ACAMS-Certified Anti Money Laundering Specialist Set 1

1.

What should a bank focus on to ensure on-going compliance with its AML program?

It should ensure that it develops and provides on-going targeted training of all current and new employees It should subject all new employees to criminal background checks before being hired It should review and update its transaction monitoring system It should ensure that the regulators have reviewed and have approved the bank's AML program

2.

What should a compliance officer do during an ongoing investigation into a client's activities by a competent authority?

Ensure communication with regulatory and law enforcement authorities is conducted only through the Board of Directors Communicate only in writing regulatory and law enforcement authorities in line with applicable local laws Communicate with regulatory and law enforcement authorities in line with applicable local laws Only provide information that is specifically and directly requested

3.

How can dealers in high-value items be at risk for money laundering?

The value of precious metals such as gold and silver is constantly fluctuating. Carrying large amounts of gems of high value is physically easy Paperwork is not required to ship precious metals and gems Drug dealers prefer cash to precious metals and gems

4.

Which activity is most likely to facilitate money laundering through on-line systems with inadequate controls?

Conducting a large volume of transactions Providing continuous worldwide access Conducting anonymous transactions Conducting large value transactions

5.

In the FATF 40 recommendations, the focus of AML efforts has been expanded beyond Financial Institutions. Which three businesses and/or professions are covered? Choose 3 answers

casinos, when customers engage in financial transactions equal to or above a designated Threshold Real estate agents when they are involved in transactions for clients concerning buying and selling properties Dealers in art, when they engage in any cash transaction with a customer at or above a designated threshold Trust and company service providers

6.

When requested by law enforcement via legal process to provide records or documentation, what should the officers of financial institution do?

Provide all records and documents the officer believes would be pertinent to the law enforcement agent's investigation Refuse to provide any records or documents until the agent narrows the scope of the request down to what he or she actually needs Not act on the legal process until the bank officer has contact w4h the agent and learns what the agent is investigating if there is no basis for contesting the request, provide what is requested

7.

Which AML standards have force of law?

Standards as defined in the Third European Union Money Laundering Directive (2005/60/EC) Standards as defined by the United Nations (UN) Standards as defined by World Bank / International Monetary Fund (IMF) 40 Recommendations

8.

What are some red flags pertaining to potentially suspicious transactions by a customer? Choose 3 answers

Having multiple addresses and/or moving frequently Having a commercial account with cash deposits Have a common address with several other bank clients Having multiple individuals use the ATM card connected with the account m different cities

9.

An anti-money laundering expert is hired by a new Internet bank to assess the money laundering threat to the bank. What is the most important recommendation for the expert to make given it is an on-line bank?

The bank should limit the amount of money which can be processed per transaction The bank should ensure that prospective new customers can be properly identified The bank should set up automated programs to analyze transactions for money laundering activity The bank should ensure that a firewall is set up to protect the transactions

10.

Why is the Mutual Legal Assistance Treaty (MLAT) a gateway for international cooperation?

They provide a legal basis for transmitting evidence that can be used for prosecution and judicial proceedings They receive reports of suspicious transactions from financial institutions to disseminate to local Law enforcement and foreign FIUs They obtain intelligence that might lead to evidence They issue the Prmc4es of Information Exchange Between Financial intelligence Units (FIUs)

ACAMS-Certified Anti Money Laundering Specialist Set 1

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Congratulations

COMPANY

Products

OTHERS

Partner

ACAMS-Certified Anti Money Laundering Specialist Set 1

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Congratulations

Detail Form

COMPANY

Products

OTHERS

Partner