ACAMS Certified Anti-Money Laundering Specialist Question Bank: Page 46 • ExamPrepare

308 questions in this view

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Question 271

Which of the following risk factors are commonly associated with money laundering in insurance products? (Select Two.)

Using a credit card to purchase an insurance policy
Using cryptocurrencies or other non-fiat currencies to fund an insurance policy
Surrendering a policy early to liquidate funds
Focusing excessively on the investment performance of an insurance product

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Question 272

What are the most effective measures that can be taken to boost risk appetite awareness across an organization after a risk appetite has been set and a risk appetite statement (RAS) has been drafted? (Select Three.)

Embed the risk appetite into everyday processes and governance
Describe risk controls for business colleagues
Provide training to staff to understand the role risk appetite and its limits play for the safe conduct of business
Train all managers to understand the importance and benefits of “good” risk-taking
Integrate the unalignment with risk appetite into internal reporting procedures

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Question 273

When making an independent determination on whether to close an account based on an internal investigation, a financial institution (FI) should consider: (Select Five.)

the legal basis for closing the account.
the customer’s personal relationships.
the FI’s policies and procedures.
the seriousness of the underlying conduct.
correspondence with law enforcement.
reputational risk.
the frequency of account activity.

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Question 274

Which of the following practices are listed in the Financial Action Task Force (FATF) recommendations regarding cooperation between countries? (Select Three.)

Confiscating assets
Establishing common standards for customer due diligence (CDD)
Extraditing accused money launderers
Issuance of joint guidance on customer tax evasion
Mutual legal assistance treaties (MLAT)

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Question 275

Why are anti-bribery and corruption laws important to consider in relation to AML/CFT frameworks? (Select Four.)

Risks associated with money laundering and with bribery and corruption are the same.
Bribery is commonly a predicate offence for money laundering.
Third parties that could present a bribery risk, such as business introducers, have to undergo KYC in the same way as customers.
Certain controls are relevant for combating both AML/CFT and corruption, such as requiring transparency of beneficial ownership.
Some high-risk indicators are relevant for both money laundering and corruption when considering jurisdictional risk.
One of the risk factors associated with politically exposed persons (PEP) is that they may be exposed to corruption.

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Question 276

Tax evasion is:

a specialized area of accounting focused on minimizing tax liability and ensuring compliance with tax laws and regulations for individuals and organizations.
the practice of seeking to minimize a tax bill by taking advantage of a loophole or exception to the rules or adopting an unintended interpretation of the tax code.
the non-payment or under-payment of taxes, usually by deliberately making a false declaration or no declaration to tax authorities.
a provision that reduces taxable income as a single itemized deduction or standard deduction at a fixed amount.

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Certified Anti-Money Laundering Specialist Practice Questions

Question 271

Question 272

Question 273

Question 274

Question 275

Question 276