ACAMS Practice Questions MCQs

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Which of the following is the most common method of laundering money through a legal money services business?






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In general, the three phases of money laundering are said to be: Placement:






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Which statement is true?






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Which three of the following is an indication of possible money laundering in an insurance industry scenario?






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Which two activities are typically associated with the black market peso exchange (BMPE) money laundering system?






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What is the Right of Reciprocity in the field of international cooperation against money laundering?






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The greatest risk for money laundering is for casinos that






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Which statement is true regarding the risk of Politically Exposed Persons (PEPs)?






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In 2014 the Wolfsberg Group published their Anti-Money Laundering Principles for Correspondent Banking. Which elements are recommended to be included ...






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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 branc...






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Trade Based Money Laundering requires the ability to:






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Which of the following statements is true? Correspondent banking is MOST vulnerable to money laundering when the correspondent account is:






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Which of the following statement is true in respect of the Fourth EU Anti-Money Laundering Directive?






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According to the EU Directives an independent legal professional is obligated to report suspicion of money laundering in a client relationship when:






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Which of the following is the most difficult regulatory challenge facing a foreign financial institution with a correspondent banking relationship in ...






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Which were the Basel Committee’s two main motivations to encourage strong Know Your Customer programs in its paper “Customer Due Diligenc...






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What is the definition of a predicate offense?






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What is considered a beneficial owner of an account? A person or entity:






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The FinCen “Advisory to US Financial Institutions on Promoting a Culture of Compliance”, published in 2014, listed six areas of emphasis. ...






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Which of the following should a national legislature consider when criminalizing money laundering in line with the CFATF 19 Recommendations?






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Which statement is true about the 4th EU Directive on Money Laundering? It:






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Which one of the following statements is correct in respect of the FATF 40 Recommendations which state that countries should:






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Among the Principles for Information Exchange Between Financial Intelligence Units for Money Laundering Cases, issued by the Egmont Group on June 13, ...






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In which stage of money laundering would you classify depositing small amounts of cash into several related accounts?






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In which stage of money laundering would you classify the use of laundered funds to purchase high value assets and luxury items?






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In most laws criminalizing money laundering, it is stated that:






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The tactic in which individuals make multiple deposits in small quantities to avoid detection is called:






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In which case might a Suspicious Transaction Report NOT be necessary?






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As part of their role in fighting money laundering, financial institutions should:






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A junior compliance analyst learns over lunch with a friend in the computer operations department that during the previous week there was a problem re...






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What is willful blindness defined as?






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In anti-money laundering terminology a “red flag” is:






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The AML Reporting Officer of a financial institution should:






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Which of the following statements is true?






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Why is a Payable Through Account vulnerable to money laundering?






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What is the reasoning behind implementing a “risk-based anti-money laundering approach”?






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According to the FATF 40 Recommendations, “designated non-financial businesses and professions” include:






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According to the FATF 40 Recommendations, the threshold for identifying occasional customers at financial institutions is:






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Tom works as a compliance officer at ABC Bank. He is looking at the transactions of one of the bank’s customers, Mr. Brown, the owner of a chec...






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A small broker-dealer has an AML compliance program that addresses procedures for filing Suspicious Transaction Reports and includes policies, procedu...






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Susan works as a senior Money Laundering Reporting Officer at XYZ Bank. She is taking a closer look at the activity of several customers. What would a...






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Which of the following best describes the “alternative remittance system”?






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An AML compliance officer was reviewing customers at XYZ Bank and one of the customers (Mr. Sam Tropicana) attracted her attention. Through a period o...






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Which of the following statement is true?






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Which one of the following statements is true?






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Which of the following statement is included in Section 313 of the PATRIOT Act definition of “Physical Presence” in respect of Shell Banks...






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The FATF has consistently noted the use of casinos in money laundering schemes in its annual typologies reports. One laundering technique involving ca...






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Which of the following should an anti-money laundering specialist include on an internal investigation log?






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What are the three key criteria in AML risk rating?