ACAMS Certified Anti-Money Laundering Specialist Question Bank: Page 43 • ExamPrepare

308 questions in this view

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Question 253

Which of the following is a core element of an anti-financial crime compliance program?

Testing for compliance to be conducted by front line staff
A system of internal controls to assure ongoing compliance
Designation of a third-party responsible for coordinating and monitoring day-to-day compliance
Control procedures for AML compliance only

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Question 254

Which of the following actions is specifically permitted or required under FinCEN section 314(b) for financial institutions (FI) to enhance their efforts in combating money laundering and terrorist financing?

FIs may disclose customer information to any third party.
FIs may share information about suspected money laundering activities with other FIs to aid in identifying and reporting suspicious transactions.
FIs are required to report all transactions involving foreign entities to FinCEN so that FinCEN can share this information with other financial institutions.
FIs may provide information about their internal compliance programs to law enforcement agencies without any limitations.

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Question 255

The Financial Action Task Force (FATF) is a key player in the AML/CFT space.

Which of the following statements accurately reflect the role, functions, and application of the principles associated with FATF? (Select Two.)

FATF sets global standards through recommendations known as the FATF Recommendations, which provide a comprehensive framework for countries to implement effective AML/CFT practices.
FATF conducts mutual evaluations of its members to assess their compliance with the FATF Recommendations; however, its scope is limited and does not assess the effectiveness of national AML/CFT systems.
FATF promotes international cooperation and dialogue among its members, regional organizations, and other stakeholders to facilitate information sharing, capacity building, and AML/CFT implementation on a global scale.
FATF implements a risk-based approach to AML/CFT that emphasizes identifying, assessing, and mitigating country or industry-specific risks; however, because it is risk-based, it is not necessarily a mandate.

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Question 256

Which types of crimes may be deemed predicate crimes that may lead to money laundering? (Select Three.)

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Question 257

A client requests a loan to purchase a luxury yacht.

Which scenario would most likely indicate potential exposure to corruption?

The client has been identified as having been convicted of tax evasion in the past five years.
The client is a citizen of a country subject to targeted financial sanctions because of a dictatorial regime.
The client is well known to be in business with a member of the national parliament.
The client operates a money services business (MSB) that also handles cryptocurrency exchanges.

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Question 258

Correspondent banking is considered to be a higher risk banking sector because correspondent banking transactions:

are made cross-border and on behalf of third parties.
are made to and from primarily high-risk jurisdictions.
typically include less information than domestic payments.
can be made anonymously and without beneficial ownership information.

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Certified Anti-Money Laundering Specialist Practice Questions

Question 253

Question 254

Question 255

Question 256

Question 257

Question 258