ACAMS Certified Anti-Money Laundering Specialist Question Bank: Page 8 • ExamPrepare

302 questions in this view

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Question 43

When investigating suspicious transactions and activities, which of the following essential questions should be answered during the process? (Select Two.)

Who conducted the suspicious activity?
Which service channel was used?
When did the transaction take place?
Which activity is causing the suspicions?

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Question 44

Which payment type presents the highest financial crime risk?

A regular standing order to a high-interest savings account
A bill payment made to a friend after splitting a dinner bill
A check returning a mortgage overpayment made in error
A payment made to a mixer platform

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Question 45

The product department of an insurance company proposes launching a special life insurance product involving investment elements that allows clients to instruct payments to unknown third-party individuals via partner financial institutions. The product department seeks approval from the compliance department as quickly as possible because time to market is of critical importance for a successful launch.

What is the best course of action from a compliance perspective?

Sign off on the product quickly to gain a competitive advantage while evaluation by compliance can be completed later
Do not sign off on the product because it contains the option to make payments to unknown third parties which carries a high money laundering risk
Sign off on the product because client KYC is complete and unknown individuals can be added or removed throughout the duration of the contract
Do not sign off on the product because the compliance department was not involved from the beginning of the product development process, which is a severe governance violation

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Question 46

A bank with a growing international clientele is aiming to enhance its AML and CFT frameworks. The bank’s compliance team has identified gaps in its understanding of emerging risks, especially in the areas of environmental crime and corruption, which have been increasingly highlighted in global financial crime discussions.

To address these gaps, the head of compliance has decided to utilize guidance and special reports from non-governmental bodies such as Transparency International, the Basel Institute on Governance, and the Wolfsberg Group. These organizations provide valuable insights into financial crime typologies, industry best practices, and risk assessments that are rarely covered in traditional regulatory reports.

What is the most effective approach for the bank to effectively incorporate these external resources into its existing AML/CFT strategy while ensuring alignment with regulatory requirement?

Use the reports exclusively for high-level discussions among senior management, focusing on general awareness rather than specific operational changes
Integrate relevant insights and recommendations from the reports into the bank’s risk assessment processes and update the AML/CFT policies accordingly to address emerging threats and typologies
Prioritize reports from governmental bodies to ensure all actions strictly comply with regulatory requirements and consider non-governmental guidance as secondary recommendations
Incorporate the guidance and reports primarily into the bank’s marketing materials to highlight the bank’s commitment to social responsibility and ethical practices as well as including ESG into the risk assessment

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Question 47

An adequate organizational policy is: (Select Two.)

signed off by the board of directors and regulators.
up to date and reflects all relevant regulatory developments.
clearly communicated and understood by staff.
approved by the clients and third parties.

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Question 48

How can the AML/CFT risk of prepaid cards be mitigated? (Select Three.)

Delaying the product risk assessment until after the product is launched in order to obtain usable data
Placing geographical or jurisdictional restrictions on the use of the product
Placing restrictions on who can use the product to extract value through features like a personal identification number (PIN), embossing the holder’s name, or including the holder’s photograph on the product
Increasing the user base of the product to diversify the AML/CFT risks carried by different customers
Limiting the face value of the card

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Certified Anti-Money Laundering Specialist Practice Questions

Question 43

Question 44

Question 45

Question 46

Question 47

Question 48