ACAMS-Prep-Mock Exam Newest 2026 Questions and
Correct Detailed Answers Already Graded A+
What are the European Union Directives on Money Laundering? - CORRECT
ANSWER-They require members to implement certain laws to prevent money
laundering.
What should law enforcement provide when asking an institution to keep an
account open? - CORRECT ANSWER-a written request on government agency
letterhead with the appropriate signature.
The Wolfsberg Principles for Private Banking list circumstances that would require
additional due diligence, including activities that involve which three of these
choices? - CORRECT ANSWER-High risk countries
High risk activities
Public officials, including those who had positions of public trust.
A compliance officer is looking to update an institution's private bank procedures.
What should be included as recommended by the Wolfsberg AML Principles on
,Private Banking? - CORRECT ANSWER-Approval of PEPs by at least one person
other than the relationship manager.
What are three indicators of money laundering associated with using electronic
funds transfers? - CORRECT ANSWER-Funds 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-money laundering
program rest? - CORRECT ANSWER-FI board of directors.
Federal law requires all U.S. financial institutions to secure and maintain all
records and supporting documentation used in suspicious activity reporting for
how many years? - CORRECT ANSWER-5 years
,The marketing department presents a business plan targeting individuals holding
important public positions. What are some steps the financial institution should
implement as part of the plan to target such individuals? - CORRECT ANSWER-
Investigate the source of funds.
Determine the purpose of the account.
Take all reasonable steps to check the background of the individual based on
public information.
Which statement is true about banking regulatory agencies having the authority
to obtain information from regulated institutions? - CORRECT ANSWER-The
agencies authority to conduct examinations negates the need for a warrant or
subpoena.
A customer comes into the bank and appears to be ill-at-ease waiting in the teller
line. When the customer gets to the teller, he become exceedingly nervous and
asks for a large cashier's check to be cashed and disbursed to him in $100 bills.
What should the teller do after completing the transaction? - CORRECT
ANSWER-File a SAR on the customer
, What is the term for trading through multiple accounts, where an individual
generates offsetting profits and losses and transfers of positions through accounts
that do not appear to be commonly controlled? - CORRECT ANSWER-Wash
Trading
In performing a risk analysis, which factor(s) should a financial institution review?
- CORRECT ANSWER-Its customer base, location, products and services.
How should a financial institution deter money laundering through new accounts?
- CORRECT ANSWER-Document the identity of the party opening the account.
Determine the beneficial owners of the account.
Seek to determine the the source of deposited funds.
A commission regotorie would be used in which gateway to obtain information
from another country? - CORRECT ANSWER-An FIU request under the
EGMONT principles
Which three circumstances are indicators for defining a customer as required
additional diligence according to the Wolfsberg Principles on Private Banking? -
Correct Detailed Answers Already Graded A+
What are the European Union Directives on Money Laundering? - CORRECT
ANSWER-They require members to implement certain laws to prevent money
laundering.
What should law enforcement provide when asking an institution to keep an
account open? - CORRECT ANSWER-a written request on government agency
letterhead with the appropriate signature.
The Wolfsberg Principles for Private Banking list circumstances that would require
additional due diligence, including activities that involve which three of these
choices? - CORRECT ANSWER-High risk countries
High risk activities
Public officials, including those who had positions of public trust.
A compliance officer is looking to update an institution's private bank procedures.
What should be included as recommended by the Wolfsberg AML Principles on
,Private Banking? - CORRECT ANSWER-Approval of PEPs by at least one person
other than the relationship manager.
What are three indicators of money laundering associated with using electronic
funds transfers? - CORRECT ANSWER-Funds 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-money laundering
program rest? - CORRECT ANSWER-FI board of directors.
Federal law requires all U.S. financial institutions to secure and maintain all
records and supporting documentation used in suspicious activity reporting for
how many years? - CORRECT ANSWER-5 years
,The marketing department presents a business plan targeting individuals holding
important public positions. What are some steps the financial institution should
implement as part of the plan to target such individuals? - CORRECT ANSWER-
Investigate the source of funds.
Determine the purpose of the account.
Take all reasonable steps to check the background of the individual based on
public information.
Which statement is true about banking regulatory agencies having the authority
to obtain information from regulated institutions? - CORRECT ANSWER-The
agencies authority to conduct examinations negates the need for a warrant or
subpoena.
A customer comes into the bank and appears to be ill-at-ease waiting in the teller
line. When the customer gets to the teller, he become exceedingly nervous and
asks for a large cashier's check to be cashed and disbursed to him in $100 bills.
What should the teller do after completing the transaction? - CORRECT
ANSWER-File a SAR on the customer
, What is the term for trading through multiple accounts, where an individual
generates offsetting profits and losses and transfers of positions through accounts
that do not appear to be commonly controlled? - CORRECT ANSWER-Wash
Trading
In performing a risk analysis, which factor(s) should a financial institution review?
- CORRECT ANSWER-Its customer base, location, products and services.
How should a financial institution deter money laundering through new accounts?
- CORRECT ANSWER-Document the identity of the party opening the account.
Determine the beneficial owners of the account.
Seek to determine the the source of deposited funds.
A commission regotorie would be used in which gateway to obtain information
from another country? - CORRECT ANSWER-An FIU request under the
EGMONT principles
Which three circumstances are indicators for defining a customer as required
additional diligence according to the Wolfsberg Principles on Private Banking? -
