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ACAMS EXAM WITH ACTUAL EXAM QUESTIONS AND VERIFIED ANSWERS
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ACAMS EXAM WITH ACTUAL EXAM QUESTIONS AND VERIFIED ANSWERS
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ACAMS EXAM WITH ACTUAL EXAMQUESTIONS AND VERIFIED ANSWERS
Shelf Company Correct Answer A corporation that has had no
activity. It has been created and put on the shelf. This corporation
is then later sold to someone who prefers a previously registered
corporation over a new one.
Shell Company Correct Answer A company that at the time of
incorporation has no significant assets or operations.
Asset Protection Trusts Correct Answer A special form of
irrevocable trust usually created offshore for the principle purpose
of preserving one's wealth from creditors.
The Hawala System Correct Answer An informal value transfer
system involving the international transfer of value outside the
legitimate banking system and based on a trusted network of
individuals.
Numbered Account Correct Answer A bank account where the
identity of the account holder is not disclosed in the title of an
account, and identification to effect transactions takes place using
a code word or number known only by the account holder and a
restricted number of bank employees, thus providing the account
holder with a degree of bank privacy in their financial transactions.
Comitology Correct Answer The EU system that oversees the
implementation of acts proposed by the European Commission.
Third Country Citizen Correct Answer Individuals who are in
transit and/or applying for visas in countries that are not their
country of origin (i.e. country of transit)
,The Wolfsberg Group Correct Answer An association of 13 global
banks that aims to develop financial services industry standards
and guidance related to Know Your Customer, Anti-Money
Laundering and Counter-Terrorist Financing policies.
Egmont Group Correct Answer An informal networking group of
financial intelligence units
CICAD Correct Answer Commission within the Organization of
American
States that deals with drug related issues, including money
laundering
World Bank and International Monetary Fund Correct Answer
These organizations work together and in conjunction with FATF
to encourage countries
to have adequate anti- money laundering laws and to review anti-
money laundering laws and procedures of FATF member
countries.
Money Laundering Control Act of 1986 Correct Answer The
world's first law to criminalize money laundering.
Section 311: US Patriot Act Correct Answer Section of the US
Patriot Act that provides the US Treasury Department with the
authority to apply graduated, proportionate measures against a
foreign jurisdiction, a foreign financial institution, a type of
international transaction or a type of account that the Treasury
Secretary determines to be a "primary money laundering
concern."
Section 312: US Patriot Act Correct Answer Section of the US
Patriot Act which requires
,due diligence and, in certain situations, enhanced due diligence
for foreign correspondent accounts
(which includes virtually all account relationships that institutions
can have with a foreign financial
institution) and private banking for non-US persons.
Section 313: US Patriot Act Correct Answer Section of the US
Patriot Act which prohibits US banks and securities brokers and
dealers from maintaining correspondent accounts for foreign,
unregulated shell banks that have no physical presence
anywhere.
Section 314 (A): US Patriot Act Correct Answer Section of the US
Patriot Act that enables US federal, state, local, and foreign
(European Union) law enforcement agencies, through FinCEN, to
reach out to more than 43,000 points of contact at more than
22,000 financial institutions to locate accounts and transactions of
persons that may be involved in terrorism or money laundering.
Section 314 (B): US Patriot Act Correct Answer Section of the US
Patriot Act which provides financial institutions with the ability to
share information with one another, under a safe harbor that
offers protections from liability, in order to better identify and
report potential money laundering or terrorist activities.
Section 319 (A): US Patriot Act Correct Answer In situations
where funds have been deposited with a foreign bank, this section
permits the US government to seize funds in the same amount
from a correspondent bank account in the US that has been
opened and maintained for the foreign bank.
Section 319 (B): US Patriot Act Correct Answer This section of
the US Patriot Act allows the appropriate federal banking agency
to require a financial institution to produce within 120 hours (five
days) records or information related to the institution's AML
, compliance or related to a customer of the institution or any
account opened, maintained, administered or managed in the US
by the financial institution.
Specified Unlawful Activity Correct Answer Virtually every US
crime that produces economic advantage, including aircraft
piracy, wire fraud, bank fraud, copyright infringement,
embezzlement, export violations, illegal gambling, narcotics
offenses, racketeering and even some environmental crimes.
Willful Blindness Correct Answer The deliberate avoidance of
knowledge of the facts.
Office of Foreign Assets Control Correct Answer A unit of the US
Treasury Department which administers and enforces economic
and trade sanctions based on US foreign policy and
national security goals against targeted foreign countries,
terrorists, international narcotics traffickers and those engaged in
activities related to the proliferation of weapons of mass
destruction.
The Compliance Function Correct Answer Commonly referred to
as a second line of defense.
The Control Function Correct Answer Commonly referred to as a
first line of defense.
Targeted Sanctions Correct Answer Sanctions aimed at
specifically named individuals, such as key leaders in a country or
territory, named terrorists, significant narcotics traffickers and
proliferators of weapons of mass destruction. These sanctions
often include the freezing of assets and travel bans where
possible.
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