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ACAMS Certified Anti-Money Laundering Specialists (the 6th edition) Sample Questions (Q532-Q537):

NEW QUESTION # 532
Which method to launder money through deposit-taking institutions is closely associated with international trade?

A. Using Black Market Peso Exchange
B. Structuring cash deposits/withdrawals
C. Investing in legitimate businesses with illicit funds
D. Forming a shell company

Answer: A

Explanation:
Explanation/Reference: http://fraudaid.com/Dictionary-of-Financial-Scam-Terms/black_market_peso_exchange.htm

NEW QUESTION # 533
A compliance officer learns from an Information Technology (IT) source of a potential new financial service being discussed by the new product approval committee.
What is the correct next course of action?

A. Get as much information as possible from the source so that potential risks can be researched and a report prepared and presented to the head of marketing.
B. Request that the new product approval committee include the compliance officer.
C. Start initial research into potential risks but wait until notified that the service has been approved by the committee before initiating extensive research.
D. Go to the board of directors and try to shut the new service down immediately because the committee did not communicate with the compliance officer.

Answer: B

Explanation:
The correct next course of action is to request that the new product approval committee include the compliance officer. This is because the compliance officer has the responsibility to ensure that the new financial service complies with the applicable laws, regulations, and standards, and does not pose any undue risks to the institution or its customers. The compliance officer should be involved in the new product development process from the beginning, and provide guidance and feedback on the potential compliance implications and requirements of the new service12.
References:
1: CAMS Certification Package - 6th Edition | ACAMS, Chapter 6: Developing an Effective Anti-Money Laundering Program, p. 121-122 2:
FATF Guidance: The Role of Hawala and Other Similar Service Providers in Money Laundering and Terrorist Financing, October 2013, p. 28, http://www.fatf-gafi.org/media/fatf/documents/reports/Role-of- hawala-and-similar-in-ml-tf.pdf

NEW QUESTION # 534
An institution receives a request for credit from a local company that has been a client for many years. The information provided by the company indicates that its assets have increased substantially with the addition of several new subsidiaries. Further research performed by the institution indicates the new subsidiaries are recently created shell companies.
Could this indicate potential money laundering?

A. Yes, shell companies are typically created to manage tax liabilities.
B. Yes, the shell companies could have been created to hide beneficial ownership.
C. No, the company has been a client for many years.
D. No, it is normal for a business to diversify by creating shell companies.

Answer: A

Explanation:
Explanation

NEW QUESTION # 535
Private investment companies are potentially vulnerable to money laundering because:

A. It can be difficult to identify the people who are the ultimate beneficial owners.
B. they exist in offshore jurisdictions with tight secrecy laws to protect the privacy of their owner(s).
C. they are shell companies formed to maintain a client's confidentiality.
D. they transact shares that are not traded on a stock exchange.

Answer: A

Explanation:
Explanation
Private investment companies (PICs) are potentially vulnerable to money laundering due to the difficulty in identifying the ultimate beneficial owners. PICs are often used to hold and manage private wealth, making them attractive targets for money launderers. Since these entities are privately held and not publicly traded, it can be challenging to identify the individuals who ultimately control or benefit from them. This makes it easier for money launderers to use them to disguise the origins of illicit funds.

NEW QUESTION # 536
One key aspect of promoting an enterprise-wide compliance culture within a financial institution (FI) is that the:

A. revenue generating business sectors should have precedence over compliance.
B. first line of defense should establish its own policies independently.
C. cost of compliance should increase proportionately to revenues.
D. relevant information should be shared throughout the organization.

Answer: D

Explanation:
An enterprise-wide compliance culture is a centralized, coordinated approach to ethics and compliance program design and assessment that cuts across multiple business units within an organization1. One key aspect of promoting such a culture is that the relevant information should be shared throughout the organization, so that all employees are aware of the compliance risks, policies, procedures, and expectations, and can act accordingly2. Sharing information also facilitates collaboration, communication, and feedback among different functions and levels of the organization, and helps identify and address any gaps or issues in the compliance program3. By contrast, the other options are not conducive to an enterprise-wide compliance culture, as they either create silos, conflicts, or inefficiencies in the compliance function.
1: Enterprise Compliance Risk Management Services | Deloitte US
2: Enterprise Risk Management and Risk Culture - McKinsey & Company
3: FRB: Speech, Bies-Enterprise-wide Compliance Programs-February 4, 2004 Reference: https://www.ifc.org/wps/wcm/connect/e7e10e94-3cd8-4f4c-b6f8-1e14ea9eff80
/45464_IFC_AML_Report.pdf?MOD=AJPERES&CVID=mKKNshy (51)

NEW QUESTION # 537
......

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ACAMS Certified Anti-Money Laundering Specialists (the 6th edition) Sample Questions (Q532-Q537):

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