Social Sciences > EXAM > ACAMS Answered Practice Questions 100% solved fall under 2022 (All)

ACAMS Answered Practice Questions 100% solved fall under 2022

Document Content and Description Below

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 [Show More]

Last updated: 3 years ago

Preview 1 out of 92 pages

Buy Now

Instant download

We Accept: