerable 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 Settlements (BIS) - Ans An international organization that serves as a bank for central banks and which fosters international monetary and financial cooperation with the purpose of attaining stability in...