ACAMS Certified Anti-Money Laundering Specialist Question Bank: Page 30 • ExamPrepare

Question 175

Which accurately describes the social and economic impacts of money laundering?

Money launderers generally remit any tax revenue that would be due in the jurisdictions in which they operate via front businesses.
Increased money laundering generally results in greater economic stability as profits are reinvested in the jurisdiction.
Money laundering impacts the financial sector, which is critical for economic growth.
Foreign investors are often attracted to jurisdictions with significant money laundering activity as the same conditions favour legitimate economic activity.

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Question 176

Which are primary purposes of Financial Action Task Force (FATF)-Style Regional Bodies? (Select Two.)

Promoting effective implementation of FATF recommendations
Providing expertise and input in FATF policy-making
Imposing special measures for non-cooperative jurisdictions
Providing due diligence for foreign correspondent banks
Acting as a prudential regulatory body for financial institutions

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Question 177

Which are common types of economic sanctions? (Select Three.)

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Question 178

The AML compliance officer of a financial institution (FI) has been advised that the institution is being investigated by the country's financial intelligence unit (FIU). What should the AML compliance officer do? (Select Two.)

Inform senior leadership and the board of the investigation.
Monitor the progress of the investigation by keeping clear records.
Share investigation results with other FIs to help them prepare.
Send an informative communication to all employees about the investigation.
Provide all information to the FIU as soon as possible to avoid delays.

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Question 179

The Chief Compliance Officer (CCO) of a financial institution has been asked by a manufacturing customer reliant upon imported raw materials if there will be repercussions to his business following the weak assessment of the recent publicly issued Financial Action Task Force (FATF) Mutual Evaluation Report (MER). How should the CCO respond?

Delayed processing of cross-border transfer of funds between countries may occur due to increased scrutiny to determine the legitimacy of each transfer.
Mandate termination of all cross-border trading until evidence can be provided to show an improved position of compliance for the weaknesses stated in the MER.
Negative consequences will not occur because the manufacturing customer has been trading with reputable countries and suppliers for many years without incident.
Citing inaccurate content of the MER, the president of the country has called upon the FATF to publicly withdraw the MER and commission an independent review of findings.

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Question 180

A customer of a bank is an established art dealer. Within the KYC due diligence processes, which constitutes a triggering event that requires ongoing due diligence on this client?

The owner wants to exchange foreign currency for an overseas business travel.
The customer keeps adding artwork service providers to the payment beneficiary list.
The customer specializes in art sale and hire, and recently started an art selection consulting service.
The customer moves their headquarters from New Zealand to China and opens a branch in Malaysia.

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Certified Anti-Money Laundering Specialist Practice Questions

Question 175

Question 176

Question 177

Question 178

Question 179

Question 180