ACAMS Practice Questions
C - - - ✔✔The USA PATRIOT Act was passed in:
A) 1970
B) 1985
C) 2001
D) 2007
D - - - ✔✔The three stages of money laundering are:
A) Layering, Placement, Refining
B) Placement, Refining, I
...
ACAMS Practice Questions
C - - - ✔✔The USA PATRIOT Act was passed in:
A) 1970
B) 1985
C) 2001
D) 2007
D - - - ✔✔The three stages of money laundering are:
A) Layering, Placement, Refining
B) Placement, Refining, Integration
C) Refining. Integration, Layering
D) Integration, Layering, Placement
D - - - ✔✔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 - - - ✔✔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.
The correct answer would be "D." The customer's ethnic heritage, sexual orientation
and political beliefs are more discriminatory factors, and while they may help frame the
context of certain transactions, they should not be a major factor in assessing risk.
The size of your financial institution is a critical element in determining the level of
sensitivity to risks for certain customers.
Analysis questions require one to synthesize information, arrive at solutions and/or
evaluate the usefulness of solutions. One needs to distinguish between facts and
assumptions and to put various knowledge parts together to form a new knowledge
component or solution to a problem. While this is also an important part of being a
professional, it comprises only about 23% of the exam.
B - - - ✔✔In general, the three phases of money laundering are said to be: Placement:
A. Structuring and manipulation.
B. Layering and integration.
C. Layering and smur ng.
D. Integration and in ltration.
A - - - ✔✔Which of the following is the most common method of laundering money
through a legal money services business?
A. Purchasing structured money instruments.
B. Smuggling bulk-cash.
C. Transferring funds through Payable Through Accounts (PTAs).
D. Exchanging Colombian pesos on the black market.
A - - - ✔✔Which statement is true?
A. Bust-out schemes are popular in creating large bankruptcy frauds where businesses
secure increasing loans in excess of the
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