Free Access ACAMS.CAMS.v2022-03-03.q260 Practice Test (Page 24)

Question 111

Which method is used to launder money via wire remittances sent through a bureau de change or money services business?

A.A large number of wire transfers are sent from a large number of senders in country A to a large number of recipients in country B during the period of December 1 to December 15.

B.A customer in country A receives four small wire transfers from four different individuals located in country B on December 21. The aggregate of the wire transfers falls below the legal reporting threshold.

C.A customer in country A makes a weekly small wire transfer to the bank account of an individual in country

E.A customer in country A makes frequent wire transfers to a single customer in country B that are slightly under the legal reporting threshold.

Question 112

Which three are examples of best practices terms of ensuring an adequate AML program?

A.Review the accuracy of account opening applications

B.Review applicable domestic and international AML guidance

C.Perform a risk analysis on a regular basis and compare it to the coverage of the AML program

D.Engage an independent party to perform a periodic review of the program

Question 113

A high-volume dealer of precious metals and stones in a high-risk jurisdiction is approached by a new customer interested in selling gold worth $200,000. The customer was referred by a longtime family friend of the dealer and provides no indication of background or business purpose for the sale. The dealer agrees to make the purchase based solely on the reference.
What is the money laundering red flag?

A.A new customer is selling gold worth $200,000 to a high volume dealer

B.The precious metals dealer is operating in a high-risk jurisdiction

C.The customer provides no background information or business purpose for the transaction

D.The customer was referred by a longtime friend of the dealer

Question 114

What is a key element required to ensure an anti-money laundering compliance program is effectively embedded into an institution's culture?

A.A record retention policy

B.An internal audit

C.Ongoing training

D.Peer review

Question 115

A compliance officer was recently reviewing transactional data for an international charity and found transactions that present a higher risk.
Which reason is cause for terminating the banking relationship?

A.The flow of funds both in and out are complex and hard to trace

B.The charity has had a high a high turnover rate of official positions

C.The charity has several incoming international funds transfers

D.The charity is headquartered in a country on the Office of Foreign Assets Control list

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Question 111

Question 112

Question 113

Question 114

Question 115

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