ACAMS CAMS Certified Anti-Money Laundering Specialist Online Training

Question #17

A compliance officer at an insurance company has been reviewing the transaction activity of several clients.

Which transaction is considered a red flag for potential money laundering?

A . A client paid the quarterly life insurance premium using money orders from two different banks.
B . A client from a high-risk jurisdiction recently purchased property insurance for a real-estate development.
C . A corporation owns several affiliates and recently opened separate group life insurance policies for each of the affiliates.
D . A client established a $100,000 charitable annuity with a non-profit organization that provides health and safety assistance internationally.

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Question #22

An independent audit function to test the program.

A . 1, 2, and 3 only
B . 1, 2, and 4 only
C . 1, 3, and 4 only
D . 2, 3, and 4 only

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Question #23

What is the currency threshold under the European Union Fourth Anti-Money Laundering Directive?

A . 3,000 Euros
B . 5,000 Euros
C . 10,000 Euros
D . 15,000 Euros

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Question #24

An offshore company is owned by four equal partners that reside in separate jurisdictions. One partner presents an authenticated power of attorney apparently executed by the remaining three partners in his favor and requests that a bank account be opened on behalf of all partners. He needs this done quickly because there is a large deposit pending. The account-opening officer contacts the bank’s anti-money laundering officer for advice.

Which of the following should the anti-money laundering officer advise as an initial step?

A . Verify the identity of all the partners.
B . Verify the source of the deposit.
C . File a suspicious transaction report with the appropriate Financial Intelligence Unit.
D . File a suspicious transaction report with the Egmont Group.

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Question #25

What is a major economic consequence of money laundering through the use of front companies?

A . Placing more emphasis on manufacturing
B . Weakening of the legitimate private sector
C . Creating a more competitive pricing environment
D . Aligning management principles between criminal enterprises and legitimate businesses

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Question #26

Findings from a regulatory examination report states that the job descriptions of personnel outside of the compliance department do not include references to anti-money laundering responsibilities.

Which action should the firm take?

A . Update all job descriptions to include anti-money laundering responsibilities
B . Respond that only compliance personnel have anti-money laundering responsibilities
C . Send an email to all staff stating that personnel must observe the anti-money laundering policy
D . Reply that a description of anti-money laundering responsibilities is included in the annual training

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Question #27

A compliance officer learns from an Information Technology (IT) source of a potential new financial service being discussed by the new product approval committee.

What is the correct next course of action?

A . Request that the new product approval committee include the compliance officer.
B . Go to the board of directors and try to shut the new service down immediately because the committee did not communicate with the compliance officer.
C . Get as much information as possible from the source so that potential risks can be researched and a report prepared and presented to the head of marketing.
D . Start initial research into potential risks but wait until notified that the service has been approved by the committee before initiating extensive research.

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Question #28

According to the Financial Action Task Force 40 Recommendations, Designated Non-Financial Businesses and Professionals include which entities?