CAMS

How do drug traffickers and other criminals use the fine art industry to disguise illicit proceeds?A . They use forged or fraudulent invoicing of priceless works of art by auction housesB . They commingle legitimate and illicit proceeds by principals for payment of fine artC . They immediately resell priceless...

A remittance company received a money order from a senior political figure m the Philippines to transfer a large sum of money to a charity group in the Philippines. A review of the charity group revealed a director having dose ties with a known terrorist group primarily financed through kidnapping...

What should be part of an institution’s monitoring and STR filing process? Choose 3 answersA . Review on a regular basis of all high-risk accounts and transactionsB . Review of STR filing trends and typologiesC . Periodic training on the identification of red flagsD . Requirement that the Board of...

Which example describes the vulnerability of the securities sector for money laundering?A . A non-C . person seeks to open a brokerage account with aE . broker-dealerF . A broker-dealer must have a customer identification program in placeG . Broker-dealers generally have a higher percentage of inexperienced staffH . Compensation...

The purpose of an anti-money laundering program should be to do what?A . Detect all illegal activity perpetrated by customersB . Avoid criticism and sanctions from government regulatorsC . Focus monitoring efforts on riskier transactions and customersD . Detect and report cash structuring and suspicious wire transactionsView AnswerAnswer: C

Why would a credit card account likely not be used in the placement stage of money laundering?A . Customer identification is requiredB . Cash payments are generally restrictedC . Credit refunds have a waiting periodD . Credit cards can access ATMs globallyView AnswerAnswer: B