ACAMS Practice Questions Exam/ 241 Quizzes with Correct Ans.
1 view 0 purchase
Course
ACAMS
Institution
ACAMS
ACAMS Practice Questions Exam/ 241 Quizzes with Correct Ans.
Which statement is true?
A. Bust-out schemes are popular in creating large bankruptcy frauds where businesses secure increasing loans in excess of the actual value of the company or property and then run with the money, leaving the...
ACAMS Practice Questions Exam/ 241 Quizzes
with Correct Ans.
Which statement is true?
A. Bust-out schemes are popular in creating large bankruptcy frauds where businesses secure
increasing loans in excess of the actual value of the company or property and then run with the
money, leaving the lender to foreclose and take a substantial loss.
B. Cuckoo smur ng is a signi cant money laundering technique identi ed by the Financial Action
Task Force, where a form of structuring uses nested accounts with shell banks in secrecy havens.
C. In its 40 Recommendations, the FATF issued a list of "designated categories of offense" that
asserts crimes for a money laundering prosecution.
D. E-cash is not attractive to the money launderer because it cannot be completely anonymous
and does not allow for large amounts to be "transported" quickly and easily. - Answer: A
Which three of the following is an indication of possible money laundering in an insurance
industry scenario?
A. Insurance products sold through intermediaries, agents or brokers.
Page 1 of 107
,B. Single-premium insurance bonds, redeemed at a discount.
C. Policyholders who are unconcerned about penalties for early cancellation.
D. Policyholders who make full use of the "free look" period. - Answer: BCD
Which two activities are typically associated with the black market peso exchange (BMPE)
money laundering system?
A. Converting illicit drug proceeds from dollars or Euros to Colombian pesos.
B. Converting illicit drug proceeds from Colombian pesos to dollars or Euros.
C. Facilitating purchases by Colombian importers of goods manufactured in the United States or
Europe through peso brokers.
D. Facilitating purchases by European or U.S. importers of goods manufactured in Colombia
through peso brokers. - Answer: AC
What is the Right of Reciprocity in the eld of international cooperation against money
laundering?
A. The legal principle that nancial institutions that have referred customers to other nancial
institutions can share information about these customers with the other institutions.
B. A rule of the Basel Committee allowing properly regulated nancial institutes of another
member state of the Basel Committee to do business without additional supervision to the
degree that the other state grants the same right.
C. The right of each FATF member country to delegate prosecution of a case of money
laundering to another member that is already investigating the same case.
D. A rule in the law of a country allowing its authorities to cooperate with authorities of other
countries to the degree that their law allows them to do the same. - Answer: D
The greatest risk for money laundering is for casinos that
A. Provide their customers with a wide array of gambling services.
B. Operate in a non-Egmont member country.
C. Allow customers with credit balances to withdraw funds by check in another jurisdiction.
Page 2 of 107
,D. Only send suspicious transaction reports to the nancial intelligence unit of the country it
operates in. - Answer: C
Which statement is true regarding the risk of Politically Exposed Persons (PEPs)?
A. PEPs provide access to third parties on whom the nancial institution has not conducted suf
cient due diligence.
B. PEPs have signi cantly greater exposure to the politically corrupt funds, including accepting
bribes or misappropriating government funds.
C. PEPs are foreign customers who inherently present additional risk as they are engaged in
cross-border transactions.
D. PEPs generally do not pose enhanced risks to an institution due to their political standing;
rather, PEPs increase the prestige of an institution. - Answer: B
Dirty money, derived from criminal activities of
Belgian Criminal A, is sent to a foreign bank account
of Corporation B. Then in Belgium, a new investment Company C is incorporated. Criminal A is
appointed as a director of Company C. Company C borrows money from the foreign Company B
and buys real estate in Belgium. The real estate is rented to third parties. Director (Criminal) A
also rents an apartment in the building. With the funds generated by the rent, Company C pays
off
the loan to Corporation B, and the salary of Director A. Criminal A now converted his dirty
money in legal funds. This laundering method is commonly referred to as what?
A. Offsetting real estate transactions.
B. Loan back.
C. Cuckoo smur ng.
D. Loan manipulation. - Answer: B
A new customer approaches a bank to open a commercial account. The customer provides an
address for the account located across the city from the branch. When asked by the account
Page 3 of 107
, representative if the customer requires any additional banking services, the customer responds
she is also interested in opening a personal investment account. The account representative
refers the customer to their broker-dealer. The customer tells the rm representative she has
never had a brokerage account before and has a few questions about how an investment
account works. The customer asks how deposits can be made into her account, if there are any
reporting requirements, and how to go about moving balances out of the account using wire
transfers. No questions are asked about fees associated with these transactions. Which three
items would be considered suspicious?
A. The customer asks many questions about the brokerage account, but non - Answer: ACD
International trade in goods and services can be used as either a cover for money laundering or
as the laundering mechanism itself. What is MOST important for the launderer when engaging
in this method? The ability:
A. To over- or under-invoice the goods.
B. To sell the exported goods for as much as possible.
C. To use goods that do not need to be declared.
D. To use high-value assets such as luxury cars or boats. - Answer: A
The USA PATRIOT Act was passed in:
A) 1970
B) 1985
C) 2001
D) 2007 - Answer: C
The three stages of money laundering are:
Page 4 of 107
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller docmickey. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.99. You're not tied to anything after your purchase.
