ACAMS Practice Exam (2021 – 2022) Questions & Answers 100% Correct
Which of the following is the most common method of laundering money through a
... [Show More] legal money services business?
a. exchanging currency and remitting money
b. smuggling bulk cash
c. transferring funds through payable through accounts (PTAs)
d. exchanging Colombian pesos on the black market - a. exchanging currency and remitting money
In general, the three phases of money launder are said to be placement and:
a. structuring and manipulation
b. layering and integration
c. layering and smurfing
d. integration and infiltration - b. layering and integration
Which statement is true?
a. Systemic weaknesses in free trade zones include inadequate AML/CFT safeguards, minimal oversight by local authorities and weak procedures to inspect goods.
B. Cuckoo smurfing is a significant money laundering technique identified by the Financial Action Task Force, wherein a form of structuring uses nested accounts with shell banks in secrecy havens.
C. In its 40 Recommendations, the FATF issued a list of designated categories of offense that asserts crimes for a money laundering prosecution.
D. E-cash is not attractive to the money launderer because it cannot be completely anonymous and does not allow for large amounts to be transported quickly and easily. - a. Systemic weaknesses in free trade zones include inadequate AML/CFT safeguards, minimal oversight by local authorities and weak procedures to inspect goods.
Which three of the following is an indication of possible money laundering in an insurance industry scenario?
a. insurance products sold through intermediaries, agents or brokers
b. single-premium insurance bonds, redeemed at a discount
c. policyholders who are unconcerned about penalties for early cancellation
d. policy holders who redeem the policy within the free look period - b. single-premium insurance bonds, redeemed at a discount
c. policyholders who are unconcerned about penalties for early cancellation
d. policy holders who redeem the policy within the free look period
which two activities are typically associated with the black market peso exchange (BMPE) money laundering system? [Show Less]