ACAMS ACTUAL COMPLETE EXAM|WITH
ACCURATE QUESTIONS AND VERIFIED
ANSWERS|GRADED A
1. Which of the following is the most common method of laundering
money through a legal money services business?
A. Purchasing structured money instruments.
B. Smuggling bulk-cash.
C. Transferring funds through Payable Through Accounts (PTAs).
D. Exchanging Colombian pesos on the black market. Ans✓✓✓ A.
2. 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. Ans✓✓✓ B
3. 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 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 amounts to be
"transported" quickly and easily. Ans✓✓✓ A
4. 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 make full use of the "free look" period. Ans✓✓✓
B, C, D
5. Which two activities are typically associated with the black market
peso exchange (BMPE) money laundering system?
A. Converting illicit drug proceeds from dollars or Euros 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 or U.S. importers of goods
manufactured in Colombia through peso brokers. Ans✓✓✓ A, C
,6. 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. Ans✓✓✓ D
7. The greatest risk for money laundering is for casinos that
A. Provide their customers with a wide array of gambling services.
B. Operate in a 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 Ans✓✓✓ C.
8. 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
Ans✓✓✓ B
9. Dirty money, derived from criminal activities of Belgian Criminal A,
is sent to a foreign bank account of Corporation B. Then in Belgium, a
new investment Company C is incorporated. Criminal A is appointed as
a director of Company C. Company C borrows money from the foreign
Company B and buys real estate in Belgium. The real estate is rented to
third parties. Director (Criminal) A also rents an apartment in the
building. With the funds generated by the rent, Company C pays off the
loan to Corporation B, and the salary of Director A. Criminal A now
converted his dirty money in legal funds. This laundering method is
commonly referred to as what?
A. Offsetting real estate transactions.
B. Loan back.
C. Cuckoo smurfing.
D. Loan manipulation. Ans✓✓✓ B
A Ans✓✓✓ 30. As part of their role in fighting money laundering,
financial institutions should:
A. Designate a compliance officer.
B. Depend solely on The State's staff for combating money laundering.
C. Refuse small cash deposits under the reporting threshold.
D. Not open accounts for people from high risk jurisdictions.
ACCURATE QUESTIONS AND VERIFIED
ANSWERS|GRADED A
1. Which of the following is the most common method of laundering
money through a legal money services business?
A. Purchasing structured money instruments.
B. Smuggling bulk-cash.
C. Transferring funds through Payable Through Accounts (PTAs).
D. Exchanging Colombian pesos on the black market. Ans✓✓✓ A.
2. 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. Ans✓✓✓ B
3. 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 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 amounts to be
"transported" quickly and easily. Ans✓✓✓ A
4. 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 make full use of the "free look" period. Ans✓✓✓
B, C, D
5. Which two activities are typically associated with the black market
peso exchange (BMPE) money laundering system?
A. Converting illicit drug proceeds from dollars or Euros 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 or U.S. importers of goods
manufactured in Colombia through peso brokers. Ans✓✓✓ A, C
,6. 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. Ans✓✓✓ D
7. The greatest risk for money laundering is for casinos that
A. Provide their customers with a wide array of gambling services.
B. Operate in a 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 Ans✓✓✓ C.
8. 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
Ans✓✓✓ B
9. Dirty money, derived from criminal activities of Belgian Criminal A,
is sent to a foreign bank account of Corporation B. Then in Belgium, a
new investment Company C is incorporated. Criminal A is appointed as
a director of Company C. Company C borrows money from the foreign
Company B and buys real estate in Belgium. The real estate is rented to
third parties. Director (Criminal) A also rents an apartment in the
building. With the funds generated by the rent, Company C pays off the
loan to Corporation B, and the salary of Director A. Criminal A now
converted his dirty money in legal funds. This laundering method is
commonly referred to as what?
A. Offsetting real estate transactions.
B. Loan back.
C. Cuckoo smurfing.
D. Loan manipulation. Ans✓✓✓ B
A Ans✓✓✓ 30. As part of their role in fighting money laundering,
financial institutions should:
A. Designate a compliance officer.
B. Depend solely on The State's staff for combating money laundering.
C. Refuse small cash deposits under the reporting threshold.
D. Not open accounts for people from high risk jurisdictions.
