ACAMS 100 Practice Set – 1 Test
1. What is an advantage of having an outside counsel perform an internal
investigation on behalf of the financial institution?
A. The outside counsel can bring an impartial and legal perspective to the
review.
B. The outside counsel can intimidate the employees into confessing complicity
with the wrongdoers.
C. The outside counsel can create an attorney-client privilege not just vis à vis
the bank, but also in connection with each employee.
D. The outside counsel will be able to convince the prosecutors not to take any
action against the institution. - ✔ ✔ A
2. What are the three classic gateways for international cooperation and
sharing?
A. Mutual Legal Assistance Treaties (MLATs).
B. Law enforcement use grand jury subpoenas.
,C. Exchange of information between Financial Intelligence Units (FIUs).
D. Exchange of information between supervisory agencies. - Correct Answer
✔️✔️A
C
D
3. What are three of the recommended ways to respond to a law enforcement
inquiry?
A. Cooperate with the law enforcement inquiry as much as possible.
B. Respond to all formal requests for information as promptly and thoroughly as
possible, unless there is a valid objection that can and should be made.
C. Ensure that all communication, written and oral, is funneled through a
centralized place.
D. Guard against unwarranted publicity by resisting all inquiries and requests
whenever possible.
31 - Correct Answer ✔️✔️A
B
,C
4. What three steps should be taken when there is a criminal investigation that
is targeting the bank itself?
A. The senior management and the Board of Directors should be notified and
kept apprised of the progress of the investigation.
B. The bank should consider retaining experienced outside counsel to assist the
bank in responding to the investigation.
C. The bank should immediately go to the media and explain why it has done
nothing wrong.
D. The relevant employees of the bank should be notified of the existence of the
investigation and should be given instructions as to what to do and how to act. -
Correct Answer ✔️✔️A
B
D
5. When a financial institution is responding to a formal criminal investigation
by a law enforcement agency, what is the primary purpose of requiring
information going through a central point within the institution?
, A. To be able to ensure that nothing damaging to the financial institution gets
released.
B. To ensure that responses are timely and thorough and that privileged
material is not inadvertently handed over.
C. To ensure that the employees of the institution do not divulge information
that would breach the privacy rights of customers.
D. To ensure that there is one person who can adequately and thoroughly
apprise the Board of Directors of the progress of the investigation. - Correct
Answer ✔️✔️B
6. 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?
A. They should not release any documents until the institution's outside counsel
arrives on the scene.
B. They should cooperate fully with the law enforcement agents and remain
calm and polite.
1. What is an advantage of having an outside counsel perform an internal
investigation on behalf of the financial institution?
A. The outside counsel can bring an impartial and legal perspective to the
review.
B. The outside counsel can intimidate the employees into confessing complicity
with the wrongdoers.
C. The outside counsel can create an attorney-client privilege not just vis à vis
the bank, but also in connection with each employee.
D. The outside counsel will be able to convince the prosecutors not to take any
action against the institution. - ✔ ✔ A
2. What are the three classic gateways for international cooperation and
sharing?
A. Mutual Legal Assistance Treaties (MLATs).
B. Law enforcement use grand jury subpoenas.
,C. Exchange of information between Financial Intelligence Units (FIUs).
D. Exchange of information between supervisory agencies. - Correct Answer
✔️✔️A
C
D
3. What are three of the recommended ways to respond to a law enforcement
inquiry?
A. Cooperate with the law enforcement inquiry as much as possible.
B. Respond to all formal requests for information as promptly and thoroughly as
possible, unless there is a valid objection that can and should be made.
C. Ensure that all communication, written and oral, is funneled through a
centralized place.
D. Guard against unwarranted publicity by resisting all inquiries and requests
whenever possible.
31 - Correct Answer ✔️✔️A
B
,C
4. What three steps should be taken when there is a criminal investigation that
is targeting the bank itself?
A. The senior management and the Board of Directors should be notified and
kept apprised of the progress of the investigation.
B. The bank should consider retaining experienced outside counsel to assist the
bank in responding to the investigation.
C. The bank should immediately go to the media and explain why it has done
nothing wrong.
D. The relevant employees of the bank should be notified of the existence of the
investigation and should be given instructions as to what to do and how to act. -
Correct Answer ✔️✔️A
B
D
5. When a financial institution is responding to a formal criminal investigation
by a law enforcement agency, what is the primary purpose of requiring
information going through a central point within the institution?
, A. To be able to ensure that nothing damaging to the financial institution gets
released.
B. To ensure that responses are timely and thorough and that privileged
material is not inadvertently handed over.
C. To ensure that the employees of the institution do not divulge information
that would breach the privacy rights of customers.
D. To ensure that there is one person who can adequately and thoroughly
apprise the Board of Directors of the progress of the investigation. - Correct
Answer ✔️✔️B
6. 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?
A. They should not release any documents until the institution's outside counsel
arrives on the scene.
B. They should cooperate fully with the law enforcement agents and remain
calm and polite.
