FREE PDF ACAMS - RELIABLE CAMS - TEST CERTIFIED ANTI-MONEY LAUNDERING SPECIALISTS SIMULATOR FREE

Free PDF ACAMS - Reliable CAMS - Test Certified Anti-Money Laundering Specialists Simulator Free

Free PDF ACAMS - Reliable CAMS - Test Certified Anti-Money Laundering Specialists Simulator Free

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q250-Q255):

NEW QUESTION # 250
A customer brings $15,000 worth of chips into a casino and plays various games. The customer redeems all the remaining chips and requests a wire transfer of the proceeds to an unrelated third party.
What are two red flags that indicate money laundering? (Choose two.)

  • A. Requesting a wire transfer to an unrelated third party
  • B. Bringing $15,000 worth of chips into the casino
  • C. Playing various games before cashing out
  • D. Customer redeeming all remaining chips

Answer: A,B

Explanation:
Bringing $15,000 worth of chips into the casino is a red flag because it could indicate that the customer is trying to avoid the currency transaction reporting (CTR) requirement for cash transactions over $10,0001. Requesting a wire transfer to an unrelated third party is another red flag because it could indicate that the customer is trying to conceal the source or destination of the funds, or transfer them to a high-risk jurisdiction2.
Reference:
1: ACAMS CAMS Certification Video Training Course, Module 3: Casinos and Gaming, Section 3.1: Regulatory Requirements, Slide 8 2: ACAMS CAMS Certification Video Training Course, Module 3: Casinos and Gaming, Section 3.2: Money Laundering Methods and Red Flags, Slide 11


NEW QUESTION # 251
An offshore company is owned by four equal partners that reside in separate jurisdictions. One partner presents an authenticated power of attorney apparently executed by the remaining three partners in his favor and requests that a bank account be opened on behalf of all partners. He needs this done quickly because there is a large deposit pending. The account-opening officer contacts the bank's anti-money laundering officer for advice. Which of the following should the anti-money laundering officer advise as an initial step?

  • A. Verify the identity of all the partners.
  • B. Verify the source of the deposit.
  • C. File a suspicious transaction report with the appropriate Financial Intelligence Unit.
  • D. File a suspicious transaction report with the Egmont Group.

Answer: C


NEW QUESTION # 252
Which information should be gathered as part of enhanced due diligence (EDD) for a high-risk customer?

  • A. Details on individuals with control over the account
  • B. Explanations for changes in marital status
  • C. Plans for traveling in business trips
  • D. Personal references

Answer: A


NEW QUESTION # 253
An example of an external factor that will affect an organization's AML risk is:

  • A. introduction of a new product which will be offered to a wide range of clients.
  • B. acceptance of new customer types.
  • C. introduction of mobile banking for all clients.
  • D. political system changes in a specific jurisdiction.

Answer: D

Explanation:
Explanation
Political system changes can have an impact on an organization's AML risk as they can affect the legal and regulatory framework in which the organization operates. For example, changes to the laws or regulations related to AML, or changes in the way in which the government enforces AML regulations, can have an impact on the organization's AML risk by increasing or decreasing the likelihood of it being exposed to AML risk. In addition, changes in the political environment or political stability in a specific jurisdiction can also affect the organization's AML risk.


NEW QUESTION # 254
A well-developed anti-money laundering compliance program is unlikely to achieve institutional goals without

  • A. Training appropriate employees.
  • B. Endorsement by a competent authority.
  • C. Screening all staff.
  • D. Verification of account owners.

Answer: A

Explanation:
According to the ACAMS CAMS Certification Study Guide, 6th Edition, one of the four pillars of an effective anti-money laundering compliance program is the training of appropriate employees on their responsibilities and the institution's policies and procedures. Training is essential to ensure that employees are aware of the risks of money laundering and terrorist financing, the applicable laws and regulations, the red flags and indicators of suspicious activity, and the reporting and record-keeping requirements. Without proper training, employees may not be able to perform their duties effectively and efficiently, and may expose the institution to legal, regulatory, reputational, and operational risks.
Reference:
ACAMS CAMS Certification Study Guide, 6th Edition, Chapter 2, Section 2.1.4, page 39.
ACAMS CAMS Certification Video Training Course, Module 2, Lesson 2.1.4.


NEW QUESTION # 255
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