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.