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ACAMS Certified Anti-Money Laundering Specialists (the 6th edition) Sample Questions (Q170-Q175):

NEW QUESTION # 170
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. 2, 3, and 4 only
B. 1, 2, and 3 only
C. 1, 3, and 4 only
D. 1, 2, and 4 only

Answer: D

NEW QUESTION # 171
How can a 'free-look provision' as part of a life insurance policy help criminals to launder money?

A. A policy owner can decide how to pay the premium within a pre-defined period.
B. A policy owner has freedom to decide who the beneficiary of the policy will be and can in this way move money to an unrelated third party.
C. A policy owner has freedom to decide who the beneficiary of the policy will be and can in this way move money to a related third party.
D. A policy owner is able to terminate the contract without penalties such as surrender charges.

Answer: D

Explanation:
A free-look provision is a period of time, typically 10 to 30 days, in which a new life insurance policy owner can terminate the policy and have their premium refunded1. This can help criminals to launder money by purchasing a policy with illicit funds and then cancelling it within the free-look period to receive a clean check from the insurance company2. This way, they can disguise the source and origin of their funds and avoid any penalties or charges that would otherwise apply to early termination of the policy.
1: Investopedia, What Is a Free Look Period and How Does It Work?
2: FinCEN, Anti-Money Laundering Program and Suspicious Activity Reporting Requirements for Insurance Companies

NEW QUESTION # 172
Which are the two most common controls a financial institution (FI) uses to identify suspicious money- laundering activity? (Choose two.)

A. Governmental subpoena
B. Transaction monitoring rules
C. Adverse media information
D. Search warrant
E. Sanctions screening

Answer: B,E

Explanation:
Sanctions screening and transaction monitoring rules are two of the most common controls that FIs use to identify suspicious money-laundering activity. Sanctions screening is the process of checking customers, transactions, and counterparties against various lists of sanctioned individuals, entities, and countries issued by national and international authorities. Sanctions screening helps FIs to avoid doing business with or facilitating the activities of those who are involved in terrorism, proliferation, human rights violations, or other criminal activities. Transaction monitoring rules are the criteria or scenarios that FIs use to detect unusual or potentially suspicious patterns of transactions or behaviors of customers or accounts. Transaction monitoring rules help FIs to identify transactions that deviate from the expected norms, such as large cash deposits, frequent wire transfers, or transactions with high-risk jurisdictions. Transaction monitoring rules also help FIs to comply with their reporting obligations, such as filing Suspicious Activity Reports (SARs) or Currency Transaction Reports (CTRs).: = ACAMS CAMS Certification Video Training Course, Chapter 4: Developing an Effective Anti-Money Laundering Program, Section 4.2: Customer Identification Program (CIP) and Customer Due Diligence (CDD); Money laundering and terrorist financing, Section: Anti Money Laundering (AML) regulations; The Three Stages Of Money Laundering And How Money Laundering Works, Section: How to Prevent Money Laundering.

NEW QUESTION # 173
An anti-money laundering expert is hired by a new Internet bank to assess the money laundering threat to the bank. Because it is an o line bank the most important recommendation for the expert to make is that the bank

A. ensure that a firewall is set up to protect the transactions.
B. limit the amount which can be processed per transaction.
C. set up automated programs to analyze transaction for money laundering activity.
D. ensure that prospective new customers can be properly identified.

Answer: D

Explanation:
One of the main challenges and risks for online banks is the verification of customer identity and the prevention of identity fraud. Online banks are more vulnerable to moneylaundering and terrorist financing because they do not have face-to-face contact with their customers and may rely on third-party sources or digital methods to verify customer information. Therefore, the most important recommendation for the anti- money laundering expert to make is that the online bank ensures that prospective new customers can be properly identified and that their identity documents and information are verified using reliable and independent sources. This is also in line with the international standards and best practices for anti-money laundering and counter-terrorist financing, such as the FATF Recommendations, the Basel Committee on Banking Supervision principles, and the EU's Fifth Anti-Money Laundering Directive123 The other options are less important or less effective than ensuring customer identification. Limiting the amount that can be processed per transaction may reduce the exposure to large-scale money laundering, but it does not prevent the use of multiple transactions or accounts to launder smaller amounts. Setting up automated programs to analyze transactions for money laundering activity may enhance the detection and reporting of suspicious transactions, but it does not address the root cause of money laundering, which is the concealment of the source and ownership of illicit funds. Ensuring that a firewall is set up to protect the transactions may improve the security and confidentiality of the online banking system, but it does not prevent the misuse of the system by money launderers who have legitimate access to the system123
:
1: Anti-Money Laundering Guide for Digital Banks by sanctions.io, 2022
2: The fight against money laundering: Machine learning is a game changer by McKinsey, 2021
3: FATF Guidance on Digital Identity, 2020

NEW QUESTION # 174
Which customer transaction with a securities dealer would indicate the highest supicion of money laundering?

A. Investment iin securities with a significantly lower risk than the customer's expressed risktolerance
B. Frequent trades in unlisted securities throughour the day on a regular basis
C. Recurring transfers of money into a brokerage account subsequently invested in shourt-term securties
D. A high level of account activity with very low levels of securities transactions

Answer: D

NEW QUESTION # 175
......

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