ACAMS-Prep-Mock Objective Assessment | with
Actual Questions and Answers | 2025 Update |
100% Correct
What are three indicators of money laundering associated with using
electronic funds transfers? - answer-Funds transfers to or from financial
secrecy haven without an apparent business reason.
Funds transfers are received or sent from the same person to or from different
accounts.
Payments or receipts with no apparent link to legitimate contract goods or
services
On who does the ultimate responsibility for an institution's anti-money
laundering program rest? - answer-FI board of directors.
Which statement is true about banking regulatory agencies having the
authority to obtain information from regulated institutions? - answer-The
agencies authority to conduct examinations negates the need for a warrant or
subpoena.
,A customer comes into the bank and appears to be ill-at-ease waiting in the
teller line. When the customer gets to the teller, he become exceedingly
nervous and asks for a large cashier's check to be cashed and disbursed to him
in $100 bills.
What should the teller do after completing the transaction? - answer-File a SAR
on the customer
What is the term for trading through multiple accounts, where an individual
generates offsetting profits and losses and transfers of positions through
accounts that do not appear to be commonly controlled? - answer-Wash
Trading
In performing a risk analysis, which factor(s) should a financial institution
review? - answer-Its customer base, location, products and services.
How should a financial institution deter money laundering through new
accounts? - answer-Document the identity of the party opening the account.
Determine the beneficial owners of the account.
Seek to determine the the source of deposited funds.
What poses the greatest money laundering risk for a financial institution
offering on-line services to customers? - answer-There is a greater difficulty in
matching the customer with the provided identification document.
,In order to protect investigative materials from disclosure when conducting an
internal Investigation of any employee of a financial institution, legal counsel
of that financial should________ ? - answer-Request formal company
authorization to conduct the investigation. such authorization should be
granted. if possible, by the board or audit committee
How do payable through accounts (PTAs) differ from normal foreign
correspondent accounts? - answer-the customers do not have to worry about
sanction list screening.
What are some useful tools or methods in conducting an internal AML
investigation? - answer-Reviewing documents, particularly of relevant
accounts.
Interviewing knowledgeable employees of the institution
Exploring leads through internet searches
Federal law requires all U.S. financial institutions to secure and maintain all
records and supporting documentation used in suspicious activity reporting for
how many years? - answer-5 years
, The marketing department presents a business plan targeting individuals
holding important public positions. What are some steps the financial
institution should implement as part of the plan to target such individuals? -
answer-Investigate the source of funds.
Determine the purpose of the account.
Take all reasonable steps to check the background of the individual based on
public information.
In the FATF 40 recommendations, the focus of AML efforts has been expanded
beyond
Financial Institutions. Which three businesses and/or professions are covered?
- answer-Real Estate Agents when involved in transactions for clients
concerning buying and selling properties
Dealers in Art, when they deal with cash over a certain amount
TSCP Trust and company service providers.
What is a criterion for FATF membership? - answer-Should be a member of a
FATF-style regional body
Which three areas do FATF's 40 recommendations cover? - answer-
International Cooperation
Actual Questions and Answers | 2025 Update |
100% Correct
What are three indicators of money laundering associated with using
electronic funds transfers? - answer-Funds transfers to or from financial
secrecy haven without an apparent business reason.
Funds transfers are received or sent from the same person to or from different
accounts.
Payments or receipts with no apparent link to legitimate contract goods or
services
On who does the ultimate responsibility for an institution's anti-money
laundering program rest? - answer-FI board of directors.
Which statement is true about banking regulatory agencies having the
authority to obtain information from regulated institutions? - answer-The
agencies authority to conduct examinations negates the need for a warrant or
subpoena.
,A customer comes into the bank and appears to be ill-at-ease waiting in the
teller line. When the customer gets to the teller, he become exceedingly
nervous and asks for a large cashier's check to be cashed and disbursed to him
in $100 bills.
What should the teller do after completing the transaction? - answer-File a SAR
on the customer
What is the term for trading through multiple accounts, where an individual
generates offsetting profits and losses and transfers of positions through
accounts that do not appear to be commonly controlled? - answer-Wash
Trading
In performing a risk analysis, which factor(s) should a financial institution
review? - answer-Its customer base, location, products and services.
How should a financial institution deter money laundering through new
accounts? - answer-Document the identity of the party opening the account.
Determine the beneficial owners of the account.
Seek to determine the the source of deposited funds.
What poses the greatest money laundering risk for a financial institution
offering on-line services to customers? - answer-There is a greater difficulty in
matching the customer with the provided identification document.
,In order to protect investigative materials from disclosure when conducting an
internal Investigation of any employee of a financial institution, legal counsel
of that financial should________ ? - answer-Request formal company
authorization to conduct the investigation. such authorization should be
granted. if possible, by the board or audit committee
How do payable through accounts (PTAs) differ from normal foreign
correspondent accounts? - answer-the customers do not have to worry about
sanction list screening.
What are some useful tools or methods in conducting an internal AML
investigation? - answer-Reviewing documents, particularly of relevant
accounts.
Interviewing knowledgeable employees of the institution
Exploring leads through internet searches
Federal law requires all U.S. financial institutions to secure and maintain all
records and supporting documentation used in suspicious activity reporting for
how many years? - answer-5 years
, The marketing department presents a business plan targeting individuals
holding important public positions. What are some steps the financial
institution should implement as part of the plan to target such individuals? -
answer-Investigate the source of funds.
Determine the purpose of the account.
Take all reasonable steps to check the background of the individual based on
public information.
In the FATF 40 recommendations, the focus of AML efforts has been expanded
beyond
Financial Institutions. Which three businesses and/or professions are covered?
- answer-Real Estate Agents when involved in transactions for clients
concerning buying and selling properties
Dealers in Art, when they deal with cash over a certain amount
TSCP Trust and company service providers.
What is a criterion for FATF membership? - answer-Should be a member of a
FATF-style regional body
Which three areas do FATF's 40 recommendations cover? - answer-
International Cooperation
