Acams Question No 21:

Question No 21:

Why is a Payable Through Account vulnerable to money laundering?

A. These are master correspondent accounts established at a domestic bank by a foreign bank that allow the customers of the foreign bank to do a wide range of transactions
B. These are correspondent accounts located in a non-cooperative country or territory
C. These are nested correspondent accounts at a foreign shell bank with customers with whom the domestic bank did not exercise due diligence
D. These are master escrow accounts on which a domestic bank generally does not conduct periodic verification

Answer: A

Acams Question No 20

Question No 20:

Which of the following statements is true?

A. Credit cards are not likely to be used in the layering phase of money laundering because of restrictions in cash payments
B. Credit cards are effective instruments for laundering money because the transactions do not create a paper trail
C. A launderer can launder money by prepaying his credit card using funds that are already in the banking system, creating a credit balance on his account, and requesting a credit refund
D. A launderer can use illicit funds that are already in the banking system to pay his credit card bill for goods purchased, which is an example of placement

Answer: C

Spain Fraud Detection & Prevention and Anti-Money Laundering Market

FDP (Secure Sockets Layer) solutions are based on Information Technology (IT) solutions that use Advanced Mechanisms for Analysis and Authentication to combat there the mitigation of the Impact of Fraud Organizations Operating in Various vertical sectors, such as Financial Services, Insurance, Telecommunications and Health Care. Anti-Money Laundering is a set Mainly refers Procedures, Laws or Regulations that are specifically to Avoid Designed the Practice of Generating Income Through Illegal Actions.

FDP Solutions can be categorized into four Types, including Fraud Analysis, Fraud Authentication, Governance, Risk and Compliance (GRC) and Formless Generation Tools Display there. New FDP Solutions, Predictive Analysis Stories, Application Analysis and Client Tools are Visualization Help Predict and Prevent Data Losses. : In addition to Analytical Solutions, Authentication Implementation Solutions has helped Prevent fraud by helping to prevent unauthorized access to data. Authorized Users may perform without the Authorized Transaction that MAY Include Financial Transactions Handling and Confidential Data.

Detecting Fraud Prevention and Anti-Money Laundering Fast Growth is a Market in which Understands Different Types of Solutions and Services for Different Types of Fraud Users are final. The main players in the East Market have adopted various strategies, such as New Product Development and Expansion to Achieve Growth in the Market.

ACI Worldwide (USA), Callcredit (UK), Equifax, Inc. (USA), Experian (Ireland), Intellinx (Israel), LexisNexis Risk Solutions ).

OBJECTIVES OF THE STUDY

1. Analyze the Market Structure By identifying the various sub-segments in the Spanish market detection there is fraud prevention (FDP) and Fight against capital contraindications money laundering
2. Identify the main Trends Factors that do not inhibit or impel the Spanish Market Growth and AML FDP
3. Predict the Market Size of the FDP and LMA Market in Spain On the basis of the FDP type, vertical and end user
4. Analyze strategically Each submarket with a RESPECT of Growth Trends and individual contribution to the Spanish Market and AML FDP
5. Analyze the Opportunities in the Spanish Market and AML FDP For the Contradictory Interested Through the Viola Segments Growth Identification In This Market
6. Saw. To strategically profile: key players in this market and its products · exhaustively analyze basics and competencies in the market
7. Predict the Spanish Market Income FDP and AML submarkets and their

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

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

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

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

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