ACAMS Certified Anti-Money Laundering Specialist Question Bank: Page 15 • ExamPrepare

302 questions in this view

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Question 85

Using artificial intelligence (AI) and machine learning-based techniques in adverse media screening can: (Select Three.)

ensure that all adverse media sources are comprehensively analyzed without the need for human review.
significantly reduce human errors arising from repetitive tasks by delivering consistent and highly accurate analysis.
cover multiple languages and scripts, surpassing the limitations of human linguistics.
instantly identify intent behind media articles, allowing for more effective risk scoring.
automate the process of identifying new information and distinguishing it from previously encountered data.

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Question 86

The effectiveness of AML/CFT measures can be best measured by the extent to which systems and controls:

are implemented in a cost-effective way.
mitigate the risks and threats of financial crime.
comply with relevant laws and regulations.
minimize operational burden placed on the financial institution.

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Question 87

Which statement most accurately describes the relationship between management reports and key performance indicators (KPI)?

Management reports, which include KPIs, serve as a means to better prioritize organizational goals.
Management reports with detailed KPIs provide increased transparency for internal use within organizations.
Management reports help organizations evaluate their performance against KPIs and benchmarks.
Management reports require real-time KPIs for leaders to be able to make timely decisions regarding the organizational goals.

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Question 88

Free-trade zones (FTZ) can introduce a higher risk for financial economic crime (FEC), including trade-based money laundering, tax evasions, and sanctions circumvention.

Which factors could render FTZs vulnerable to increased FEC risk? (Select Two.)

Less stringent supervision and more lenient procedures to register legal entities may lead to inadequate record-keeping, financial reporting, and transparency of company ownership.
Certain types of trade, such as tobacco, alcohol, precious metals and stones, and other high-duty items that are always traded through FTZs with no AML obligations, are inherently attractive to criminals.
Duty-free storage facilities for high-value goods that are typically found at FTZs, such as art and precious metals, pose an incentive for tax evasion.
The financial crime risk level of the country in which the zone is situated determines the risk associated with the FTZ.
Insufficient understanding of the FTZ financial crime related risks at the stage of planning and establishing the FTZ and its regulatory regime.

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Question 89

How might accountants assist in financial crimes? (Select Three.)

Failing to record transactions or to prepare financial statements in breach of accounting legislation obligations
Using professional discretion to adjust classifications without prior approval from the client
Entering false or misleading information into accounts
Frequently adopting tax minimization strategies that are aggressive but within legal limits
Destroying, concealing, or damaging accounting records

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Question 90

News published in Country A reports that a politically exposed person (PEP) had received a bribe from a transnational company headquartered in a developing country of approximately US$1.5 million deposited into an account at a financial institution (FI) located in Country B. Both countries are members of the Egmont Group. The account where the money was deposited belongs to the PEP’s immediate family member. To corroborate the facts, the FIU of Country A sent a formal request via secure communication channels for further information from its counterpart FIU in Country B.

The FIU of Country B can:

direct the FIU of Country A to the FI where the account was opened for further information.
provide the information available to them because the exchange is between two FIUs that are members of the Egmont Group, and the formal request was made using secure communication channels.
provide the requested information only if a memorandum of understanding (MoU) is signed between Country A and Country B.
deny the request if the FIU of Country B has not received a suspicious activity report (SAR) from the FI where the account was opened.

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Certified Anti-Money Laundering Specialist Practice Questions

Question 85

Question 86

Question 87

Question 88

Question 89

Question 90