ACAMS FINAL EXAM VERSION 2 2026/2027
WITH ACTUAL CORRECT QUESTIONS AND
VERIFIED DETAILED ANSWERS
|CURRENTLY TESTING QUESTIONS AND
SOLUTIONS|ALREADY GRADED A+|NEWEST
|BRAND NEW VERSION|JUST RELEASED!!
In which three situations is correspondent banking most vulnerable to money laundering?
When allowing foreign banks to use the correspondent account to conduct large financial
transactions on behalf of their customers.
When allowing the correspondent bank account to be uses as a payable through account (PTA)
when allowing the correspondent bank account to be used by other accounts
What are some of the shortcomings in using letters regulatory?
They can be time consuming
they are based on pre-existing mutual treaties between countries
They must be approved in advance by the countries judicial authorities
An anti-money laundering specialist working at a bank just received a legal request from a law
enforcement agency mandating the release of all financial transaction records relating to an
account at the bank. The specialist immediately recognizes the account as one owned by the
bank Chief Executive Officer's brother. During research to gather the requested documents, the
specialist finds several internal memos he had sent to the bank president with concerns
regarding possible suspicious activity relating to this account. The specialist recalls the bank
president verbally responded to each memo with an explanation of the activity and indicated
1|Page
,there was no cause for concern. What should the specialist do with respect to these internal
memos?
Advise the bank's senior legal advisor of the situation.
Why would a credit card account likely not be used in the placement stage of money
laundering?
Cash payments are generally restricted.
Which action should an FIU consider taking when it has information that might be useful to
another FIU?
Supply the information to the other FIU spontaneously as soon as the relevance of sharing the
information is identified.
What should senior management do in order to promote a culture of anti-money laundering
compliance?
They should include compliance with AML procedures as a condition of employment.
What is the result of an increased awareness of the potential for gatekeepers to assist in money
laundering in recent years?
Lawyers who represent money launderers can more easily be prosecuted
What are some red flags financial institutions should be aware of when trying to verify the
identity of a customer?
customer having unusual documents from a foreign country
customer having no permanent address
customer not having a connected phone
What are three potential issues for foreign financial institutions maintaining correspondent
accounts with U.S. banks under the Patriot Act
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, cancellation of correspondent banking relationships
forfeiture of funds in a U.S. inter-bank account
Prohibition of correspondent accounts for shell banks
The bank for International Settlements provides the secretariat for which organization?
The Basel Committee
Which three are examples of best practices terms of ensuring an adequate AML program?
Review applicable domestic and international AML guidance
Perform a risk analysis on a regular basis and compare it to the coverage of the AML program
Review the accuracy of account opening operations
When the minimum CDD standards of the home and host countries differ, the offices in the host
countries should follow which requirements?
The higher standards of the two
To ensure that an institution's anti-money laundering program is current, which step should be
taken?
the program should be re-assessed at least annually
What is most valuable when using the internet as an investigative source?
a reference list of websites known to yield credible information
A compliance officer is looking to modify procedures covering correspondent banking
relationships. Which three would be recommended under the Wolfsburg Principles on
Correspondent Banking?
3|Page
WITH ACTUAL CORRECT QUESTIONS AND
VERIFIED DETAILED ANSWERS
|CURRENTLY TESTING QUESTIONS AND
SOLUTIONS|ALREADY GRADED A+|NEWEST
|BRAND NEW VERSION|JUST RELEASED!!
In which three situations is correspondent banking most vulnerable to money laundering?
When allowing foreign banks to use the correspondent account to conduct large financial
transactions on behalf of their customers.
When allowing the correspondent bank account to be uses as a payable through account (PTA)
when allowing the correspondent bank account to be used by other accounts
What are some of the shortcomings in using letters regulatory?
They can be time consuming
they are based on pre-existing mutual treaties between countries
They must be approved in advance by the countries judicial authorities
An anti-money laundering specialist working at a bank just received a legal request from a law
enforcement agency mandating the release of all financial transaction records relating to an
account at the bank. The specialist immediately recognizes the account as one owned by the
bank Chief Executive Officer's brother. During research to gather the requested documents, the
specialist finds several internal memos he had sent to the bank president with concerns
regarding possible suspicious activity relating to this account. The specialist recalls the bank
president verbally responded to each memo with an explanation of the activity and indicated
1|Page
,there was no cause for concern. What should the specialist do with respect to these internal
memos?
Advise the bank's senior legal advisor of the situation.
Why would a credit card account likely not be used in the placement stage of money
laundering?
Cash payments are generally restricted.
Which action should an FIU consider taking when it has information that might be useful to
another FIU?
Supply the information to the other FIU spontaneously as soon as the relevance of sharing the
information is identified.
What should senior management do in order to promote a culture of anti-money laundering
compliance?
They should include compliance with AML procedures as a condition of employment.
What is the result of an increased awareness of the potential for gatekeepers to assist in money
laundering in recent years?
Lawyers who represent money launderers can more easily be prosecuted
What are some red flags financial institutions should be aware of when trying to verify the
identity of a customer?
customer having unusual documents from a foreign country
customer having no permanent address
customer not having a connected phone
What are three potential issues for foreign financial institutions maintaining correspondent
accounts with U.S. banks under the Patriot Act
2|Page
, cancellation of correspondent banking relationships
forfeiture of funds in a U.S. inter-bank account
Prohibition of correspondent accounts for shell banks
The bank for International Settlements provides the secretariat for which organization?
The Basel Committee
Which three are examples of best practices terms of ensuring an adequate AML program?
Review applicable domestic and international AML guidance
Perform a risk analysis on a regular basis and compare it to the coverage of the AML program
Review the accuracy of account opening operations
When the minimum CDD standards of the home and host countries differ, the offices in the host
countries should follow which requirements?
The higher standards of the two
To ensure that an institution's anti-money laundering program is current, which step should be
taken?
the program should be re-assessed at least annually
What is most valuable when using the internet as an investigative source?
a reference list of websites known to yield credible information
A compliance officer is looking to modify procedures covering correspondent banking
relationships. Which three would be recommended under the Wolfsburg Principles on
Correspondent Banking?
3|Page
