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Valid ACAMS CAMS Guide Files | Exam CAMS Flashcards

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q78-Q83):

NEW QUESTION # 78
Why do governments and multi-national bodies impose economic sanctions?

A. To impede kleptocracy
B. To combat an imminent terrorist threat
C. To enforce foreign policy objectives
D. To prevent fraudulent international trade transactions

Answer: C

Explanation:
Explanation
"Increasingly, countries are using economic sanctions instead of military force as an instrument of foreign policy"

NEW QUESTION # 79
Which are characteristics of Mutual Legal Assistance Treaties (MLATs)? (Select Three.)

A. MLATs are useful for gathering evidence and intelligence in a foreign country.
B. MLATs only involve two countries.
C. MLATs cooperatively combat crime between countries.
D. MLATs do not provide a legal basis for transmitting evidence.
E. MLATs are neither public nor binding under international law.
F. MLATs cannot be used for obtaining banking records from treaty partners.

Answer: A,B,C

Explanation:
Mutual Legal Assistance Treaties (MLATs) are characteristics of D. only involving two countries, E.
cooperatively combating crime between countries, and F. being useful for gathering evidence and intelligence in a foreign country. MLATs are public and binding under international law (A), can be used for obtaining banking records from treaty partners (B), and provide a legal basis for transmitting evidence .

NEW QUESTION # 80
Which requirement is included in the Fourth European Union Directive on money laundering?

A. It requires member states to enact economic sanctions against countries that do not cooperate with Financial Action Task Force recommendations
B. It requires obliged entities to conduct enhanced due diligence on all prepaid card holders
C. It requires obliged entities to consider politically exposed persons as high risk for life
D. It requires member countries to maintain registries of the beneficial owners of legal entities

Answer: D

Explanation:
The Fourth European Union Directive on money laundering (AMLD4) requires member countries to maintain registries of the beneficial owners of legal entities, such as companies, trusts, foundations, etc. This is to ensure that the true identity and ownership of the customers and the natural persons on whose behalf transactions are conducted are known to the obliged entities, such as banks, lawyers, accountants, etc., and to the competent authorities, such as regulators, supervisors, or law enforcement12. This requirement aims to prevent the misuse of legal entities for money laundering or terrorist financing purposes, and to enhance transparency andaccess to beneficial ownership information34.: 1: AMLD4, Article 30, 5; 2: AMLD4, Recital 25, 5; 3: AMLD4, Recital 26, 5; 4: AMLD4, Recital 27, 5.
Reference:https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32018L0843&from=EN

NEW QUESTION # 81
A bank employee recently opened an account for a new restaurant. Daily cash deposits over a three-month period are close to $9,500.
What are two red flags that indicate possible money laundering or terrorist financing? (Choose two.)

A. The restaurant is located in a different city
B. The daily cash deposits are so close in amount
C. The new account demonstrates a steady flow of income
D. It is a new account that has daily cash deposits

Answer: B,C

Explanation:
These two options are potential red flags for money laundering or terrorist financing because they could indicate an attempt to avoid the reporting threshold of $10,000 for cash transactions, or to conceal the source or origin of the funds. According to the ACAMS Study Guide, some common indicators of money laundering are:
* Transactions structured to avoid recordkeeping or reporting requirements
* Transactions inconsistent with the customer's profile or business activity
* Transactions involving the use of multiple accounts or locations
* Transactions involving high-risk jurisdictions or entities
* Transactions involving cash or complex crypto assets
The other two options are not necessarily red flags by themselves, as they could have legitimate explanations.
For example, the restaurant could be located in a different city because of market demand, or the new account could demonstrate a steady flow of income because of the success of the business.
References:
* ACAMS Study Guide for the CAMS Certification Examination - 6th Edition, Chapter 2, page 41-42
* FFIEC BSA/AML Appendices - Appendix F - Money Laundering and Terrorist Financing Red Flags, page 1-2
* 4 Red Flags of Money Laundering or Terrorist Financing, page 1
* Money Laundering Red Flags | Key Behaviours and Indicators, page 1

NEW QUESTION # 82
Which two statements in the Wolfsberg Group's "Suppression of the Financing of Terrorism" define the role financial institutions should play in the fight against terrorism? (Choose two.)

A. Financial institutions need to assist competent authorities in fighting terrorist financing through prevention, detection and information sharing.
B. Financial institutions should apply extra due diligence whenever they see suspicious or irregular activities, especially when customers are engaged in sectors or activities that have been identified by competent authorities as being used for the financing of terrorism.
C. Financial institutions need to continuously analyze the types of activity related to terrorist financing and develop models that in the long term will drive down terrorism.
D. Financial institutions should have financial intelligence units dedicated to the investigation of activity that would lead to the detection of terrorist financing as a means to decrease global terrorism.

Answer: A,B

Explanation:
Explanation/Reference: https://www.wolfsberg-principles.com/sites/default/files/wb/pdfs/The-Wolfsberg-Group.pdf

NEW QUESTION # 83
......

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