Acams Question No 19

Question No 19:

Susan works as a senior Money Laundering Reporting Officer at XYZ bank. She is taking a closer look at the activity of several customers. What would arouse her suspicion the MOST?

A. A customer who owns several check cashing companies in town and rents a safe deposit box.
B. A customer who avoids taking vacations.
C. A small business that provides financial statements which are not prepared by an accountant.
D. A customer involved in credit transactions often uses impressive- sounding but nonsensical terms such as emission rate, standby commitment, etc.

Answer: D

Acams Question No 18

Question No 18:

Tom works as a compliance officer at ABC bank. He is looking at the transactions of one of the bank's customers, Mr. Brown. Mr. Brown is the owner of a check cashing company which performs only check cashing services. Over the last six months, Mr. Brown has not made withdrawals of cash against check deposits. He also deposited two checks for US$2,000 each that were issued by a casino. When checking the KYC file, Tom sees that, when opening the account, Mr. Brown had requested detailed information about fees and commissions that are charged by the bank. What would arouse your suspicion the most? That Mr. Brown:

A. Deposited checks from casinos
B. Did not make withdrawals of cash against check deposits
C. Showed uncommon curiosity about commissions and fees charged
D. Does not have an escrow account

Answer: B

Acams Question No 17

Question No 17:

What is the reasoning behind implementing a "risk-based" anti- money laundering approach?

A. It will keep the regulators focused on money laundering controls in sectors beyond banks.
B. No institution can hope to detect all instances of wrongdoing by customers, including money laundering.
C. A quantitative approach will generate better results than a qualitative approach.
D. It allows the institution to focus on selling products that have a better return on investment.

Answer: B

Acams Question No 16

Question No 16:

A bank in Italy holds a business account for an Italian company that sells gold throughout Europe and the Western Hemisphere. The bank knows the purpose of this account is to receive payment for sales. A review of the account shows a pattern of wire transfers coming from payable-through accounts. There is also a pattern of purchases of gold bullion held in Swiss banks. The MOST important factor in assessing whether money laundering is a threat is that the:

A. Customer sells gold in regions where it carries an important or religious significance that adds to the high intrinsic value.
B. Payments come from third-party accounts.
C. Payments received are in the form of wire transfers instead of cash.
D. Account holder maintains gold bullion rather than finished pieces of jewelry.

Answer: B

Acams Question No 15

Question No 15:

The Third EU Money Laundering Directive of 2005 applies to which of the following firms?

A. Auditors, estate agents based in the EU.
B. U.S. Financial institutions covered by the USA Patriot Act.
C. Shell firms inside and outside the EU.
D. EU based high value good dealers who deal in cash of 10,000 Euro or more.

Answer: A

Cyprus committed to stricter AML policies

 

Stubby professionals have the passion and commitment to the implementation of policies against money laundering and strict compliance, controls and procedures, Angela Salter Head of Europe at the ACAMS Association against money laundering and financial crime experts, he said in an interview with SigmaLive.
Salter said Cyprus shares the same commitment to the fight against money laundering with other European countries and emphasized that this work is progress for all.
Angela Salter in Nicosia to announce a new partnership with the European Institute of Administration and Finance (EIMF) and give a training session for professionals.
Salter was invited to Cyprus by local ACAMS members to create a chapter - a forum for networking professionals in the area of ​​AML.
In a special event to celebrate the launch, Wednesday evening, ACAMS will also announce its partnership with the European Institute of Administration and Finance. The EIMF provide professional qualification CAMS Cypriots and the training required for the vocational qualification of money laundering specialist,
Keynote speakers at the Wednesday night include Stelios Georgakis, deputy director of the Central Bank of Cyprus and vice-chairman of the Securities and Exchange Commission of Cyprus Andreas Andreou.

Acams Question No 14

Question No 14:

According to the 3rd EU Directive, a lawyer is obligated to report a suspicion of money laundering in a client relationship when:

A. Representing a client in a legal matter.
B. Ascertaining the legal position for a client.
C. Participating in financial or corporate transactions.
D. Obtaining information associated with a judicial proceeding.

Answer: C

Acams Question No 13

Question No 13:

According to the FATF 40 Recommendations, the financial
institutions should apply due diligence to:

A. Domestic PEPs only
B. International PEPs only
C. International and domestic PEPs
D. None of the above

Answer: C

Acams Question No 12

Question No 12:

According to the FATF 40 Recommendations, "Designated non- financial businesses and professions" include:

A. Internet casinos, real estate agents and dealers in precious stones
B. Money service businesses, gatekeepers, and issuers of electronic money
C. Dealers in precious metals, lawyers, commodity futures traders
D. Life insurance companies, real estate agents and notaries

Answer: A

Acams Question No 11

Question No 10:

What is the definition of a predicate offense?

A. Lawful or unlawful activity that involves willful blindness, and if there is an international element to the crime, can lead to a suspicious activity report.
B. Unlawful activity whose proceeds, if involved in the transaction, can give rise to prosecution for the crime of money laundering.
C. An interface which is the underlying segment of a suspicious transaction monitoring system.
D. A specified unlawful activity that is committed through concentration accounts deceiving customers that are not directly related to the account.

Answer: B

Money laundering will soon be history

Abuja - Governor of Zamfara Abdulaziz Yari said that money laundering will soon be history as the three levels of government have intensified their efforts to combat corrupt practices in the country.

Yari said this when answering questions of the correspondents of the State House after a private meeting with President Muhammadu Buhari in the presidential villa in Abuja on Tuesday.

He said the current fight against corruption in the administration of the Buhari was a clear indication that the age of criminal diversion of government money into private pockets had ended.

"We know that this country is our country. We can not have another country we will be free to move out of Nigeria. Therefore, we are the people who will make a better country."

"The problem is that we travel abroad and see how they do their stuff, but when we return, it becomes a problem to put it on the table and do the same."

When traveling abroad and carry $ 2,000 to pay at the counter, people look at you and wonder how you got the money in this cashless society, "he said.

The governor stressed that all hands must be on deck to ensure a society without corruption, and said the president Buhari could not only fight against corruption.

"We all have to put our hands on deck to ensure that we support this government to fight against corruption which led to money laundering," he added.

Adams Oshiomhole governor, who also spoke to correspondents in the trial of a former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke in a London court on money laundering, said he was justified.

"For me, I do not think anyone should be surprised because most favorable commentator Nigerian state, the economy, the political system and society, everyone agrees that our economy has been badly managed in recent years."

"I have not seen a commentator disagree. Even when they talk about rebasing what? Did you base level of poverty? Do you prosperity re-based? Do you refundada unemployed? Do you Re based roaming? Do you rebased hungry? "he asked.

The governor expressed satisfaction with the ongoing war against corruption in the country.

He said: "I am the happiest person because I am in government for seven years without being in power."

"I was in government, could not call a police commissioner and I speak as a security officer, I am obsessed with all kinds of people."

"You kill the snake in Edo, put the snake in sustaining life in Abuja and continue to haunt us."

"Now all these poisons are dead and buried. For the first time I am excited and happy, not only for personal gain, but for the changes that I begin to see," he said.

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Acams Question No 10

Question No 10:

Which were the Basel Committee's two main motivations to encourage strong Know Your Customer programs in its paper "Customer Due Diligence for Banks?"

A. A.Mirror FATF's KYC Recommendations.
B. Meet European Union guidelines.
C. Protect the safety and soundness of banks.
D. Protect the integrity of banking systems.

Answer: C, D

Acams Question No 9

Question No 9:

Which of the following is the most difficult regulatory challenge facing a foreign financial institution with a correspondent banking relationship in the U.S.?

A. USA Patriot Act.
B. Basel Due Diligence Principles for Banks.
C. FATF Guidance on Terrorist Financing.
D. UN Security Council Resolution on Correspondent Banking.

Answer: A

ENI S.p.A. (NYSE:E) Analyst Rating Update

Up to 6 brokerages evaluated ENI SpA (NYSE: F) 3. Research Zacks analysts rated the company at 5, suggesting traders with a strong sell recommendation for the short term. 1 evaluated as strong sales analysts. Sale was recommended by an analyst. The stock has earned a place on the waiting list two securities analysts. 1 Analysts have suggested to buy the shares. 1 analysts consider the company as a strong membership.

Shares of ENI SpA (NYSE: F) ended Monday's session in red in volatile trading environment. The stock closed down 0.13 points or 0.39% to $ 33.01 in trading 260,534 shares. Post opening session $ 32.58, the shares hit an intraday low of $ 32.36 and an intraday high of $ 33.01 and the price hovered in this range throughout the day. The company has a market capitalization of $ 59,982 million and the number of shares outstanding were calculated to be 1,817,092,000 shares. The 52-week high of ENI SpA (NYSE: F) is $ 49.38 and 52 weeks was $ 30.03.

Eni SpA shares appreciated by 3.22% over the past five trading days, but lost 5.63% on the basis of four weeks. Eni SpA fell 6.94% over the last 3 months. Year performance to date of the action is at -2.38%.

Institutional investors have a 1.3% share of the Company. In the last three months, 13% of the total institutional ownership has changed in the shares of the company.

Eni SpA is a leading multinational oil and gas company based in Italy. It works with seven segments. The Refining and Marketing segment focuses on refining and marketing of petroleum products. Eni Trading Group covers services in commercial products, shipping and derivatives. Chemicals covers the production and sale of petrochemicals. It includes engineering and construction services for the oil and gas. Exploration and Production is focused on the exploration, development and production of oil and natural gas. The Gas & Power supply, regasification, transportation, storage, distribution and marketing of natural gas, electricity generation and sale of electricity. The Other Activities segment manages the financial components and services. In January 2014, it sold a 60% stake in Russia's Arctic Yamal development. In February 2014, the Company acquired a 51% stake in Acam Clienti SpA; Following the acquistion, the Company holds all the shares ACAMS.

Acams Question No 8

Question No 8:

Which were the Basel Committee's two main motivations to encourage strong Know Your Customer programs in its paper "Customer Due Diligence for Banks"?

A. Mirror FATF's KYC Recommendations.

B. Meet European Union guidelines.

C. Protect the safety and soundness of banks.

D. Protect the integrity of banking systems.

Answer: C, D

Acams Question No 7

Question No 7:

The Third EU Money Laundering Directive of 2005 applies to which of the following firms?

A. Auditors, estate agents based in the EU.
B. U.S. Financial institutions covered by the USA Patriot Act.
C. Shell firms inside and outside the EU.
D. EU based high value good dealers who deal in cash of 10,000 Euro or more.

Answer: A

Acams Question No 6

Question No 6:

A bank in Italy holds a business account for an Italian company that sells gold throughout Europe and the Western Hemisphere. The bank knows the purpose of this account is to receive payment for sales. A review of the account shows a pattern of wire transfers coming from payable-through accounts. There is also a pattern of purchases of gold bullion held in Swiss banks. The MOST important factor in assessing whether money laundering is a threat is that the?

A. Customer sells gold in regions where it carries an important or religious significance that adds to the high intrinsic value.
B. Payments come from third-party accounts.
C. Payments received are in the form of wire transfers instead of cash.
D. Account holder maintains gold bullion rather than finished pieces of jewelry.

Answer: B

Acams Question No 5

Question No 5:

Tom works as a compliance officer at ABC bank. He is looking at the transactions of one of the bank's customers, Mr. Brown. Mr. Brown is the owner of a check cashing company which performs only check cashing services. Over the last six months, Mr. Brown has not made withdrawals of cash against check deposits. He also deposited two checks for US$2,000 each that were issued by a casino. When checking the KYC file, Tom sees that, when opening the account, Mr. Brown had requested detailed information about fees and commissions that are charged by the bank. What would arouse your suspicion the most? That Mr. Brown:

A.Deposited checks from casinos
B.Did not make withdrawals of cash against check deposits
C.Showed uncommon curiosity about commissions and fees charged
D.Does not have an escrow account

Answer: B

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ENI S.p.A. Analyst Rating Update

ENI S.p.A. Analyst Rating Update:

ENI SpA (NYSE: F) received a rating for short-term research analysts at Zacks wedge with a range of 3. The company has been rated an average of 3 per 6 Wall Street analysts. Analysts have added 1 shares wishlist heavy buying. January stock market experts also observed a purchase. 2 analysts advise waiting. 1 stands the company as strong sales. A sales call was initiated by an analyst.

Many analysts have commented on the rating of the company. Brokerage firm JP Morgan upgrades its recommendation on ENI SpA (NYSE: F). The shares were rated neutral. Previously, analysts had a rating of underweight equities. Note Office issued May 22, 2015.

Eni SpA shares appreciated by 8.44% over the past five trading days, but lost 4.89% on the basis of four weeks. Eni SpA fell 8.64% over the last 3 months. Year performance to date of the action is at -1.55%.ENI SpA (NYSE: F): On Monday, the increased volatility observed in ENI SpA (NYSE: F) has led to fluctuations in the share price. The stock opened at $ 32.95 and negotiating $ 33.29 hit in the head, eventually ending the session at $ 33.29, a gain of 3.26% or 1.05 points. The trading volume increased volatility jump saw 681,685 shares. The 52-week share price is $ 50.88 and the company has a market capitalization of $ 60,491 million. The 52-week low stock price is $ 30.03.

Eni SpA is a leading multinational oil and gas company based in Italy. It works with seven segments. The Refining and Marketing segment focuses on refining and marketing of petroleum products. Eni Trading Group covers services in commercial products, shipping and derivatives. Chemicals covers the production and sale of petrochemicals. It includes engineering and construction services for the oil and gas. Exploration and Production is focused on the exploration, development and production of oil and natural gas.  

The Gas & Power supply, regasification, transportation, storage, distribution and marketing of natural gas, electricity generation and sale of electricity. The Other Activities segment manages the financial components and services. In January 2014, it sold a 60% stake in Russia's Arctic Yamal development. In February 2014, the Company acquired a 51% stake in Acam Clienti SpA; Following the acquistion, the Company holds all the shares ACAMS.

Acams Question No 4

Question No 4:

Tom works as a compliance officer at ABC bank. He is looking at the transactions of one of the bank's customers, Mr. Brown. Mr. Brown is the owner of a check cashing company which performs only check cashing services. Over the last six months, Mr. Brown has not made withdrawals of cash against check deposits. He also deposited two checks for US$2,000 each that were issued by a casino. When checking the KYC file, Tom sees that, when opening the account, Mr. Brown had requested detailed information about fees and commissions that are charged by the bank. What would arouse your suspicion the most? That Mr. Brown: 

A. Deposited checks from casinos
B. Did not make withdrawals of cash against check deposits
C. Showed uncommon curiosity about commissions and fees charged
D. Does not have an escrow account


Answer: B

Acams Question No 3

Question No 3:

The Wolfs berg Principles for Private Banking list circumstances that would require additional due diligence, including activities that involve which three of these choices?
A. Foreign jurisdictions
B. High Risk Countries, including those identified by credible sources as having inadequate Anti Money Laundering standards
C. High Risk activities, involving clients and beneficial owners whose source of wealth originates From activities known to be vulnerable to money laundering
D. Public Officials, including those individuals who have or had positions of public trust

Answer: B, C, D

Acams Question No 2

Question No 2:

Which indicator should be suspicious to a compliance officer at a brokerage firm?

A. Trading between accounts controlled by the same person
B. Large number of bid/ask prior to market opening
C. The client imposed limits to their losses from the outset of the relationship
D. A broker splits the bid-ask spread with the investor when matching buy and sell orders

Answer: A , D

Acams Question No 1

Question No 1:

How does micro structuring differ from structuring?

A. The transaction amounts are much smaller
B. The transactions never exceed $1,000 USD
C. The transactions are done only at small community banks
D. It is done to avoid the monetary instrument log instead of a currency transaction report

Answer: A