Download ACAMS.PracticeTest.CAMS.2018-07-28.1e.76q.vcex

Exam Certified Anti-Money Laundering Specialist
Number CAMS
File Name ACAMS.PracticeTest.CAMS.2018-07-28.1e.76q.vcex
Size 60 Kb
Posted August 07, 2018


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Demo Questions

Question 1

Which three are examples of best practices terms of ensuring an adequate AML program?

  • A: Engage an independent party to perform a periodic review of the program
  • B: Review applicable domestic and international AML guidance
  • C: Perform a risk analysis on a regular basis and compare it to the coverage of the AML program
  • D: Review the accuracy of account opening applications
Question 2

Which three statements are true regarding the extraterritorial reach of laws and legislation of the U.S.?

  • A: The criminal anti-money laundering law can apply to transactions that occur partially overseas
  • B: Economic and trade sanctions by OFAC may pose extraterritorial risks for financial institutions and businesses outside the U.S.
  • C: The extraterritorial reach covers all transactions throughout the global economy
  • D: The defendant does not need to know the funds came from an illegal activity under state, federal or foreign law
Question 3

What is a criterion for FATF membership?

  • A: The country should be democracy
  • B: The country should be a member of a FATF-style regional body
  • C: The country should have already implemented all of the FATF Recommendations
  • D: The country should have already implemented the standards of the European Union Directives
Question 4

According to the Second European Union Money Laundering Directive, what may knowledge of criminal conduct be inferred from?

  • A: Subjective, factual circumstances
  • B: Objective, factual circumstances
  • C: Objective, non-factual circumstances
  • D: Subjective, non-factual circumstances
Question 5

In which type of banking transaction is price manipulation, as a form of money laundering, a common practice?

  • A: Redeeming an annuity
  • B: Sending a wire transfer
  • C: Issuing a letter of credit
  • D: Subscribing to a cash management account
Question 6

Which two aspects of the security broker dealer industry increase its exposure to money laundering? Choose 2 answers

  • A: The routine use of wire transfers from, to or through multiple jurisdictions
  • B: They easy conversion of holdings to cash with significant loss of principal
  • C: Disposing of cash through securities purchases
  • D: Fast paced transactions conducted electronically
Question 7

To ensure that an institution’s anti-money laundering program is current, which step should be taken?

  • A: The program should be evaluated and updated at least every six months be the Board of Directors
  • B: The program should be reviews by a federal law enforcement officer for gaps in controls
  • C: The program should be sent to the institution’s government regulator on a periodic basis
  • D: The program should be reassessed at least annually
Question 8

A prospective AML officer comes highly recommended by a bank’s up-stream correspondent institution of similar size and make-up, located in a different city in the same country. The bank is interested in hiring the individual. What should be the next step taken by the Board of Directors?

  • A: Do a thorough background check
  • B: Confer with its regulatory agency to determine whether it is appropriate to hire the person
  • C: Hire the individual, relying on the recommendation of its correspondent
  • D: Hire the individual on a probationary basis so that the institution can determine if the individual is sufficiently experienced and capable
Question 9

Which type of transactions present the highest risk?

  • A: Wire transfers from a publicly listed company
  • B: Payroll payments
  • C: Social insurance payments
  • D: Foreign exchanges
Question 10

According to experts, what is the most effective way to prevent money laundering through financial institutions?

  • A: Ensuring that transaction monitoring systems can identify terrorist financing
  • B: Collecting information on beneficial owners and foreign customers
  • C: Instituting a policy prohibiting the acceptance of funds intended for terrorist financing
  • D: Implementing a sound customer due diligence program