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Free PDF Quiz 2025 ACAMS CAMS: First-grade Test Certified Anti-Money Laundering Specialists Dumps Demo

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q18-Q23):

NEW QUESTION # 18
How should a financial institution respond to a verbal request from a law enforcement agency to keep an account open to assist in an investigation?

A. Request a search warrant from the local court
B. Agree to keep the account open
C. Request a subpoena to maintain the account
D. Request a letter on the agency's letterhead

Answer: D

Explanation:
According to the ACAMS study guide, one of the best practices for dealing with law enforcement inquiries is to verify the identity and authority of the law enforcement officer before providing any information (p. 224).
This is to ensure that the inquiry is legitimate and not a phishing attempt or a breach of confidentiality. The compliance officer should also document the inquiry and the information provided, and consult with legal counsel if necessary. The other options are not appropriate, as they may either violate the law, compromise the investigation, or create unnecessary work.
References:
ACAMS. (2020). Study Guide for the Certification Examination for Anti-Money Laundering Specialists (6th ed.). Miami, FL: ACAMS.
What Is An AML Officer1
Bank Secrecy Act/Anti-Money Laundering: Requests by Law Enforcement for Financial Institutions to Maintain Accounts 2 Reference: http://files.acams.org/pdfs/English_Study_Guide/Chapter_5.pdf (12)

NEW QUESTION # 19
Money laundering red flags associated with money service businesses include: (Select Two.)

A. cash payments on insurance policies by a third party.
B. two or more customers use the same identification for separate and unrelated transactions.
C. the same customer conducts transactions in multiple locations in a short time period.
D. an employee lives a lavish lifestyle supported by his or her salary.
E. repeated receipt of funds transfers from virtual currency exchanges.

Answer: B,C

Explanation:
These two options are indicative of money laundering red flags associated with money service businesses, as they may suggest attempts to avoid reporting requirements, conceal the source or destination of funds, or use false or stolen identities. Money service businesses are vulnerable to money laundering due to the high volume and anonymity of transactions, the ease of cross-border transfers, and the lack of effective regulation and supervision in some jurisdictions12. Therefore, they should implement robust anti-money laundering policies and procedures, and monitor and report any suspicious activity.
Reference:
ACAMS CAMS Certification Study Guide, 6th Edition, Chapter 3, page 631
ACAMS CAMS Certification Video Training Course, Module 3, Lesson 42

NEW QUESTION # 20
In order for a terrorist organization to move funds from Cyprus to England through trade-based money laundering, which technique would be used?

A. An England-based exporter over-invoices a shipment to Cyprus.
B. A Cyprus-based exporter short-ships a shipment to London.
C. A Cyprus-based exporter over-invoices a shipment to London.
D. An England-based exporter under-invoices a shipment to Cyprus.

Answer: A

Explanation:
Trade-based money laundering (TBML) involves manipulating trade transactions to move illicit funds rather than goods. One common technique is over-invoicing, where an exporter intentionally inflates the invoice value of goods. In this scenario, an England-based exporter would over-invoice a shipment to Cyprus. By doing so, the exporter creates a surplus amount that can be transferred back to the terrorist organization in England, effectively disguising the movement of illicit funds12.
Reference:
Trade-Based Money Laundering Techniques to Know
Money Trails Of Deceit: Understanding Techniques Of Trade-Based Money Laundering Sanction Scanner: What is Trade-Based Money Laundering (TBML)?

NEW QUESTION # 21
The vice president of the foreign correspondent banking department at a large United States bank has been notified that a foreign bank with an offshore license wants to open a correspondent account.
Which two things must the vice president acquire under the USA PATRIOT Act? (Choose two.)

A. A list of all the customers of the correspondent bank
B. Information relating to the foreign bank's anti-money laundering program
C. The identity of 10% owners of the correspondent bank, unless it is publicly traded
D. A list of the types of businesses served by the correspondent bank

Answer: B,C

Explanation:
According to section 312 of the USA PATRIOT Act, U.S. financial institutions that maintain correspondent accounts for foreign financial institutions must apply due diligence to such accounts. The due diligence must include obtaining information relating to the foreign bank's anti-money laundering program, as well as the identity of any person who owns 10% or more of the foreign bank, unless the foreign bank is publicly traded. These requirements are intended to prevent the use of correspondent accounts by foreign shell banks or other entities that may pose a high risk of money laundering or terrorist financing.
Reference:
USA PATRIOT Act | FinCEN.gov
FACT SHEET for Section 312 of the USA PATRIOT Act Final Regulation and Notice of Proposed Rulemaking | FinCEN.gov US PATRIOT ACT | State Street CAMS Exam: USA PATRIOT Act Requirements for Opening a Correspondent Account

NEW QUESTION # 22
How can a financial institution verify the nature and purpose of a business and its legitimacy?

A. By undertaking a company search or other commercial inquires to see that the institution has not been, or is not in the process of being dissolved of terminated
B. By reviewing the company's website
C. By using an independent information verification process, such as by accessing public and private databases
D. By reviewing a copy of the corporation's latest audited reports and accounts

Answer: A

NEW QUESTION # 23
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