ACAMS Certified Anti-Money Laundering Specialist Question Bank: Page 2 • ExamPrepare

302 questions in this view

Page 2 of 51

Question 7

Which real estate transactions represent the highest risk of money laundering? (Select Two.)

A young couple purchases a single-family home from its original owners with a small down payment and a bank-originated mortgage.
A limited liability company purchases a condominium unit with an international wire transfer.
An individual makes an all-cash purchase on behalf of a third party.
An elderly person transfers their home to an irrevocable trust for estate planning purposes.

Select an answer above, then submit your vote. Reading or practicing does not cast a vote.

Question 8

Which of the following aspects of policy management are considered best practices? (Select Two.)

Regularly review and update documentation
Include a list of corporate-specific terminology
Integrate processes, procedures, and work instructions
Involve internal audit when drafting policies and procedures
Allow staff to share feedback on company policies

Select an answer above, then submit your vote. Reading or practicing does not cast a vote.

Question 9

After an unusual transaction has been analyzed and it is determined that there are grounds to report it to the local Financial Intelligence Units (FIU), how or by whom is the final decision to report the unusual transaction made?

The analyst who analyzed the unusual transaction
Automatic reporting by the case management system
Any manager within the department which escalated the unusual transaction
An individual authorized through internal procedures

Select an answer above, then submit your vote. Reading or practicing does not cast a vote.

Question 10

Which financial crime risks are commonly associated with virtual asset service providers (VASP) and cryptoassets? (Select Three.)

Use of cryptoassets to facilitate anonymous cross-border transactions
Misuse of VASPs to launder illicit funds through online gambling
Use of privacy coins to obscure the source of illicit funds
Exploitation of decentralized exchanges (DEX) to avoid regulatory oversight
Frequent price fluctuations in cryptoassets impacting financial markets

Select an answer above, then submit your vote. Reading or practicing does not cast a vote.

Question 11

A Financial Intelligence Unit (FIU) serves as a national center for the receipt and analysis of suspicious activity reports (SAR) and can obtain additional information from other reporting entities relevant to:

legal assessment.
legal activity.
public administration.
law enforcement.

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Question 12

Which control would be most effective as part of a risk-based approach (RBA) to managing AML/CFT risk for a bank established in the EU that also has a branch in a high-risk third country outside of the EU?

Automatically apply enhanced customer due diligence measures to all customers in the high-risk third-country branch, regardless of risk level
Fully rely on central beneficial owner registry records in the high-risk third country to determine the ultimate beneficial owners of all customers
Apply tailored due diligence measures, based on the level of risk posed by each customer following risk assessment
Monitor every cross-border transaction in real time, flagging all for enhanced scrutiny due to the country risk level

Select an answer above, then submit your vote. Reading or practicing does not cast a vote.

Certified Anti-Money Laundering Specialist Practice Questions

Question 7

Question 8

Question 9

Question 10

Question 11

Question 12