1|Page
ACAMS FINAL EXAM VERSION 1 LATEST 2026 ACTUAL EXAM WITH
COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS (100%
VERIFIED ANSWERS) |ALREADY GRADED A+| ||PROFESSOR
VERIFIED|| ||BRANDNEW!!!||
According to FATF's Recommendations (2012), what are the
designated thresholds for transactions under Recommendations
10, 22, and 23? - ANSWER-FATF also designated specific
thresholds that trigger AML scrutiny. For example, the threshold
that financial institutions should monitor for occasional customers
is €15,000 [Recommendation 10]; for casinos, including Internet
casinos, it is €3,000 [Recommendation 22]; and for dealers in
precious metals, when engaged in any cash transaction, it is
€15,000 [Recommendation 22-23].
Describe FATF's Recommendations 20-21 (2012) on suspicious
transaction reporting and liability. - ANSWER-The
Recommendations say that financial institutions must report to the
Financial Intelligence Unit where they suspect or have reasonable
grounds to suspect that funds are the proceeds of a criminal
activity or are related to terrorist financing. The financial
institutions and the employees reporting such suspicions should
be protected from liability for reporting and should be prohibited
from disclosing that they have reported such activity.
,2|Page
According to the Wolfsberg AntiMoney Laundering Principles for
Private Banking (2000), what are situations for private banking
that require further due diligence? - ANSWER-• Public officials,
including individuals holding, or having held, positions of public
trust, as well as their families and close associates,
• High-risk countries, including countries "identified by credible
sources as having inadequate anti-money laundering standards
or representing high-risk for crime and corruption," and
• High-risk activities, involving clients and beneficial owners
whose source of wealth "emanates from activities known to be
susceptible to money laundering.
Identify the seven topics of international standards incorporated
into the FATF 40 Recommendations (2012). - ANSWER-•
AML/CFT policies and procedures [Recommendations 1-2],
• money laundering and confiscation [Recommendations 3-4],
• terrorist financing and financing of proliferation
[Recommendations 5-8],
• financial and non-financial institution preventative measures
[Recommendations 9-23],
,3|Page
• transparency and beneficial ownership of legal persons and
arrangements [Recommendations 24-25],
• powers and responsibilities of competent authorities and other
institutional measures [Recommendations 26-35], and
• international cooperation [Recommendations 36-40].
Describe FATF's Recommendation 1 (2012) on the risk-based
approach. - ANSWER-Countries should start by identifying,
assessing and understanding the money laundering and terrorist
financing risks they face. Then they should take appropriate
measures to mitigate the identified risks. The risk-based approach
allows countries to allocate their limited resources in a targeted
manner to their own particular circumstances, thereby increasing
the efficiency of the preventative measures. Financial institutions
should also use the risk-based approach to identify and mitigate
the risks they face.
In 2009, FATF began to publicly identify high risk jurisdictions.
What made the named jurisdictions high risk? - ANSWER-The
named countries had strategic deficiencies in their AML/CFT
regimes.
, 4|Page
At a high level, what are the criteria for becoming a FATF
Member? - ANSWER-• The jurisdiction should be strategically
important based on quantitative and qualitative indicators and
additional considerations
• FATF's geographic balance should be enhanced by the
jurisdiction becoming a member
• The country should provide a written commitment at the
political/ministerial level
• Within a maximum of three years after being invited to
participate in FATF as an observer the mutual evaluation process
for the country should be launched.
• Membership is granted if the mutual evaluation is satisfactory
Does the Basel Committee prohibit the use of numbered
accounts? - ANSWER-No, numbered accounts should not be
prohibited but be subjected to exactly the same KYC procedures
as other customer accounts. KYC tests may be carried out by
select staff, but the identity of customers must be known to an
adequate number of staff if the bank is to be sufficiently diligent.
"Such accounts should in no circumstances be used to hide the
ACAMS FINAL EXAM VERSION 1 LATEST 2026 ACTUAL EXAM WITH
COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS (100%
VERIFIED ANSWERS) |ALREADY GRADED A+| ||PROFESSOR
VERIFIED|| ||BRANDNEW!!!||
According to FATF's Recommendations (2012), what are the
designated thresholds for transactions under Recommendations
10, 22, and 23? - ANSWER-FATF also designated specific
thresholds that trigger AML scrutiny. For example, the threshold
that financial institutions should monitor for occasional customers
is €15,000 [Recommendation 10]; for casinos, including Internet
casinos, it is €3,000 [Recommendation 22]; and for dealers in
precious metals, when engaged in any cash transaction, it is
€15,000 [Recommendation 22-23].
Describe FATF's Recommendations 20-21 (2012) on suspicious
transaction reporting and liability. - ANSWER-The
Recommendations say that financial institutions must report to the
Financial Intelligence Unit where they suspect or have reasonable
grounds to suspect that funds are the proceeds of a criminal
activity or are related to terrorist financing. The financial
institutions and the employees reporting such suspicions should
be protected from liability for reporting and should be prohibited
from disclosing that they have reported such activity.
,2|Page
According to the Wolfsberg AntiMoney Laundering Principles for
Private Banking (2000), what are situations for private banking
that require further due diligence? - ANSWER-• Public officials,
including individuals holding, or having held, positions of public
trust, as well as their families and close associates,
• High-risk countries, including countries "identified by credible
sources as having inadequate anti-money laundering standards
or representing high-risk for crime and corruption," and
• High-risk activities, involving clients and beneficial owners
whose source of wealth "emanates from activities known to be
susceptible to money laundering.
Identify the seven topics of international standards incorporated
into the FATF 40 Recommendations (2012). - ANSWER-•
AML/CFT policies and procedures [Recommendations 1-2],
• money laundering and confiscation [Recommendations 3-4],
• terrorist financing and financing of proliferation
[Recommendations 5-8],
• financial and non-financial institution preventative measures
[Recommendations 9-23],
,3|Page
• transparency and beneficial ownership of legal persons and
arrangements [Recommendations 24-25],
• powers and responsibilities of competent authorities and other
institutional measures [Recommendations 26-35], and
• international cooperation [Recommendations 36-40].
Describe FATF's Recommendation 1 (2012) on the risk-based
approach. - ANSWER-Countries should start by identifying,
assessing and understanding the money laundering and terrorist
financing risks they face. Then they should take appropriate
measures to mitigate the identified risks. The risk-based approach
allows countries to allocate their limited resources in a targeted
manner to their own particular circumstances, thereby increasing
the efficiency of the preventative measures. Financial institutions
should also use the risk-based approach to identify and mitigate
the risks they face.
In 2009, FATF began to publicly identify high risk jurisdictions.
What made the named jurisdictions high risk? - ANSWER-The
named countries had strategic deficiencies in their AML/CFT
regimes.
, 4|Page
At a high level, what are the criteria for becoming a FATF
Member? - ANSWER-• The jurisdiction should be strategically
important based on quantitative and qualitative indicators and
additional considerations
• FATF's geographic balance should be enhanced by the
jurisdiction becoming a member
• The country should provide a written commitment at the
political/ministerial level
• Within a maximum of three years after being invited to
participate in FATF as an observer the mutual evaluation process
for the country should be launched.
• Membership is granted if the mutual evaluation is satisfactory
Does the Basel Committee prohibit the use of numbered
accounts? - ANSWER-No, numbered accounts should not be
prohibited but be subjected to exactly the same KYC procedures
as other customer accounts. KYC tests may be carried out by
select staff, but the identity of customers must be known to an
adequate number of staff if the bank is to be sufficiently diligent.
"Such accounts should in no circumstances be used to hide the
