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ACAMS Answered Practice Questions 100% solved fall under 2022

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C - ANSWER the USA PATRIOT Act was passed in: A) 1970 B) 1985 C) 2001 D) 2007 D - ANSWER The three stages of money laundering are: A) Layering, Placement, Refining B) Placement, R ... efining, Integration C) Refining. Integration, Layering D) Integration, Layering, Placement D - ANSWER Which of the following would be satisfactory elements of an Anti-Money Laundering Program? I - A CAMS certified employee in the Investigations Unit writes up a few policies and procedures and posts them on the department bulletin board. II - Shortly after attaining their CAMS certification, the individual provides AML training to the Investigations Unit. III - The CAMS certified individual routinely reviews the work of the Investigations Unit. IV - The CAMS certified individual assumes the responsibility of a compliance watchdog. A) All of the above would be satisfactory B) II and IV would be satisfactory C) I and III would be satisfactory D) None of the above would be satisfactory The correct answer would be "D - None of the above would be satisfactory." I - The AML program must be approved by the Board of Directors. II - An AML training program is required of all personnel (and contractors). III - The review of the bank's Financial Intelligence Department, as part of the audit of the AML program, must be performed by an independent (and knowledgeable) party. IV - The Compliance Officer must be appointed by the Board of Directors (or upper management with the Board's approval). D - ANSWER In determining what risks a customer poses, which consideration should NOT be a major factor? A) Where the customer resides or where the business is headquartered. B) What is the size of your financial institution. C) What occupation or type of business does the customer derive their income from. D) What are the customer's ethnic heritage, sexual orientation and political beliefs. [Show More]

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