Page |1
ACAMS Example Questions Questions and
Correct Answers/ Latest Update / Already
Graded
Tom works as a compliance officer at ABC bank. He is looking at the
transactions of one of the bank's customers, Mr. Brown. Mr. Brown is
the owner of a check cashing company which performs only check
cashing services. Over the last six months, Mr. Brown has not made
withdrawals of cash against check deposits. He also deposited two
checks for US$2,000 each that were issued by a casino. When checking
the KYC file, Tom sees that, when opening the account, Mr. Brown had
requested detailed information about fees and commissions that are
charged by the bank. What would arouse your suspicion the most?
That Mr. Brown:
A- Deposited checks from casinos
B- Did not make withdrawals of cash against check deposits
C- Showed uncommon curiosity about commissions and fees charged
D- Does not have an escrow account
Ans: B
Which of the following statements is true?
A- Credit cards are not likely to be used in the layering phase of money
laundering because of restrictions in cash payments.
All rights reserved © 2025/ 2026 |
, Page |2
B- Credit cards are effective instruments for laundering money because
the transactions do not create a paper trail.
C- A launderer can launder money by prepaying his credit card using
funds that are already in the banking system, creating a credit balance
on his account, and requesting a credit refund.
D- A launderer can use illicit funds that are already in the banking
system to pay his credit card bill for goods purchased, which is an
example of placement.
Ans: C
Why is a Payable Through Account vulnerable to money laundering?
A. These are master correspondent accounts established at a domestic
bank by a foreign bank that allow the customers of the foreign bank to
do a wide range of transactions.
B. These are correspondent accounts located in a non-cooperative
country or territory.
C. These are nested correspondent accounts at a foreign shell bank
with customers with whom the domestic bank did not exercise due
diligence.
D. These are master escrow accounts on which a domestic bank
generally does not conduct periodic verification.
Ans: A
All rights reserved © 2025/ 2026 |
, Page |3
Which of the following statements is true? Correspondent banking is
MOST
vulnerable to money laundering when the correspondent account is:
A. Maintained for foreign financial institutions that are banks.
B. Not used to provide services directly to third parties.
C. Maintained for a foreign bank that does not have a physical
presence in any country.
D. Maintained for a foreign private bank that is publicly traded and is a
qualified intermediary.
Ans: C
Which statement is true?
A. Lawyers/attorneys can generally not be used to serve as formation
agents to set up trusts, front companies or shell corporations.
B. Lawyers, accountants, notaries and other similar professionals are
called money services providers.
C. Lawyers can generally not be used to act as a nominee shareholder
for another person.
D. Launderers can abuse gatekeepers by using their accounts for the
placement and the layering of funds.
All rights reserved © 2025/ 2026 |
, Page |4
Ans: D
Which two of the following 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
Ans: A,C
Which statement is true?
A. Bust-out schemes are popular in creating large bankruptcy frauds
where businesses secure increasing loans in excess of the actual value
of the company or property and then run with the money, leaving the
lender to foreclose and take a substantial loss.
B. Cuckoo smurfing is a significant money laundering technique
identified by the Financial Action Task Force, where a form of
structuring uses nested
All rights reserved © 2025/ 2026 |
ACAMS Example Questions Questions and
Correct Answers/ Latest Update / Already
Graded
Tom works as a compliance officer at ABC bank. He is looking at the
transactions of one of the bank's customers, Mr. Brown. Mr. Brown is
the owner of a check cashing company which performs only check
cashing services. Over the last six months, Mr. Brown has not made
withdrawals of cash against check deposits. He also deposited two
checks for US$2,000 each that were issued by a casino. When checking
the KYC file, Tom sees that, when opening the account, Mr. Brown had
requested detailed information about fees and commissions that are
charged by the bank. What would arouse your suspicion the most?
That Mr. Brown:
A- Deposited checks from casinos
B- Did not make withdrawals of cash against check deposits
C- Showed uncommon curiosity about commissions and fees charged
D- Does not have an escrow account
Ans: B
Which of the following statements is true?
A- Credit cards are not likely to be used in the layering phase of money
laundering because of restrictions in cash payments.
All rights reserved © 2025/ 2026 |
, Page |2
B- Credit cards are effective instruments for laundering money because
the transactions do not create a paper trail.
C- A launderer can launder money by prepaying his credit card using
funds that are already in the banking system, creating a credit balance
on his account, and requesting a credit refund.
D- A launderer can use illicit funds that are already in the banking
system to pay his credit card bill for goods purchased, which is an
example of placement.
Ans: C
Why is a Payable Through Account vulnerable to money laundering?
A. These are master correspondent accounts established at a domestic
bank by a foreign bank that allow the customers of the foreign bank to
do a wide range of transactions.
B. These are correspondent accounts located in a non-cooperative
country or territory.
C. These are nested correspondent accounts at a foreign shell bank
with customers with whom the domestic bank did not exercise due
diligence.
D. These are master escrow accounts on which a domestic bank
generally does not conduct periodic verification.
Ans: A
All rights reserved © 2025/ 2026 |
, Page |3
Which of the following statements is true? Correspondent banking is
MOST
vulnerable to money laundering when the correspondent account is:
A. Maintained for foreign financial institutions that are banks.
B. Not used to provide services directly to third parties.
C. Maintained for a foreign bank that does not have a physical
presence in any country.
D. Maintained for a foreign private bank that is publicly traded and is a
qualified intermediary.
Ans: C
Which statement is true?
A. Lawyers/attorneys can generally not be used to serve as formation
agents to set up trusts, front companies or shell corporations.
B. Lawyers, accountants, notaries and other similar professionals are
called money services providers.
C. Lawyers can generally not be used to act as a nominee shareholder
for another person.
D. Launderers can abuse gatekeepers by using their accounts for the
placement and the layering of funds.
All rights reserved © 2025/ 2026 |
, Page |4
Ans: D
Which two of the following 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
Ans: A,C
Which statement is true?
A. Bust-out schemes are popular in creating large bankruptcy frauds
where businesses secure increasing loans in excess of the actual value
of the company or property and then run with the money, leaving the
lender to foreclose and take a substantial loss.
B. Cuckoo smurfing is a significant money laundering technique
identified by the Financial Action Task Force, where a form of
structuring uses nested
All rights reserved © 2025/ 2026 |
