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Real and effective ACAMS cams exam Practice Questions

Financial Action Task Force (FATF)-style regional bodies are created and obliged to understand the inherent money
laundering and terrorist financing risks in the region of the world they serve.
What is one of the methods they use to understand these risks?
A. They require member countries to develop statistical metrics over money laundering and terrorist financing crimes
B. They require participating financial institutions of their members to file suspicious transaction reports to the regional
C. They conduct global research on money laundering and terrorist financing trends and report their findings in their own
typologies report
D. They conduct regional-level research and analysis of the money laundering and terrorist financing methods and
trends using standards and templates used for FATF typologies reports
Correct Answer: B
Reference: https://www.fatf-gafi.org/media/fatf/documents/recommendations/Private-Sector-Information-Sharing.pdf


The purpose of an anti-money laundering program should be to do what?
A. Detect all illegal activity perpetrated by customers
B. Avoid criticism and sanctions from government regulators
C. Focus monitoring efforts on riskier transactions and customers
D. Detect and report cash structuring and suspicious wire transactions
Correct Answer: C


The branch manager calls the compliance officer and informs her that a law enforcement officer has just left the branch
and was asking a lot of questions and left a business card. What should the compliance officer do?
A. File a suspicious transaction report
B. Follow up to verify that the officer received all necessary information
C. Verify that the reported officer was an actual authorized representative
D. Require the branch manager to write a detailed memo about the request
Correct Answer: C

Historically, a tour guide has made monthly cash deposits averaging $10,000. Over the past three months, the monthly
deposits have averaged $100,000. When the financial institution questions the increased deposits, the tour guide
explains that there have been numerous conventions in town so the business has increased substantially.
Which further action(s) should the financial institution take?
A. Immediately terminate the relationship
B. Schedule a periodic review of activity
C. Perform further investigation, it appropriates to report the activity to the authorities and consider terminating the
D. Perform further investigation, if appropriate report the activity to the authorities and place a limit on future
Correct Answer: C


Why do governments and multi-national bodies impose economic sanctions?
A. To impede kleptocracy
B. To enforce foreign policy objectives
C. To combat an imminent terrorist threat
D. To prevent fraudulent international trade transactions
Correct Answer: B
Reference: https://en.wikipedia.org/wiki/Economic_sanctions


An account officer who maintains an excellent relationship with the finance manager for a correspondent bank customer
learns that many records for the correspondent bank have been requested by law enforcement. In the interest of
maintaining a good relationship with the customer, the account officer sets up a meeting to discuss the legal request
with the customer. The account officer intends to discuss points related to the investigation during the meeting. What
should an anti-money laundering specialist recommend?
A. Discuss all the points being investigated by law enforcement to ensure the correspondent bank is well prepared when
B. Let the account manager\\’s manager know what conversations have taken place with the customer and document
the account file accordingly
C. Limit discussions about the investigation with the customer and be satisfied that the account manager has provided
proper notice to the customer
D. Canceled the meeting as he has already behaved inappropriately by alerting to the investigation
Correct Answer: C


Which two aspects of precious metals pose the highest risk of money laundering? (Choose two.)
A. Some precious metals can be formed into other objects, making easier to transport
B. Precious metals have high intrinsic value in a relatively compact form and are easy to convert into currency
C. The value of precious metals can be inflated easily, making it easy to increase the amount of money laundered
D. Precious metals can be readily used in many high-tech commercial applications, making them all the more valuable
Correct Answer: BD


Which primary international authoritative body designates sanctions?
A. Organization of Economic Co-operation and Development (OECD)
B. FinancialAction Task Force (FATF)
C. International Monetary Fund (IMF)
D. United Nations (UN)
Correct Answer: D


Which three areas do FATF\\’s 40 recommendations cover? Choose 3 answers
A. International Cooperation
B. Prescriptive sentences for predicate offenses
C. Financial systems and their regulation
D. The criminal justice system
Correct Answer: ACD


In relationship to life insurance business, the third European Directive states that Member States may allow the identity
verification of the beneficiary under the policy after the business relationship has been established, but before which
A. At or before a premium payment has been accepted for the policy purchased
B. At or before the policy is issued to the beneficiary by the insurance company
C. At or before the time of payout or before the beneficiary intends to exercise rights vested under the policy
D. At or before 30 days of the relationship being established under the policy
Correct Answer: C


What are two requirements with respect to supporting documentation that is used to identify potentially suspicious
activity, according to the Financial Action Task Force? (Choose two.)
A. It must be retained for at least five years
B. It must be retained for at least seven years
C. It must be kept in a manner so that it can be provided promptly
D. It must only be released to the government through a subpoena process
Correct Answer: AC
Reference: https://www.fatfgafi.org/media/fatf/documents/recommendations/pdfs/FATF%20Recommendations%202012.pdf


What should countries do to help prevent non-profit organizations from being abused for the financing of terrorism
according to the Financial Action Task Force 40 Recommendations?
A. Allow for freezing assets of non-profit organizations
B. Require all non-profit organizations to register with the country\\’s financial intelligence unit
C. Ensure non-profit organizations cannot be used to conceal or obscure the diversion of funds intended for legitimate
purposes to terrorists\\’ organizations
D. Create laws that forbid non-profit organizations from completing cross-border transactions without first running them
through known terrorist databases
Correct Answer: C
Reference: http://www.fatf-gafi.org/media/fatf/documents/reports/BPP-combating-abuse-non-profit-organisations.pdf

A bank has maintained an account for a European charity for several years. The charity provides clothing to persons in
need in various countries with active terrorists\\’ cells. Which action by the charity indicates possible terrorist financing?
A. The charity frequently withdraws cash from the bank
B. The charity has branch locations located in various countries
C. The charity receives cash donations primarily from European countries
D. The charity maintains a bank account for non-business-related expenses
Correct Answer: B
Reference: https://www.fatfgafi.org/media/fatf/documents/reports/FATF%20Terrorist%20Financing%20Typologies%20Report.pdf

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