ACAMS Practice Exam 2024 Questions and 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?
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 - Correct answer-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 - Correct answer-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. -
Correct answer-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 - Correct answer-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?
a. converting illicit drug proceeds from dollars or euros to Columbian pesos
b. converting illicit drug proceeds from Colombian pesos to dollar or euros
c. facilitating purchases by Colombian importers of goods manufactured in the united
states or Europe through peso brokers
d. facilitating purchase by European or U.S. importers of goods manufactured in
Colombia through peso brokers - Correct answer-a. converting illicit drug proceeds from
dollars or euros to Columbian pesos
c. 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 international cooperation against money
laundering?
a. the legal principle that financial institutions that have referred customers to the other
financial institutions can share information about these customer with other institutions
b. A rule of the Basel Committee allowing properly regulated financial institutes of
another member state of the Basel Committee to do business without additional
supervision to the degree that the
other state grants the same right
C. The right of each FATF member country to delegate prosecution of a case of money
laundering to another member that is already investigating the same case
D. 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 - Correct
answer-D. 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 :
a. provide their customer with a wide array of gambling services
b. operate in a non-Egmont member country
c. allow customers with credit balances to withdraw funds by check in another
jurisdiction
d. only send suspicious transaction reports to the financial intelligence unit of the
country it operates in - Correct answer-c. allow customers with credit balances to
withdraw funds by check in another jurisdiction
which statement is true regarding the risk of politically exposed person (PEPs)?
a. PEPs provide access to third parties on whom the FI has not conducted sufficient due
diligence
b. PEPs have significantly greater exposure to the politically corrupt funds, including
accepting bribes or misappropriating government funds
c. PEPs are foreign customers who inherently present additional risk as they are
engaged in cross-border transactions
d. PEPs generally do not pose enhanced risk to an institution due to their political
standing; rather, PEPs increase the prestige of an institution. - Correct answer-b. PEPs
have significantly greater exposure to the politically corrupt funds, including accepting
bribes or misappropriating government funds. [Show Less]