ACAMS Study Guide (6th Edition) Chapter 1 Practice Questions and Answers
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Course
ACAMS
Institution
ACAMS
ACAMS Study Guide (6th Edition)
Chapter 1 Practice Questions and
Answers
What is Money Laundering? - Answer-Money laundering is the taking of criminal proceeds
and disguising their illegal sources in order to use the funds to perform legal or illegal acts.
Describe the three phases of Money La...
Describe 4 types of risk associated with money laundering faced by a financial institution. -
Answer✔✔-1) Reputational risk is described as the potential that adverse publicity regarding an
organization's business practices and associations, whether accurate or not, will cause a loss of
public confidence in the integrity of the organization.
2) Operational risk is described as the potential for loss resulting from inadequate internal
processes, personnel or systems or from external events.
3) 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.
4) Concentration risk is the potential for loss resulting from too much credit or loan exposure to
one borrower or group of borrowers.
What are the Methods of Money Laundering through Banks? - Answer✔✔-1) Electronic
Transfers of Funds
2) Remote Deposit Capture
3) Correspondent Banking
4) Payable Through Accounts
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