ACAMS Practice Exam 2024 |100%Correct Answers | Verified Latest 2024 Version.
Which of the following is the most common method of laundering money
... [Show More] through a legal
money services business? - Answer Purchasing structured money instruments
In general, the 3 phases of money laundering are said to be: Placement; - Answer
Layering and integration
Which statement is true? - Answer 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
Which 3 of the following is an indication of possible money laundering in an insurance
industry scenario? - Answer -Single-premium insurance bonds, redeemed at a discount
-Policyholders who are unconcerned about penalties for early cancellation
-Policyholders who make full use of the "free look" period
Which 2 activities are typically associated with the black market peso exchange (BMPE)
money laundering system? - Answer -Converting illicit drug proceeds from dollars or
Euros to Colombian pesos
-Facilitating purchases by Colombian importers of goods manufactured in the United
States or Europe through peso brokers
What is the Right of Reciprocity in the field of in the field of international cooperation
against money laundering? - Answer A rule in the law of a country allowing its
authorities to cooperate with authorities of other countries to the degree that their law
allows them to do the same
The greatest risk for money laundering is for casinos that - Answer Allow customers
with credit balances to withdraw funds by check in another jurisdiction
Which statement is true regarding the risk of Politically Exposed Persons (PEPs)? -
Answer PEPs have significantly greater exposure to the politically corrupt funds,
including accepting bribes or misappropriating government funds
Dirty money, derived from criminal activities of Belgian Criminal A, is sent to a foreign
bank account of Corporation B. Then in Belgium, a new investment Company C is
incorporated. Criminal A is appointed as a director of Company C. Company C borrows
money from the foreign Company B and buys real estate in Belgium. The real estate is
rented to third parties. Director (Criminal) A also rents an apartment in the building .With
the funds generated by the rent, Company C pays off the loan to Corporation B, and the
salary of Director A. Criminal A now converted his dirty money in legal funds .This
laundering method is commonly referred to as what? - Answer Loan back
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 branch. When
asked by the account representative if the customer requires any additional banking
services, the customer responds she is also interested in opening a personal
investment account. The account representative refers the customer to their brokedealer. The customer tells the firm representative she has never had a brokerage
account before and has a few questions about how an investment account works. The
customer asks how deposits can be made into her account, if there are any reporting
requirements, and how to go about moving balances out of the account using wire
transfers. No questions are asked about fees associated with these transactions. Which
three items would be considered suspicious? - Answer The customer asks many
questions about the brokerage account, but none of them are related to investing.
The address of the account holder and the branch where the customer came to open
the account are not close to each other.
That the customer appears unconcerned about the fees.
International trade in goods and services can be used as either a cover for money
laundering or as the laundering mechanism itself. What is MOST important for the
launderer when engaging in this method? The ability: - Answer To over-or under-invoice
the goods.
Which of the following statements is true? Correspondent banking is MOST vulnerable
to money laundering when the correspondent account is: - Answer Maintained for a
foreign bank that does not have a physical presence in any country.
Which statement is true? Lawyers: - Answer Can be abused by launderers by using the
accounts they set up for them for the placement and layering of funds. [Show Less]