Acams chapter 2 Study guides, Class notes & Summaries

ACAMS- Chapter 2 Questions and Answers 2023 Which of the FATF Style Regional Bodies issued its own set of 19 recommendations, which were specific to the region? CFATF (Caribbean Financial Action Task Force) Does the Basel Committee prohibit the use of numbered accounts? No. Numbered accounts are subject to same KYC procedures, and account identity cannot be hidden. What was considered a predicate offense for ML under the 1st EU ML Directive of 1991? Drug Trafficking (however me...

ACAMS: Chapter 3 Flashcards with correct solution graded A+ passedWhat does FATF recommend considering when assessing risk? (3) - correct answer 1.) Customer factors like non-resident custs., cash-intensive businesses, complex ownership structures, companies w/bearer shares 2.) Country/geographic risks such as countries w/inadequate AML/CFT systems, sanctions or embargoes, those involved in funding/support of terrorist activities, or significant levels of corruption 3.) Product, service, trans...

ACAMS chapter 2

ACAMS Chapter 1-6 Wash Trading ANSWER- 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? Which three statements are true regarding the extraterritorial reach of laws and legislation of the U.S.? ANSWER- 1. The criminal anti-money laundering law can apply to transactions that occur partially overseas 2. Economic and trade sanctions...

ACAMS Chapter 1 Questions and Answers 2023 Money Laundering involves taking criminal proceeds and disguising their illegal sources in order to use the funds to perform legal or illegal activiites. Formed in 1989 Financial Action Task Force (FATF) Financial Action Task Force (FATF) is an inter-government body comprising the group of Seven industrialized nations to set standards and foster international action against money laundering. The United Nations 2000 Convention Ag...

ACAMS: Chapter 4 Questions and Answers 100% Solved Define a search warrant and describe how it is issued. It is a grant of permission from a court for a law enforcement agency to search certain designated premises and to seize categories of items/documents. Generally, the requesting agency is required to establish that probable cause exists to believe that evidence of a crime will be located. The warrant is authorized based on information contained in an affidavit submitted by a law enforcement ...

ACAMS Chapter 1 question & answers latest 2023 verifiedMoney Laundering involves - correct answer taking criminal proceeds and disguising their illegal sources in order to use the funds to perform legal or illegal activities. Formed in 1989 - correct answer Financial Action Task Force (FATF) Financial Action Task Force (FATF) is an - correct answer inter-government body comprising the group of Seven industrialized nations to set standards and foster international action against money laund...

ACAMS Chapter 1 Questions and Answers Graded A Money Laundering involves taking criminal proceeds and disguising their illegal sources in order to use the funds to perform legal or illegal activiites. Formed in 1989 Financial Action Task Force (FATF) Financial Action Task Force (FATF) is an inter-government body comprising the group of Seven industrialized nations to set standards and foster international action against money laundering. The United Nations 2000 Convention Against Transnationa...

ACAMS: Chapter 4 Flashcards Questions and Answers 2023 Define a search warrant and describe how it is issued. It is a grant of permission from a court for a law enforcement agency to search certain designated premises and to seize categories of items/documents. Generally, the requesting agency is required to establish that probable cause exists to believe that evidence of a crime will be located. The warrant is authorized based on information contained in an affidavit submitted by a law enforc...

Describe FATF's Recommendation 15 (2012) on new technologies. - ANSWER-Countries and financial institutions should assess the risks associated with developments of new products, business practices, delivery mechanisms and technology. Financial institutions should assess these risks prior to launching new products; they should also take appropriate measures to mitigate the risks identified. What are six principles set forth in the Basel Committee's Statement of Principles called "Prevention...