ACAMS EXAM REVIEW WITH ALL CORRECT & 100% VERIFIED
ANSWERS|ACTUAL EXAM|ALREADY GRADED A+
1. Define "smurfing." The use of multiple individuals and/or transactions for making cash
deposits,
buying monetary transactions or banks drafts in amounts under the
reporting threshold.
(NB: Some equate this term with structuring)
2. What are the sec- *Section 312* -- Requirement that institutions create risk-based due
diligence
tions of the USA PA- programs
TRIOT Act pertain- *Section 313* -- Prohibits US financial institutions from dealing with
shell banks
ing to AML due dili- *Section 319* -- Requires US financial institutions to maintain records
with
gence? names, contact info of the owners of foreign banks for which they maintain
correspondent accounts.
*Before establishing correspondent accounts, banks should be able
to answer basic questions about the respondent bank, including
owners and the nature of its regulatory oversight*
3. What are the
three indicators
of a black market 1.) Payment made in cash by a third party with no connection to
peso exchange the underlying transaction;
(BMPE)?
2.) Payment made by wire transfers from third parties
unconnected to the underlying transaction; and
3.) Payment made with checks, bank drafts, or money orders not
4. What are the
four basic drawn on the account of the purchaser.
elements of a
financial insti- 1.) *Policies* -- a system of internal policies, procedures, and
tution's AML controls;
pro- gram?
1/
40
, ACAMS EXAM REVIEW WITH ALL CORRECT & 100% VERIFIED
ANSWERS|ACTUAL EXAM|ALREADY GRADED A+
2.) *Oversight* -- a
designated compliance oflcer
with day-to-day oversight of
the AML program
3.) *Training* -- an
ongoing employee
training program
2/
40
, ACAMS EXAM REVIEW WITH ALL CORRECT & 100% VERIFIED
ANSWERS|ACTUAL EXAM|ALREADY GRADED A+
4.) *Audit* -- An independent audit function to test the AML program
5. What are the 1.) Identification of customer & business entities, including source of
sev- en wealth
elements of
a sound cus-
tomer due dili- 2.) Customer transaction & activity profiles (real & projected)
gence (CDD)
pro- gram? 3.) Acceptance of customer in context of products & services
4.) Assessment and grading of risks that the customer/account
present
5.) Transaction monitoring based on risks
6. According to
6.) Investigation of unusual customer activity
the Wolfsberg
State- ment on 7.) Documentation of findings
AML Screening,
Moni- Risk-based monitoring models and frameworks suflciently flexible to
meet the needs and nature of the individual financial institution. These
may contain one or more of the following:
toring, and Search- - Dedicated automated transaction monitoring system
ing (2009), what -System-generated exception reports
are the most
appropriate and -Manual "line of business" incident reports
effective overall -Scheduled periodic reviews/sampling
monitoring frame- -Event-driven reviews
works?
7. What is the
broad objective
of the UNODC 1.) To strengthen the ability of MS to implement measures
model leg- against money laundering and the financing of terrorism
islation on
money 2.) To assist them in detecting seizing, and confiscating illicit
3/
40
, ACAMS EXAM REVIEW WITH ALL CORRECT & 100% VERIFIED
ANSWERS|ACTUAL EXAM|ALREADY GRADED A+
proceeds as re-
laundering and the quired pursuant to UN instruments and other globally accepted
standards
4/
40
ANSWERS|ACTUAL EXAM|ALREADY GRADED A+
1. Define "smurfing." The use of multiple individuals and/or transactions for making cash
deposits,
buying monetary transactions or banks drafts in amounts under the
reporting threshold.
(NB: Some equate this term with structuring)
2. What are the sec- *Section 312* -- Requirement that institutions create risk-based due
diligence
tions of the USA PA- programs
TRIOT Act pertain- *Section 313* -- Prohibits US financial institutions from dealing with
shell banks
ing to AML due dili- *Section 319* -- Requires US financial institutions to maintain records
with
gence? names, contact info of the owners of foreign banks for which they maintain
correspondent accounts.
*Before establishing correspondent accounts, banks should be able
to answer basic questions about the respondent bank, including
owners and the nature of its regulatory oversight*
3. What are the
three indicators
of a black market 1.) Payment made in cash by a third party with no connection to
peso exchange the underlying transaction;
(BMPE)?
2.) Payment made by wire transfers from third parties
unconnected to the underlying transaction; and
3.) Payment made with checks, bank drafts, or money orders not
4. What are the
four basic drawn on the account of the purchaser.
elements of a
financial insti- 1.) *Policies* -- a system of internal policies, procedures, and
tution's AML controls;
pro- gram?
1/
40
, ACAMS EXAM REVIEW WITH ALL CORRECT & 100% VERIFIED
ANSWERS|ACTUAL EXAM|ALREADY GRADED A+
2.) *Oversight* -- a
designated compliance oflcer
with day-to-day oversight of
the AML program
3.) *Training* -- an
ongoing employee
training program
2/
40
, ACAMS EXAM REVIEW WITH ALL CORRECT & 100% VERIFIED
ANSWERS|ACTUAL EXAM|ALREADY GRADED A+
4.) *Audit* -- An independent audit function to test the AML program
5. What are the 1.) Identification of customer & business entities, including source of
sev- en wealth
elements of
a sound cus-
tomer due dili- 2.) Customer transaction & activity profiles (real & projected)
gence (CDD)
pro- gram? 3.) Acceptance of customer in context of products & services
4.) Assessment and grading of risks that the customer/account
present
5.) Transaction monitoring based on risks
6. According to
6.) Investigation of unusual customer activity
the Wolfsberg
State- ment on 7.) Documentation of findings
AML Screening,
Moni- Risk-based monitoring models and frameworks suflciently flexible to
meet the needs and nature of the individual financial institution. These
may contain one or more of the following:
toring, and Search- - Dedicated automated transaction monitoring system
ing (2009), what -System-generated exception reports
are the most
appropriate and -Manual "line of business" incident reports
effective overall -Scheduled periodic reviews/sampling
monitoring frame- -Event-driven reviews
works?
7. What is the
broad objective
of the UNODC 1.) To strengthen the ability of MS to implement measures
model leg- against money laundering and the financing of terrorism
islation on
money 2.) To assist them in detecting seizing, and confiscating illicit
3/
40
, ACAMS EXAM REVIEW WITH ALL CORRECT & 100% VERIFIED
ANSWERS|ACTUAL EXAM|ALREADY GRADED A+
proceeds as re-
laundering and the quired pursuant to UN instruments and other globally accepted
standards
4/
40
