Free Access ACAMS.CAMS.v2025-01-18.q542 Practice Test (Page 80)

Question 391

Which information must a United States financial institution retain for having foreign correspondent accounts as part of the USA PATRIOT Act record keeping requirements?

A.Section 314(b) information sharing results related to foreign correspondent accounts

B.Purchase of monetary instruments of $3,000 or more involving foreign correspondent accounts

C.A suspicious activity report filed and the supporting documentation involving foreign correspondent accounts

D.Records identifying the owners of each foreign bank

Question 392

What is a criterion for FATF membership?

A.The country should be a member of a FATF-style regional body

B.The country should be democracy

C.The country should have already implemented the standards of the European Union Directives

D.The country should have already implemented all of the FATF Recommendations

Question 393

Three individuals enter a casino and use cash to purchase chips worth 20,000 USD. The trio uses 200 USD in chips to play games and then combine their funds to request a casino cheque. What is the potential red flag that alludes to money laundering?

A.The trio purchased the chips with cash and proceeded to gamble.

B.The trio engage in minimal gambling and combine the funds to request a casino cheque for the chips presented.

C.The trio uses chips worth 200 USD to gamble before requesting the refund.

D.The trio purchased chips worth 20,000 USD and requested a casino cheque for the remaining chips.

Question 394

Which are social/economic consequences of money laundering? (Choose two.)

A.Civil war

B.Weakening financial institutions

C.Increase in corruption and organized crime

D.Increase in tax revenue

E.Weakening of the country's infrastructure

Question 395

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 data bases

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Question 391

Question 392

Question 393

Question 394

Question 395

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