ACAMS (Test Review)2023 updated already passed
Identify the seven topics of international incorporated into the FATF 40 recommendations in 2012? -
... [Show More] correct answer AML/CFT policies & procedures.
Money Laundering & confiscation.
Terrorist financing & financing of proliferation.
Financial & non-financial institution preventative measures.
Transparency & beneficial ownership of legal persons & arrangements.
Powers & responsibilities of competent authorities & other institutional measures.
International cooperation.
According to the Egmont Group, What is the definition of a Financial Intelligence Unit (FIU)? - correct answer A central, national agency responsible for receiving & permitted, requesting, analyzing & disseminating to the competent authorities, disclosures of financial information, Concerning suspected proceeds of crime & potential financing of terrorism, Required by national legislation or regulation in order to combat money laundering & terrorism financing.
According to the Wolfberg Anti-Money Laundering Principles for Private Banking in 2000, what are situations for private banking that require further due diligence? - correct answer Public official, including individuals holding, or having held, positions of public trust, as well as their families and close associates. High Risk Countries, including countries "identified by credible sources as having inadequate Anti-Money Laundering standards or representing high-risk for crime and corruption". High Risk Activities, involving clients and beneficial owners whose source of wealth "emanates from activities known to be susceptible to Money Laundering.
Describe 4 types of risk associated with money laundering faced by a financial institution? - correct answer Reputational Risk, is the potential that adverse publicity regarding an organizations business practices and associations, weather accurate or not, will cause a loss of public confidence in the integrity of the organization. Operational Risk is potential for loss resulting from inadequate internal processes, personnel or systems or from external events.
Legal Risk is the potential for lawsuits, adverse judgments, unenforceable contracts, fines and penalties generating losses increased expenses for an organization or even the closure of the organization.
Concentration Risk is the p [Show Less]