Page 1 of 254
ACAMS EXAM 1 & 2 QUESTIONS AND
CORRECT DETAILED SOLUTIONS LATEST
THIS YEAR
Question: Which two activities are typically associated with the black market peso exchange
(BMPE) money laundering system?
A. Converting illicit drug proceeds from dollars or euros to Colombian pesos
B. Converting illicit drug proceeds from Colombian pesos to dollars or euros
C. Facilitating purchases by Colombian importers of goods manufactured in the United States or
Europe through peso brokers
D. Facilitating purchases by European or U.S. importers of goods manufactured in Colombia
through
peso brokers - CORRECT ANSWER✔✔a & c
Question: What is the right of reciprocity in the field of international cooperation against
money laundering?
, Page 2 of 254
A. The legal principle that financial institutions that have referred customers to other financial
institutions can share information about these customers with the other institutions
B. A rule of the Basel Committee allowing properly regulated financial institutes of another
member state of the Basel Committee to do business without additional supervision to the
degree that the
other state grants the same right
C. The right of each FATF member country to delegate prosecution of a case of money
laundering to another member that is already investigating the same case
D. A rule in the law of a country allowing its authorities to cooperate with authorities of other
countries to the degree that their law allows them to do the same - CORRECT ANSWER✔✔d
Question: The greatest risk for money laundering is for casinos that
A. provide their customers with a wide array of gambling services.
B. operate in a non-Egmont member country.
C. allow customers with credit balances to withdraw funds by check in another jurisdiction.
D. only send suspicious transaction reports to the financial intelligence unit of the country it
operates in. - CORRECT ANSWER✔✔c
, Page 3 of 254
Question: Which statement is true regarding the risk of politically exposed persons (PEPs)?
A. PEPs provide access to third parties on whom the financial institution has not conducted
sufficient due diligence.
B. PEPs have significantly greater exposure to the politically corrupt funds, including accepting
bribes or misappropriating government funds.
C. PEPs are foreign customers who inherently present additional risk as they are engaged in
crossborder transactions.
D. PEPs generally do not pose enhanced risks to an institution due to their political standing;
rather, PEPs increase the prestige of an institution. - CORRECT ANSWER✔✔b
Question: In 2014, the Wolfsberg Group published its Anti-Money Laundering Principles for
Correspondent Banking. Which three of the following elements are recommended to be
included in the due diligence of
a correspondent banking client?
A. The geographic risk
B. The ownership and management structure
C. The résumé of the compliance officer
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D. The customer base - CORRECT ANSWER✔✔a, b & d
Question: A new customer approaches a bank to open a commercial account. The customer
provides an address for the account located across the city from the branch. When asked by the
account representative if the customer requires any additional banking services, the customer
responds that she is also interested in opening a personal investment account. The account
representative refers the customer to the broker-dealer. The customer tells the firm
representative she has never had a brokerage account before and has a few questions about
how an investment account works. The customer asks how deposits can be made into her
account, if there are any reporting requirements, and how to go about moving balances out of
the account using wire transfers. No questions are asked about fees associated with these
transactions. Which three items would be considered suspicious?
A. The customer asks many questions about the brokerage account but - CORRECT
ANSWER✔✔a, c & d
Question: Trade-based money laundering requires the ability to
A. over- or under-invoice the goods.
B. sell the imported goods for as little as possible.
C. use goods that do not need to be declared.
ACAMS EXAM 1 & 2 QUESTIONS AND
CORRECT DETAILED SOLUTIONS LATEST
THIS YEAR
Question: Which two activities are typically associated with the black market peso exchange
(BMPE) money laundering system?
A. Converting illicit drug proceeds from dollars or euros to Colombian pesos
B. Converting illicit drug proceeds from Colombian pesos to dollars or euros
C. Facilitating purchases by Colombian importers of goods manufactured in the United States or
Europe through peso brokers
D. Facilitating purchases by European or U.S. importers of goods manufactured in Colombia
through
peso brokers - CORRECT ANSWER✔✔a & c
Question: What is the right of reciprocity in the field of international cooperation against
money laundering?
, Page 2 of 254
A. The legal principle that financial institutions that have referred customers to other financial
institutions can share information about these customers with the other institutions
B. A rule of the Basel Committee allowing properly regulated financial institutes of another
member state of the Basel Committee to do business without additional supervision to the
degree that the
other state grants the same right
C. The right of each FATF member country to delegate prosecution of a case of money
laundering to another member that is already investigating the same case
D. A rule in the law of a country allowing its authorities to cooperate with authorities of other
countries to the degree that their law allows them to do the same - CORRECT ANSWER✔✔d
Question: The greatest risk for money laundering is for casinos that
A. provide their customers with a wide array of gambling services.
B. operate in a non-Egmont member country.
C. allow customers with credit balances to withdraw funds by check in another jurisdiction.
D. only send suspicious transaction reports to the financial intelligence unit of the country it
operates in. - CORRECT ANSWER✔✔c
, Page 3 of 254
Question: Which statement is true regarding the risk of politically exposed persons (PEPs)?
A. PEPs provide access to third parties on whom the financial institution has not conducted
sufficient due diligence.
B. PEPs have significantly greater exposure to the politically corrupt funds, including accepting
bribes or misappropriating government funds.
C. PEPs are foreign customers who inherently present additional risk as they are engaged in
crossborder transactions.
D. PEPs generally do not pose enhanced risks to an institution due to their political standing;
rather, PEPs increase the prestige of an institution. - CORRECT ANSWER✔✔b
Question: In 2014, the Wolfsberg Group published its Anti-Money Laundering Principles for
Correspondent Banking. Which three of the following elements are recommended to be
included in the due diligence of
a correspondent banking client?
A. The geographic risk
B. The ownership and management structure
C. The résumé of the compliance officer
, Page 4 of 254
D. The customer base - CORRECT ANSWER✔✔a, b & d
Question: A new customer approaches a bank to open a commercial account. The customer
provides an address for the account located across the city from the branch. When asked by the
account representative if the customer requires any additional banking services, the customer
responds that she is also interested in opening a personal investment account. The account
representative refers the customer to the broker-dealer. The customer tells the firm
representative she has never had a brokerage account before and has a few questions about
how an investment account works. The customer asks how deposits can be made into her
account, if there are any reporting requirements, and how to go about moving balances out of
the account using wire transfers. No questions are asked about fees associated with these
transactions. Which three items would be considered suspicious?
A. The customer asks many questions about the brokerage account but - CORRECT
ANSWER✔✔a, c & d
Question: Trade-based money laundering requires the ability to
A. over- or under-invoice the goods.
B. sell the imported goods for as little as possible.
C. use goods that do not need to be declared.
