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ACAMS CAMS Exam Materials - Download CAMS Fee

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q693-Q698):

NEW QUESTION # 693
A precious metals dealer opens a new account with a bank. Which requires a referral to AML Investigations for further review?

A. Payments received on the account reference unknown companies in the instructions.
B. International outgoing wires to diamond dealers that are part of the diamond pipeline.
C. Multiple daily point of sale transactions from third parties that appear to be individuals.
D. International incoming payments from foreign companies in which the precious metals dealer has an established relationship.

Answer: A

Explanation:
payments received on the account that reference unknown companies in the instructions indicate a possible attempt to obscure the source or purpose of the funds. This could be a sign of money laundering, tax evasion, fraud, or other illicit activities. Such payments should be referred to AML Investigations for further review and verification of the identity and legitimacy of the companies involved.
References:
* FATF Guidance on the Risk-Based Approach for Dealers in Precious Metals and Stones, page 18, paragraph 57: "The dealer should also pay attention to the information provided by the customer on the source and origin of the funds or assets, and verify it where possible. For example, the dealer should be alert to situations where the customer provides vague, incomplete or inconsistent information about the source and origin of the funds or assets, or where the information provided does not match with the customer's profile or business activity."
* Risk-Based Approach For Dealers in Precious Metals and Stones (DPMS), section "Business-based risk approach", sub-section "2- Geographical location": "You must also assess the geographical location of your business and the countries you deal with. You must be aware of the countries that are high-risk or non-cooperative jurisdictions as per the FATF recommendations. You must also consider the countries that are subject to sanctions, embargoes, or similar measures issued by the United Nations, the European Union, or any other relevant organization. You must also be careful of the countries that are known to have significant levels of corruption, organized crime, or terrorist activity."
* What are the Risks of Money Laundering for Precious Metals Dealers?, section "Money Laundering Red Flags for DPMS", bullet point 4: "The customer provides vague, incomplete, or inconsistent information about the source and origin of the funds or assets." Reference: https://www.imf.org/external/pubs/ft/tnm/2014/tnm1401a.pdf

NEW QUESTION # 694
How does the Financial Action Task Force (FAT F) measure the effectiveness of a country's efforts to combat money laundering and terrorist financing?

A. Basel Committee
B. Series of internal audits followed by reporting to FATF
C. FATF Evaluation Committee
D. Mutual evaluation

Answer: D

Explanation:
The FATF measures the effectiveness of a country's efforts to combat money laundering and terrorist financing through a process known as mutual evaluation. This process involves peer reviews, where experts from other member countries assess the technical compliance and the effectiveness of a country's anti-money laundering and counter-terrorist financing (AML/CTF) framework. The FATF has developed a methodology that identifies 11 key areas, or immediate outcomes, that an effective AML/CTF system should achieve, and uses them as the basis for the mutual evaluation. The FATF publishes the mutual evaluation reports, which provide an in-depth analysis of the strengths and weaknesses of each country's AML/CTF regime, as well as recommendations for improvement.
:
1: An effective system to combat money laundering and terrorist financing, FATF, February 2013.
2: Report on the State of Effectiveness and Compliance with the FATF Standards, FATF, June 2021.
3: Financial Action Task Force (FATF) | Meaning, Functions, Impact, Finance Strategists, September 2023.
4: FATF Recommendations, FATF, October 2020.

NEW QUESTION # 695
Which action by a prospective customer during the account opening process requires further investigation?

A. Expressing knowledge of the financial industry
B. Listing a long-distance phone number
C. Providing a driver's license
D. Questioning reporting requirements

Answer: D

Explanation:
The correct answer is B. Questioning reporting requirements. When a prospective customer questions reporting requirements during the account opening process, it may raise concerns about their intentions or understanding of anti-money laundering (AML) regulations. Financial institutions should investigate further to ensure compliance and assess any potential risks associated with the customer's behavior1.
References:
1. FDIC: Customer Identification Program
2. Financial Crime Academy: USA PATRIOT Act Customer Identification Program
3. BankersOnline: Lending and Customer Identification Programs

NEW QUESTION # 696
According to the Financial Action Task Force 40 Recommendations, simplified customer due diligence or reduced measures could be acceptable for which of the following types of products or transactions?
1. Life insurance policies where the annual premium is no more than USD/EUR 1,000 or a single premium of no more than USD/EUR 2,500.
2. Insurance policies for pension schemes if there is no surrender clause and the policy cannot be used as collateral.
3. A ptfiisiui i Ll idL pr uviJcfb lelir emei it bei lefils Lu employees.
4. Trusts where the settlor, trustee and beneficiaries are identified and the shares are in bearer form.

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

Answer: A

Explanation:
According to the Financial Action Task Force (FATF) 40 Recommendations, simplified customer due diligence (CDD) or reduced measures could be acceptable for certain types of products or transactions that have a low risk of money laundering or terrorist financing, based on a reasonable assessment of the risk by countries or by financial institutions. These include:
* Life insurance policies where the annual premium is no more than USD/EUR 1,000 or a single premium of no more than USD/EUR 2,500. This is because the amount of money involved is relatively small and the payout is usually contingent on a specific event, such as death or disability, which reduces the likelihood of abuse by criminals.
* Insurance policies for pension schemes if there is no surrender clause and the policy cannot be used as collateral. This is because the beneficiaries of these policies are usually predetermined and the funds are locked in until retirement age, which limits the possibility of transferring or withdrawing the money for
* illicit purposes.
* A pension, superannuation or similar scheme that provides retirement benefits to employees, where contributions are made by way of deduction from wages and the scheme rules do not permit the assignment of a member's interest under the scheme. This is because the source of funds is known and verified by the employer and the scheme is regulated and supervised by competent authorities, which reduces the risk of money laundering or terrorist financing.
The other option, trusts where the settlor, trustee and beneficiaries are identified and the shares are in bearer form, is not eligible for simplified CDD or reduced measures, because the use of bearer shares poses a high risk of anonymity and concealment of beneficial ownership, which could facilitate money laundering or terrorist financing.
References:
* FATF 40 Recommendations, Recommendation 10 and Interpretive Note to Recommendation 10, paragraphs 17-18.

NEW QUESTION # 697
During the course of work on behalf of a client, a lawyer participated in the movement of money. If the lawyer suspects an act of money laundering, which of the following should the lawyer do according to European Union Money Laundering Directives?

A. Inform the client of the intent to terminate services.
B. Follow bank secrecy laws.
C. Report the facts to the competent authorities.
D. Adhere to business confidentiality laws.

Answer: C

NEW QUESTION # 698
......

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