ACAMS PRACTICE TEST EXAM QUESTIONS
WITH VERIFIED SOLUTIONS NEW MODIFIED
TESTED AND APPROVED GRADED A+ 2026
NEW UPGRADE
When a bank receives a subpoena for information about a specific
account, what 2 steps should the compliance officer take? --
CORRECT ANSWER---The compliance officer should ensure that
the staff research and collect all documents responsive to the
subpoena
- The compliance officer should ensure that an independent review is
conducted of the account and the transactions in the account.
A law enforcement representative calls up the compliance officer and
urgently requests information pertaining to a particular account in
connection with an on-going terrorist financing investigation. What
should the compliance officer do? --CORRECT ANSWER--Request
the law enforcement representative provide a court order or grand jury
subpoena unless the bank has already filed an STR on the matter
In conducting a criminal investigation, what are 3 things that the law
enforcement investigators should do? --CORRECT ANSWER---
Page 1 of 32
,Conduct computer-based searches on the individuals and entities
involved
-Review any previously filed STRs on the individuals and entities
involved
-Analyze the financial transactions and activity of the subject and try
to determine if there is anything that is high-risk or is out of the
ordinary
The compliance officer reads about a large potential fraud case in the
morning newspaper. When the officer gets to the bank, the officer
uncovers the fact that the potential fraud case involves an important
customer of the bank. After doing an internal investigation, the officer
determines that there is no suspicious activity in the customer's
accounts. What should the officer do next? --CORRECT ANSWER--
The officer should document the nature and results of the internal
investigation and keep the documentation in an appropriate file
What are 3 developments that should cause a financial institution to
conduct an internal investigation? --CORRECT ANSWER---When
the institution receive a grand jury subpoena with regard to
transactions that have occurred within several accounts at the
institution
Page 2 of 32
,-When several employees of the institution alert senior management
or the compliance officer that there are some suspicious transactions
within an account
-When a small local business starts engaging in overseas activity
involving numerous, unexplained wire transfers
What are 3 possible red flags indicating suspicious or unusual activity
that might warrant an investigation and the filing of an SRT? --
CORRECT ANSWER---Unusually high monthly balances in
comparison to known sources of income
-High level of monetary transactions through an account during the
course of a month, but low beginning and ending balances
-Multiple cash deposits made just under the reporting threshold
What is an advantage of having an outside counsel perform an
internal investigation on behalf of the financial institution? --
CORRECT ANSWER--The outside counsel can bring an impartial
and legal perspective to the review
What are the 3 classic gateways for international cooperation and
sharing? --CORRECT ANSWER---Mutual Legal Assistance Treaties
(MLATs)
Page 3 of 32
, -Exchange of information between Financial Intelligence Units (FIUs)
-Exchange of information between supervisory agencies
What are 3 of the recommended ways to respond to a law
enforcement inquiry? --CORRECT ANSWER---Cooperate with the
law enforcement inquiry as much as possible
-Respond to all formal requests for information as promptly and
thoroughly as possible, unless there is a valid objection that can and
should be made
-Ensure that all communication, written and oral, is funneled through
a centralized place
What 3 steps should be taken when there is a criminal investigation
that is targeting the bank itself? --CORRECT ANSWER---The senior
management and the Board of Directors should be notified and kept
apprised of the progress of the investigation
-The bank should consider retaining experienced outside counsel to
assist the bank in responding to the investigation
-The relevant employees of the bank should be notified of the
existence of the investigation and should be given instructions as to
what to do and how to act.
Page 4 of 32
WITH VERIFIED SOLUTIONS NEW MODIFIED
TESTED AND APPROVED GRADED A+ 2026
NEW UPGRADE
When a bank receives a subpoena for information about a specific
account, what 2 steps should the compliance officer take? --
CORRECT ANSWER---The compliance officer should ensure that
the staff research and collect all documents responsive to the
subpoena
- The compliance officer should ensure that an independent review is
conducted of the account and the transactions in the account.
A law enforcement representative calls up the compliance officer and
urgently requests information pertaining to a particular account in
connection with an on-going terrorist financing investigation. What
should the compliance officer do? --CORRECT ANSWER--Request
the law enforcement representative provide a court order or grand jury
subpoena unless the bank has already filed an STR on the matter
In conducting a criminal investigation, what are 3 things that the law
enforcement investigators should do? --CORRECT ANSWER---
Page 1 of 32
,Conduct computer-based searches on the individuals and entities
involved
-Review any previously filed STRs on the individuals and entities
involved
-Analyze the financial transactions and activity of the subject and try
to determine if there is anything that is high-risk or is out of the
ordinary
The compliance officer reads about a large potential fraud case in the
morning newspaper. When the officer gets to the bank, the officer
uncovers the fact that the potential fraud case involves an important
customer of the bank. After doing an internal investigation, the officer
determines that there is no suspicious activity in the customer's
accounts. What should the officer do next? --CORRECT ANSWER--
The officer should document the nature and results of the internal
investigation and keep the documentation in an appropriate file
What are 3 developments that should cause a financial institution to
conduct an internal investigation? --CORRECT ANSWER---When
the institution receive a grand jury subpoena with regard to
transactions that have occurred within several accounts at the
institution
Page 2 of 32
,-When several employees of the institution alert senior management
or the compliance officer that there are some suspicious transactions
within an account
-When a small local business starts engaging in overseas activity
involving numerous, unexplained wire transfers
What are 3 possible red flags indicating suspicious or unusual activity
that might warrant an investigation and the filing of an SRT? --
CORRECT ANSWER---Unusually high monthly balances in
comparison to known sources of income
-High level of monetary transactions through an account during the
course of a month, but low beginning and ending balances
-Multiple cash deposits made just under the reporting threshold
What is an advantage of having an outside counsel perform an
internal investigation on behalf of the financial institution? --
CORRECT ANSWER--The outside counsel can bring an impartial
and legal perspective to the review
What are the 3 classic gateways for international cooperation and
sharing? --CORRECT ANSWER---Mutual Legal Assistance Treaties
(MLATs)
Page 3 of 32
, -Exchange of information between Financial Intelligence Units (FIUs)
-Exchange of information between supervisory agencies
What are 3 of the recommended ways to respond to a law
enforcement inquiry? --CORRECT ANSWER---Cooperate with the
law enforcement inquiry as much as possible
-Respond to all formal requests for information as promptly and
thoroughly as possible, unless there is a valid objection that can and
should be made
-Ensure that all communication, written and oral, is funneled through
a centralized place
What 3 steps should be taken when there is a criminal investigation
that is targeting the bank itself? --CORRECT ANSWER---The senior
management and the Board of Directors should be notified and kept
apprised of the progress of the investigation
-The bank should consider retaining experienced outside counsel to
assist the bank in responding to the investigation
-The relevant employees of the bank should be notified of the
existence of the investigation and should be given instructions as to
what to do and how to act.
Page 4 of 32
