ACAMS Certified Anti-Money Laundering Specialist Question Bank: Page 49 • ExamPrepare

308 questions in this view

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Question 289

Which characteristics of trust and company service providers (TCSP) can potentially make them vulnerable to financial crime? (Select Three.)

They may market themselves specifically to criminals.
They may involve the sale of ready-made, off-the-shelf companies to offshore intermediaries.
Offering of nominee directors may increase the ability of criminals to remain anonymous by hiding the actual ownership of the company.
They do not have to comply with AML regulations in most jurisdictions.
They often have minimal face-to-face contact with the customer, especially if the service provision is from offshore jurisdictions.

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Question 290

Money laundering can have a profound impact on the global economy that includes:

increased inflation and low economic growth.
declining money supplies.
destabilization of legitimate governments.
increased sectoral polarization.

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Question 291

An organization is developing a comprehensive anti-money laundering (AML) framework.

Which of the following statements best describes the relationship between AML policies and procedures?

Policies define the principles of an organization and influence the drafting of procedures. Procedures are detailed instructions for specific processes.
Policies are detailed instructions for specific processes. Procedures are an overarching framework. Both policies and procedures are mandatory for knowledge and adherence.
Policies are broad guidelines. Procedures are detailed instructions for specific processes. Only procedures are mandatory for knowledge and adherence.
Policies are detailed instructions for specific processes. Procedures are an overarching framework. Neither policies nor procedures are mandatory for knowledge and adherence.

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Question 292

Which of the following attributes would best enhance an AML program's effectiveness?

Providing a unified and basic AML training to all employees
Auditors providing prescriptive guidance and continuous support to the program following a less than satisfactory audit
Providing effective challenge with AML staff and continuous scenario-based training
An AML officer being appointed to the board as a working member of management with increased authority

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Question 293

At a high level, the risk assessment process involves identifying and rating the inherent risks associated with customers, products, countries, and delivery channels, and then:

rating the effectiveness of the related controls in order to calculate the residual risk.
implementing new controls to eliminate all risks.
documenting the historical risk incidents for future reference.
comparing these risks with industry benchmarks to determine the residual risk.

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Question 294

A risk-based approach (RBA) to anti-financial crimes (AFC) involves understanding and managing risks by:

applying uniform controls to all customers, regardless of their risk profile.
allocating resources and implementing controls based on the level of identified risks.
prioritizing regulatory compliance over customer experience and operational efficiency.
relying on automated systems to detect and mitigate AFC risks.

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Certified Anti-Money Laundering Specialist Practice Questions

Question 289

Question 290

Question 291

Question 292

Question 293

Question 294