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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...

ACAMS Exam Chapter 1 Questions & Answers 2024/2025 Palermo Convention - ANSWERSThe United Nations 2000 Convention Against Transnational Organized Crime, also known as the "Palermo Convention", defines money laundering as... -The conversion or transfer of property, knowing it is derived from a criminal offense, for the purpose of concealing or disguising its illicit origin or of assisting any person who is involved in the commission of the crime to evade the legal consequences of his ...

ACAMS Exam Questions & Answers 2024/2025

ACAMS Exam Chapter 1 Questions & Answers 2024/2025 Stages of Money Laundering - ANSWERS1. Placement 2. Layering 3. Integration Placement - ANSWERSThe physical disposal of cash or other assets derived during criminal activity. Introduction of illicit funds to financial system. Examples of Placement - ANSWERS-Blending funds with legitimate business proceeds. -Forex -Structuring/breaking up funds between accounts -Currency smuggling -Loan repayment Layering - ANSWERSSeparation ...

ACAMS Exam Chapter 1 Questions & Answers 2024/2025 What is money laundering - ANSWERSThe taking of criminal proceeds and disguising their illegal source in order to use the funds for legal or illegal acts Give an example of the second stage in the money laundering cycle - ANSWERSElectronically moving funds from one country to another; moving funds form one financial institution to another; and converting the cash placed into the system into monetary instruments Give and example of the...

ACAMS Exam 2024 with 100% Correct Answers Define a red flag. - ANSWERSA warning signal that should bring attention to a potentially suspicious situation, transaction or activity. Define willful blindness. - ANSWERSA legal principle that operates in money laundering cases in the U.S. and is defined by courts as the "deliberate avoidance of knowledge of the facts" or purposeful indifference. Courts have held that willful blindness is the equivalent of actual knowledge of the illegal sour...

ACAMS Practice Exam 201-300 Questions with Complete Solutions Based on the USA PATRIOT Act, what action might the US take to demonstrate extraterritorial reach? A. Send requests for information to a non-US based financial institution (FI) B. Hand over potential penalties from the US to another government C. Freeze U. S. accounts that contain funds from the non-US FI D. Initiate a lawsuit in the home country of the non-US FI - ANSWERSFreeze U. S. accounts that contain funds from the non-...

ACAMS EXAM QUESTIONS & ANSWERS 2024/2025 Which of the following statements is true? A Credit cards are not likely to be used in the layering phase of money laundering because of restrictions in cash payments B Credit cards are effective instruments for laundering money because the transactions do not create a paper trail C A launderer can launder money by prepaying his credit card using funds that are already in the banking system, creating a credit balance on his account, and req...

ACAMS Exam Chapter 1 Questions & Answers 2024/2025

ACAMS Exam Prep Mock Questions & Answers 2024/2025 What are three indicators of money laundering associated with using electronic funds transfers? - ANSWERSFunds transfers to or from financial secrecy haven without an apparent business reason. Funds transfers are received or sent from the same person to or from different accounts. Payments or receipts with no apparent link to legitimate contract goods or services On who does the ultimate responsibility for an institution's anti-mo...

ACAMS Review Exam Questions & Answers 2024/2025 Define "smurfing." - ANSWERSThe 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) What are the sections of the USA PATRIOT Act pertaining to AML due diligence? - ANSWERS*Section 312* -- Requirement that institutions create risk-based due diligence programs *Section 313* -- Prohibi...