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ACAMS Practice Test 2 (Flash Cards) 175 Questions with Verified Answers When a financial institution is served with a search warrant by a law enforcement agency, what are three things that the employees of the institution should do? - CORRECT ANSWER - They should cooperate fully with the law enforcement agents and remain calm and polite. - They should try to obtain an inventory of the materials that the law enforcement agents take from the institution. - They should review the warrant t...

ACAMS Study Guide Practice 120 Questions with Verified Answers Which of the following is the most common method of laundering money through a legal money services business? A. Exchanging currency and remitting money B. Smuggling bulk cash C. Transferring funds through payable through accounts (PTAs) D. Exchanging Colombian pesos on the black market - CORRECT ANSWER a In general, the three phases of money laundering are said to be: placement and A. structuring and manipulation. B. l...

ACAMS Practice Exam 241 Questions with Verified Answers C - CORRECT ANSWER The USA PATRIOT Act was passed in: A) 1970 B) 1985 C) 2001 D) 2007 D - CORRECT ANSWER The three stages of money laundering are: A) Layering, Placement, Refining B) Placement, Refining, Integration C) Refining. Integration, Layering D) Integration, Layering, Placement D - CORRECT ANSWER Which of the following would be satisfactory elements of an Anti-Money Laundering Program? I - A CAM...

ACAMS Practice Test (Book) 100 Questions with Verified Answers Which of the following is the most common method of laundering money through a legal money services business? - CORRECT ANSWER Purchasing structured money instruments In general, the 3 phases of money laundering are said to be: Placement; - CORRECT ANSWER Layering and integration Which statement is true? - CORRECT ANSWER Bust-out schemes are popular in creating large bankruptcy frauds where businesses secure increasing l...

ACAMS Chapter 3: Anti-Money Laundering/Counter Terrorist Financing Compliance Programs Pros of Risk Based Approach - CORRECT ANSWER -Flexible: as ML/TF risk vary across jurisdictions, customers, products and delivery channels, and over time -Effective: As companies are better equipped than legislators to effectively assess and mitigate the particular ML/TF risks they face. -Proportionate: A risk based approach promotes a common sense and intelligent approach to fighting ML/TF as opposed t...

ACAMS Certification Exam 115 Questions with Verified Answers ABC Bank was served with a search warrant. What next steps should the Bank consider? - CORRECT ANSWER 1. Call the financial institution's in‐house or outside counsel, 2. Review the warrant to understand its scope, 3. Ask for and obtain a copy of the warrant, 4. Ask for a copy of the affidavit that supports the search warrant (the agents are not obligated to provide a copy of the affidavit, but, if a financial institution is...

ACAMS Exam 97 Questions with Verified Answers Define a red flag. - CORRECT ANSWER A warning signal that should bring attention to a potentially suspicious situation, transaction or activity. Define willful blindness. - CORRECT ANSWER A 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...

ACAMS Exam Review 70 Questions with Verified Answers Define "smurfing." - CORRECT ANSWER 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) What are the sections of the USA PATRIOT Act pertaining to AML due diligence? - CORRECT ANSWER *Section 312* -- Requirement that institutions create risk-based due diligence programs *Sec...

Hotel Revenue Management Chapters 1-6 Questions and Answers 100% Solved Revenue management, sometimes called yield management, is a set of revenue maximization strategies and tactics that: can be used to increase profitability When the American Airlines CEO developed yield management, what type of information was crucial to its success? Forecasting Which of the following statements about hotel revenue management is FALSE? Revenue mgt. is new, as are all the strategies that are employed to max...

Major Geographic Categories - ANSWER -World -Continent -Sub-Continent -Country -Market -Tract or Submarket Continents - ANSWER -4 -Americas, Europe, Mideast/Africa and Asia Pacific Sub-Continents - ANSWER -4 for each continent When it comes to recognizing countries... - ANSWER STR uses the UNWTO definition ______ countries with one or more hotels - ANSWER 211 ______ countries with 50,000 rooms or more - ANSWER 42 Territories such as the U.S. Virgin Islands and Puerto Rico...