Acams cams practice test

Certified Anti-Money Laundering Specialist Exam

Last exam update: Jun 09 ,2024
Page 1 out of 28. Viewing questions 1-15 out of 406

Question 1

The main purpose of the US Treasury Department for OFAC's extraterritorial reach is to:

  • A. accomplish the foreign policy and national security goals of the US.
  • B. defend the US against questionable trade practices of its economic rivals.
  • C. protect allied nations of the US from the economic threats of non-allied nations.
  • D. align OFAC's and other countries' extraterritorial reach requirements.
Mark Question:
Answer:

A

User Votes:
A 179 votes
50%
B 27 votes
50%
C 21 votes
50%
D 44 votes
50%

Explanation:
Reference:
https://www.natlawreview.com/article/aggressive-extraterritorial-reach-us-economic-
sanctions-foreign-company-exposure-to

Discussions
vote your answer:
A
B
C
D
0 / 1000
singrajv
9 months ago

A. accomplish the foreign policy and national security goals of the US.

8 months, 4 weeks ago

Accomplish the foreign policy and national security goals of the US.

arkonis
8 months, 3 weeks ago

A accomplish the foreign policy and national security goals of the US.

wils
8 months, 3 weeks ago

A. accomplish the foreign policy and national security goals of the US

7 months, 2 weeks ago

A. accomplish the foreign policy and national security goals of the US

7 months, 1 week ago


A. accomplish the foreign policy and national security goals of the US.

7 months, 1 week ago

A. accomplish the foreign policy and national security goals of the US.

dpersoul8
7 months, 1 week ago

A. accomplish the foreign policy and national security goals of the US.

7 months ago

D. align OFAC's and other countries' extraterritorial reach requirements.

7 months ago

A.accomplish the

Kleopapp
7 months ago

A. accomplish the foreign policy and national security goals of the US.

Gautam
7 months ago

Acomplish the foreign

alinemaidla
7 months ago

A. accomplish the foreign policy and national security goals of the US

alinemaidla
7 months ago

A. accomplish the foreign policy and national security goals of the US.

AnaA.
7 months ago

D. align OFAC's and other countries' extraterritorial reach requirements

saranraina
7 months ago

accomplish the foreign policy and national security goals of the US.

saranraina
7 months ago

Thanks for submitting , your comment will be approved soon by our moderators

AnaA.
7 months ago

D. aligner les exigences de portée extraterritoriale de l'OFAC et d'autres pays.

AnaA.
7 months ago

D. align OFAC's and other countries' extraterritorial reach requirements.

AnaA.
6 months, 4 weeks ago

D. aligner les exigences de l’OFAC et d’autres pays en matière de portée extraterritoriale.

AnaA.
6 months, 4 weeks ago

A. atteindre les objectifs de politique étrangère et de sécurité nationale des États-Unis.

6 months, 3 weeks ago

A. accomplish the foreign policy and national security goals of the US.

6 months, 3 weeks ago

accomplish the foreign policy and national security goals of the US.

6 months, 2 weeks ago

. accomplish the foreign policy and national security goals of the US.

camscert23
6 months, 2 weeks ago

A. accomplish the foreign policy and national security goals of the US.

6 months, 2 weeks ago

Defend the US against

FinPro_Audit
6 months, 2 weeks ago

A. accomplish the foreign policy and national security goals of the US.

garneohenry
6 months, 1 week ago

accomplish the foreign policy and national security goals of the US.

hiteshj
6 months, 1 week ago

accomplish the foreign policy and national security goals of the US.

hiteshj
6 months, 1 week ago

Thanks for submitting , your comment will be approved soon by our moderators

6 months ago

Accomplish the foreign policy and national security goals of the US.

ganreddy
6 months ago

OFAC will economic and trade sanctions which are threat for national securtiy for the US

oluwatoyin
5 months, 3 weeks ago

Accomplish the foreign policy and national security goals of the US

aartig7
5 months, 3 weeks ago

accomplish the foreign policy and national security goals of the US.

AravindBharathy
5 months, 3 weeks ago

A. accomplish the foreign policy and national security goals of the US.

5 months, 3 weeks ago

Align OFAC

5 months, 3 weeks ago

Accomplish foreign policy

bbhi
5 months, 2 weeks ago

A. accomplish the foreign policy and national security goals of the US.

ACAMSSS
5 months, 2 weeks ago

A. accomplish the foreign policy and national security goals of the US.

HanzoMo
5 months, 2 weeks ago

A. accomplish the foreign policy and national security goals of the US.

Preetiiii11
5 months, 1 week ago

accomplish the foreign policy and national security goals of the US

Sheila
5 months, 1 week ago

protect allied nations of the US from the economic threats of non-allied nations.

5 months ago

D. align OFAC's and other countries' extraterritorial reach requirements.

Nathaly
5 months ago

A. accomplish the foreign policy and national security goals of the US.

varun_nanda
5 months ago

protect allied nations of the US from the economic threats of non-allied nations.

varun_nanda
5 months ago

protect allied nations of the US from the economic threats of non-allied nations.

varun_nanda
5 months ago

accomplish the foreign policy and national security goals of the US.

4 months, 3 weeks ago

align OFAC's and other countries' extraterritorial reach requirements

Andrea
4 months, 3 weeks ago

A. accomplish the foreign policy and national security goals of the US.

Salkuwari
4 months, 3 weeks ago

accomplish the foreign policy and national security goals of the US.

Herooguy
4 months, 3 weeks ago

C. protect allied nations of the US from the economic threats of non-allied nations.

hero
4 months, 2 weeks ago

accomplish the foreign policy and national security goals of the US.

sharna
4 months, 2 weeks ago

accomplish the foreign policy and national security goals of the US.

Iyke
4 months, 1 week ago

Ok this is it

4 months, 1 week ago

Defend the US

4 months, 1 week ago

defend the US against questionable trade practices of its economic rivals.

4 months, 1 week ago

Thanks for submitting , your comment will be approved soon by our moderators

DommoniqueC
4 months, 1 week ago

A. accomplish the foreign policy and national security goals of the US.

xcheatham
4 months, 1 week ago

A. accomplish the foreign policy and national security goals of the US.

Otabek
4 months, 1 week ago

A.ccomplish the foreign policy and national security goals of the US

Debs
4 months ago

accomplish the foreign policy and national security goals of the US.

Alfadio
4 months ago

A. accomplish the foreign policy and national security goals of the US.

Tukahirwa
4 months ago

accomplish the foreign policy and national security goals of the US.

ummer2218
3 months, 4 weeks ago

A. accomplish the foreign policy and national security goals of the US.

mekoran
3 months, 4 weeks ago

align ofac's and other countries' extraterritorial reach requirements

NicoleP
3 months, 4 weeks ago

A. accomplish the foreign policy and national security goals of the US.

Delanium
3 months, 3 weeks ago

accomplish the foreign policy and national security goals of the US.

nonkeyizana
3 months, 3 weeks ago

A. Accomplish the foreign policy

nonkeyizana
3 months, 3 weeks ago

A. accomplish the foreign policy and national security goals of the US.

lll
3 months, 3 weeks ago

A. accomplish the foreign policy and national security goals of the US.

alo152
3 months, 3 weeks ago

accomplish the foreign policy and national security goals of the US.

vivec7
3 months, 3 weeks ago

A. accomplish the foreign policy and national security goals of the US.

3 months, 3 weeks ago

A. accomplish the foreign policy and national security goals of the US.

vivek_1236
3 months, 2 weeks ago

accomplish the foreign policy and national security goals of the US.

vivec7
3 months, 2 weeks ago

. accomplish the foreign policy and national security goals of the US.

CSP82
3 months, 2 weeks ago

accomplish the foreign policy and national security goals of the US

mj
3 months, 1 week ago

A. accomplish the foreign policy and national security goals of the US.

CURNOX92
3 months, 1 week ago

A. accomplish the foreign policy and national security goals of the US.

NGUIMOUTH
3 months, 1 week ago

accomplish the

Gulnara
3 months, 1 week ago

accomplish the foreign policy and national security goals of the US.

Gulnara
3 months, 1 week ago

accomplish the foreign policy and national security goals of the US.

Gulnara
3 months, 1 week ago

Thanks for submitting , your comment will be approved soon by our moderators

tufenkji
3 months, 1 week ago

A. accomplish the foreign policy and national security goals of the US.

Gulnara
3 months ago

A. accomplish the foreign policy and national security goals of the US.

Gulnara
3 months ago

A. accomplish the foreign policy and national security goals of the US.

orgertaabazi
3 months ago

accomplish the foreign policy and national security goals of the US.

smtcntrk
3 months ago

A. accomplish the foreign policy and national security goals of the US.

smtcntrk
3 months ago

A. accomplish the foreign policy and national security goals of the US.

2 months, 4 weeks ago

a. accomplish the foreign policy and national security goals of the US

yennguyen
2 months, 3 weeks ago

A. accomplish the foreign policy and national security goals of the US.

Kiranprasad
2 months, 2 weeks ago

accomplish the foreign policy and national security goals of the US.

Kiranprasad
2 months, 2 weeks ago

accomplish the foreign policy and national security goals of the US.

ANkur
2 months, 1 week ago

accomplish the foreign policy and national security goals of the US.

Xiaoyi
2 months ago

A. accomplish the foreign policy and national security goals of the US.

Peenya
2 months ago

accomplish the foreign policy and national security goals of the US

Vinaygajula
2 months ago

accomplish the foreign policy and national security goals of the US.

sulekhasingh
2 months ago

accomplish the foreign policy and national security goals of the US.

ummer2218
1 month, 4 weeks ago

D. align OFAC's and other countries' extraterritorial reach requirements.

1 month, 3 weeks ago

accomplish the foreign policy and national security goals of the US.

1 month, 3 weeks ago

Thanks for submitting , your comment will be approved soon by our moderators

Ingrid
1 month, 2 weeks ago

This is the

1 month, 2 weeks ago

protect allied nations of the US from the economic threats of non-allied nations.

faheemqureshi39
1 month, 1 week ago


accomplish the foreign policy and national security goals of the US

dion_loef
1 month, 1 week ago

A. accomplish the foreign policy and national security goals of the US.

1 month ago

align OFAC's and other countries' extraterritorial reach requirements.

1 month ago

accomplish the foreign policy and national security goals of the US.

M.aburabee
3 weeks, 2 days ago

تحقيق أهداف السياسة الخارجية والأمن القومي للولايات المتحدة.

M.aburabee
3 weeks, 2 days ago

تحقيق أهداف السياسة الخارجية والأمن القومي للولايات المتحدة.

Vidya
1 week, 6 days ago

The US Government has an obligation

lobs
1 week, 5 days ago

cumplir con los objetivos de política exterior

1 day, 7 hours ago

okokokokokokok


Question 2

The bank's Compliance Officer is tasked with designing standards based on Basel's KYC principles.
Which essential elements should be included in the program? (Choose two.)

  • A. Appointing an independent audit function
  • B. Conducting a money laundering risk assessment
  • C. Documenting a customer acceptance policy
  • D. Establishing on-going monitoring of high-risk accounts
  • E. Reporting suspicious activity
Mark Question:
Answer:

C, E

User Votes:
A 27 votes
50%
B 78 votes
50%
C 113 votes
50%
D 83 votes
50%
E 61 votes
50%

Explanation:
Reference:
https://www.bis.org/publ/bcbs77.pdf

Discussions
vote your answer:
A
B
C
D
E
0 / 1000
amarillys
9 months, 3 weeks ago

the correct answer id C and D

[email protected] (replied to amarillys)
9 months ago

Yes! I had the same response too, but it says here the correct answer is C & E !

singrajv
9 months ago

C. Documenting a customer acceptance policy
E. Reporting suspicious activity

8 months, 4 weeks ago

Documenting a customer acceptance policy and establishing on-going monitoring of high-risk accounts.

8 months, 4 weeks ago

The correct answer is C and D.

arkonis
8 months, 3 weeks ago

It absolutely is C and D

7 months, 1 week ago

A. Appointing an independent audit function

7 months, 1 week ago

C. Documenting a customer acceptance policy
D. Establishing on-going monitoring of high-risk accounts

Kleopapp
7 months ago

C. Documenting a customer acceptance policy
D. Establishing on-going monitoring of high-risk accounts

alinemaidla
7 months ago

B. Conducting a money laundering risk assessment
E. Reporting suspicious activity

AnaA.
7 months ago

B. Conducting a money laundering risk assessment
D. Establishing on-going monitoring of high-risk accounts

AnaA.
7 months ago

B. Réaliser une évaluation des risques de blanchiment de capitaux.
D. Établir une surveillance continue des comptes à haut risque.

AnaA.
6 months, 4 weeks ago

D. D. Réalisation d’une évaluation des risques de blanchiment d’argent
D. Mise en place d’une surveillance continue des comptes à haut risque

AnaA.
6 months, 4 weeks ago

B. Réaliser une évaluation des risques de blanchiment de capitaux
C. Documenter une politique d'acceptation du client

6 months, 3 weeks ago

C. Documenting a customer acceptance policy
D. Establishing on-going monitoring of high-risk accounts

6 months, 3 weeks ago

It will be both C and D.

6 months, 2 weeks ago

C. Documenting a customer acceptance policy
D. Establishing on-going monitoring of high-risk accounts

FinPro_Audit
6 months, 2 weeks ago

The correct answers C, E

6 months ago

The most correct answer is C, E.

AravindBharathy
5 months, 3 weeks ago

Documenting a customer acceptance policy

richap
5 months, 2 weeks ago

C. Documenting a customer acceptance policy

Sheila
5 months, 1 week ago

,Establishing on-going monitoring of high-risk accounts, Conducting a money laundering risk assessment

Nathaly
5 months ago

C. Documenting a customer acceptance policy
D. Establishing on-going monitoring of high-risk accounts

5 months ago

I would have thought D would be applicable also.

varun_nanda
5 months ago

Conducting a money laundering risk assessment
Documenting a customer acceptance policy

Salkuwari
4 months, 3 weeks ago

Documenting a customer acceptance policy
D. Establishing on-going monitoring of high-risk accounts

sharna
4 months, 2 weeks ago

C. Documenting a customer acceptance policy
D. Establishing on-going monitoring of high-risk accounts

4 months, 1 week ago

Establishing ongoing monitoring

4 months, 1 week ago

Establishing on-going monitoring of high-risk accounts

4 months, 1 week ago

Conducting a money laundering risk assessment

4 months, 1 week ago

Thanks for submitting , your comment will be approved soon by our moderators

Iyke
4 months, 1 week ago

Its just okay

Tukahirwa
4 months ago

Conducting a money laundering risk assessment and Reporting suspicious activity

lll
3 months, 3 weeks ago

Conducting a money laundering risk assessment
E. Reporting suspicious activity

CSP82
3 months, 2 weeks ago

Reporting suspicious activity Conducting a money laundering risk assessment

orgertaabazi
3 months ago

Documenting a customer acceptance policy and Reporting suspicious activity

2 months, 4 weeks ago

. Documenting a customer acceptance policy
D. Establishing on-going monitoring of high-risk accounts

Xiaoyi
2 months ago

4 Key elements: customer identification, risk management, customer acceptance policy and ongoing monitoring. So C&D.

Vinaygajula
2 months ago

accomplish the foreign policy and national security goals of the US.

sulekhasingh
2 months ago

Conducting a money laundering risk assessment
C. Documenting a customer acceptance policy
D. Establishing on-going monitoring of high-risk accounts

1 month, 2 weeks ago

10 CHARACTERS OR MORE

dion_loef
1 month, 1 week ago

C. Documenting a customer acceptance policy
D. Establishing on-going monitoring of high-risk accounts

3 weeks, 5 days ago

C. Documenting a customer acceptance policy
D. Establishing on-going monitoring of high-risk accounts


Question 3

A SAR/STR should be filed when the accountable institution identifies that:

  • A. a customer makes a cash deposit in round dollars.
  • B. cash transactions have values which avoid reporting thresholds.
  • C. an alert is generated by a transaction monitoring system.
  • D. an employee is not clearing alerts in a timely manner.
Mark Question:
Answer:

C

User Votes:
A 15 votes
50%
B 104 votes
50%
C 58 votes
50%
D 2 votes
50%

Explanation:
Reference:
https://www.fdic.gov/regulations/examinations/supervisory/insights/siwin07/article03_connecting.
html

Discussions
vote your answer:
A
B
C
D
0 / 1000
8 months, 4 weeks ago

The answer is B and C.

arkonis
8 months, 3 weeks ago

B implies that there are multiple transactions avoiding the threshold which would be a reason to file a STR

7 months, 1 week ago

C. an alert is generated by a transaction monitoring system.

7 months, 1 week ago

B. cash transactions have values which avoid reporting thresholds.

7 months ago

B.
B. cash transactions have values which avoid reporting thresholds.

Kleopapp
7 months ago

B. cash transactions have values which avoid reporting thresholds.

alinemaidla
7 months ago

cash transactions have values which avoid reporting thresholds & an alert is generated by a transaction monitoring system.

AnaA.
7 months ago

B. cash transactions have values which avoid reporting thresholds.

AnaA.
7 months ago

B. les transactions en espèces ont des valeurs qui évitent les seuils de déclaration.

AnaA.
6 months, 4 weeks ago

D. D. Les transactions en espèces ont des valeurs qui évitent les seuils de déclaration.

AnaA.
6 months, 4 weeks ago

C. une alerte est générée par un système de surveillance des transactions.

6 months, 3 weeks ago

B. cash transactions have values which avoid reporting thresholds

6 months, 3 weeks ago

Thanks for submitting , your comment will be approved soon by our moderators

6 months, 3 weeks ago

B implies the activity related to Structuring which would be a reason to file a STR

6 months, 3 weeks ago

cash transactions have values which avoid reporting thresholds.

6 months, 2 weeks ago

B. cash transactions have values which avoid reporting thresholds

6 months, 2 weeks ago

B. cash transactions have values which avoid reporting thresholds.

6 months ago

The expected answer is C. However B is also true since the answer, as it is written, implies intent and a textbook example of surfing.

AravindBharathy
5 months, 3 weeks ago

B. cash transactions have values which avoid reporting thresholds.

Sheila
5 months, 1 week ago

The answer is B

Sheila
5 months, 1 week ago

The answer is C

5 months ago

C. an alert is generated by a transaction monitoring system.

Nathaly
5 months ago

B. cash transactions have values which avoid reporting thresholds.
C. an alert is generated by a transaction monitoring system.

5 months ago

B and maybe C.

5 months ago

Thanks for submitting , your comment will be approved soon by our moderators

varun_nanda
5 months ago

cash transactions have values which avoid reporting thresholds.

Ramzi
5 months ago

B. cash transactions have values which avoid reporting thresholds.

Ramzi
5 months ago

B. cash transactions have values which avoid reporting thresholds.

elyserrano
4 months, 4 weeks ago

A Suspicious Transaction Report (STR) is a document that financial institutions must file with their Financial Intelligence Unit (FIU) whenever there is a suspected case of money laundering or fraud.

YZ1301
4 months, 2 weeks ago

Transaction Monitoring system are designed with Algorithms at Back end. TMS some time generate alerts which are not suspicious. If TMS is s accurate then no need of AML specialist.

4 months, 1 week ago

an alert is generated by a transaction monitoring system.

4 months, 1 week ago

an alert is generated by a transaction monitoring system.

Tukahirwa
4 months ago

B. cash transactions have values which avoid reporting thresholds.

orgertaabazi
3 months ago

C. an alert is generated by a transaction monitoring system.

orgertaabazi
3 months ago

C. an alert is generated by a transaction monitoring system

2 months, 4 weeks ago

c an alert is generated by a transaction monitoring system.

sulekhasingh
2 months ago

an alert is generated by a transaction monitoring system.

1 month, 2 weeks ago

Should be B

dion_loef
1 month, 1 week ago

B. cash transactions have values which avoid reporting thresholds.

1 month ago

cash transactions have values which avoid reporting thresholds.

3 weeks, 5 days ago

C. an alert is generated by a transaction monitoring system.

Khizer
2 weeks, 3 days ago

an alert is generated by a transaction monitoring system.


Question 4

An analyst reviewing trade finance transactions notices an increase in price of 25% over 12 months
for commodities with the same specification and quantity. Which action should the analyst take?

  • A. Produce an investigation report that finds evidence to substantiate the analyst's suspicion and submit a SAR/STR.
  • B. Produce an investigation report that considers client activity and factors that may have legitimately affected transaction cost.
  • C. Produce an updated due diligence record for the client so that monitoring can be enhanced.
  • D. Produce a SAR/STR that describes apparent trade-based money laundering and submit to the Financial Investigation Unit (FIU).
Mark Question:
Answer:

B

User Votes:
A 26 votes
50%
B 54 votes
50%
C 17 votes
50%
D 19 votes
50%

Discussions
vote your answer:
A
B
C
D
0 / 1000
8 months, 4 weeks ago

Product a SAR/STR that describes apparent trade-based money laundering and submit to the FIU.

7 months, 1 week ago

C. Produce an updated due diligence record for the client so that monitoring can be enhanced.

7 months, 1 week ago

C.Produce an updated due diligence record for the client so that monitoring can be enhanced.

7 months ago

D. Produce a SAR/STR that describes apparent trade-based money laundering and submit to the Financial Investigation Unit (FIU).

AnaA.
7 months ago

B. Produce an investigation report that considers client activity and factors that may have legitimately affected transaction cost.

AnaA.
7 months ago

B. Produire un rapport d'enquête qui prend en compte l'activité du client et les facteurs qui peuvent avoir légitimement affecté le coût de transaction.

AnaA.
6 months, 4 weeks ago

D. D. Produire un rapport d’enquête qui tient compte de l’activité du client et des facteurs qui peuvent avoir légitimement eu une incidence sur le coût de la transaction.

AnaA.
6 months, 4 weeks ago

B. Produire un rapport d'enquête qui prend en compte l'activité du client et les facteurs qui peuvent avoir légitimement affecté le coût de transaction.

6 months, 3 weeks ago

Produce an updated due diligence record for the client so that monitoring can be enhanced.

6 months, 2 weeks ago

C. Produce an updated due diligence record for the client so that monitoring can be enhanced.

6 months ago

Activity is not inherently suspicious but requires scrutiny, the answer is B.

AravindBharathy
5 months, 3 weeks ago

B. Produce an investigation report that considers client activity and factors that may have legitimately affected transaction cost.

Sheila
5 months, 1 week ago

The answer is B

5 months ago

B and C. C because it would notify tellers at the branch.

4 months, 1 week ago

Produce an investigation report that considers client activity and factors that may have legitimately affected transaction cost.

4 months, 1 week ago

Produce an updated due diligence record for the client so that monitoring can be enhanced.

orgertaabazi
3 months ago

B. Produce an investigation report that considers client activity and factors that may have legitimately affected transaction cost.

sulekhasingh
2 months ago

Produce a SAR/STR that describes apparent trade-based money laundering and submit to the Financial Investigation Unit (FIU).

dion_loef
1 month, 1 week ago

B. Produce an investigation report that considers client activity and factors that may have legitimately affected transaction cost.


Question 5

Which key factor would result in the decision for a financial institution (FI) to exit a client
relationship?

  • A. After assessing all risk factors the level of residual client risk exceeds the FI's risk appetite.
  • B. The client is a registered charity known to remit funds to high risk geographies where there is limited due diligence information available.
  • C. Closing the client accounts will help reduce the number of transaction monitoring alerts.
  • D. Client transactions generate ongoing transaction monitoring alerts that did not result in any SAR/STR filings.
Mark Question:
Answer:

A

User Votes:
A 80 votes
50%
B 23 votes
50%
C 2 votes
50%
D 2 votes
50%

Discussions
vote your answer:
A
B
C
D
0 / 1000
8 months, 4 weeks ago

After assessing all risk factors the level of residual client risk exceeds the FI's risk appetite.

7 months, 1 week ago

B. The client is a registered charity known to remit funds to high risk geographies where there is limited due diligence information available

7 months, 1 week ago

A. After assessing all risk factors the level of residual client risk exceeds the FI's risk appetite.

7 months ago

A. After assessing all risk factors the level of residual client risk exceeds the FI's risk appetite.

AnaA.
7 months ago

B. Le client est un organisme de bienfaisance enregistré connu pour envoyer des fonds vers des zones géographiques à haut risque où les informations disponibles en matière de diligence raisonnable sont limitées.

AnaA.
6 months, 4 weeks ago

Un. Après avoir évalué tous les facteurs de risque, le niveau de risque résiduel du client dépasse l’appétit pour le risque de l’institution financière.

AnaA.
6 months, 4 weeks ago

A. Après avoir évalué tous les facteurs de risque, le niveau de risque résiduel du client dépasse l'appétit pour le risque de l'IF.

6 months, 3 weeks ago

After assessing all risk factors the level of residual client risk exceeds the FI's risk appetite.

6 months, 2 weeks ago

After assessing all risk factors the level of residual client risk exceeds the FI's risk appetite.

6 months ago

Answer is, A. If the risk factors exceed the appetite, also known as an exposure calculation.

Sheila
5 months, 1 week ago

After assessing all risk factors the level of residual client risk exceeds the FI's risk appetite.

5 months ago

I would also look closely at B and add notes to the account for enhanced scrutiny of the account.

4 months, 1 week ago

The client is a registered charity known to remit funds to high risk geographies where there is limited due diligence information available.

4 months, 1 week ago

After assessing all risk factors the level of residual client risk exceeds the FI's risk appetite.

CSP82
3 months, 2 weeks ago

After assessing all risk factors the level of residual client risk exceeds the FI's risk appetite.

sulekhasingh
2 months ago

After assessing all risk factors the level of residual client risk exceeds the FI's risk appetite

dion_loef
1 month, 1 week ago

A. After assessing all risk factors the level of residual client risk exceeds the FI's risk appetite

3 weeks, 5 days ago

A. After assessing all risk factors the level of residual client risk exceeds the FI's risk appetite.

3 weeks, 5 days ago

A. After assessing all risk factors the level of residual client risk exceeds the FI's risk appetite.


Question 6

Financial institutions (FIs) perform AML risk assessments to ensure:

  • A. a record for regulators indicating an AML risk assessment was completed at least once.
  • B. internal audit assurance that all AML-related policy and procedures are board approved.
  • C. satisfaction of the board of directors' approved risk appetite.
  • D. proper controls surrounding higher-risk products, services, customers, and geographic locations.
Mark Question:
Answer:

D

User Votes:
A 8 votes
50%
B 3 votes
50%
C 4 votes
50%
D 80 votes
50%

Explanation:
Reference:
https://www.wolfsberg-
principles.com/sites/default/files/wb/pdfs/faqs/17.%20Wolfsberg-Risk-Assessment-FAQs-2015.pdf

Discussions
vote your answer:
A
B
C
D
0 / 1000
8 months, 4 weeks ago

proper controls surrounding higher-risk products, services, customers, and geographic locations.

7 months, 1 week ago

B. The client is a registered charity known to remit funds to high risk geographies where there is limited due diligence information available

7 months, 1 week ago

D. proper controls surrounding higher-risk products, services, customers, and geographic locations.

7 months ago

D. proper controls surrounding higher-risk products, services, customers, and geographic locations.

AnaA.
7 months ago

D. des contrôles appropriés concernant les produits, services, clients et emplacements géographiques à plus haut risque.

AnaA.
6 months, 4 weeks ago

D. des contrôles appropriés concernant les produits, les services, les clients et les emplacements géographiques à haut risque.

AnaA.
6 months, 4 weeks ago

D. des contrôles appropriés concernant les produits, services, clients et emplacements géographiques à plus haut risque.

6 months, 3 weeks ago

proper controls surrounding higher-risk products, services, customers, and geographic locations

6 months, 2 weeks ago

D.proper controls surrounding higher-risk products, services, customers, and geographic locations.

6 months ago

D. Proper controls are in place based on RBA.

Sheila
5 months, 1 week ago

proper controls surrounding higher-risk products, services, customers, and geographic locations.

5 months ago

D. proper controls surrounding higher-risk products, services, customers, and geographic locations.

5 months ago

. proper controls surrounding higher-risk products, services, customers, and geographic locations.

4 months, 1 week ago

proper controls surrounding higher-risk products, services, customers, and geographic locations.

4 months, 1 week ago

internal audit assurance that all AML-related policy and procedures are board approved.

4 months, 1 week ago

internal audit assurance that all AML-related policy and procedures are board approved.

sulekhasingh
2 months ago

proper controls surrounding higher-risk products, services, customers, and geographic locations.

dion_loef
1 month, 1 week ago

D. proper controls surrounding higher-risk products, services, customers, and geographic locations.

3 weeks, 5 days ago

D. proper controls surrounding higher-risk products, services, customers, and geographic locations.


Question 7

What national agency is responsible for analyzing and assessing the information it receives to
substantiate possible existence of money laundering or terrorist financing activities?

  • A. The Financial Intelligence Unit (FIU)
  • B. FATF
  • C. The Basel Committee
  • D. The Wolfsberg Group
Mark Question:
Answer:

B

User Votes:
A 70 votes
50%
B 22 votes
50%
C 2 votes
50%
D 2 votes
50%

Explanation:
Reference:
https://www.fatf-
gafi.org/media/fatf/content/images/National_ML_TF_Risk_Assessment.pdf

Discussions
vote your answer:
A
B
C
D
0 / 1000
SigappiGandhi
9 months, 1 week ago

FIU is a national agency receive and analyze the data

9 months ago

FATF is a national agency??

6 months ago

No. It's not. Ita a multi government agency based in France.

9 months ago

The correct answer is A! this mock exams is so misleading!

8 months, 4 weeks ago

The Financial Intelligence Unit (FIU)

7 months, 1 week ago

A. The Financial Intelligence Unit (FIU)

7 months ago

A. The Financial Intelligence Unit (FIU)

AnaA.
7 months ago

A. La Cellule de Renseignement Financier (CRF)

AnaA.
6 months, 4 weeks ago

Un. La Cellule de renseignement financier (CRF)

AnaA.
6 months, 4 weeks ago

B. GAFI...

6 months, 3 weeks ago

A. The Financial Intelligence Unit (FIU)

6 months, 2 weeks ago

The Financial Intelligence Unit (FIU)

6 months ago

The answer is A, the FIU such as FinCEN (US), FinTRAC (CA), or AUSTRAC (AU).

Sheila
5 months, 1 week ago

The Financial Intelligence Unit (FIU)

5 months ago

. The Financial Intelligence Unit (FIU)

4 months, 1 week ago

The The Financial Intelligence Unit (FIU) (FIU)

4 months, 1 week ago

The Financial Intelligence Unit (FIU)

sulekhasingh
2 months ago

The Financial Intelligence Unit (FIU)

dion_loef
1 month, 1 week ago

A. The Financial Intelligence Unit (FIU)


Question 8

When performing a risk assessment, which factors should be considered when identifying and
measuring risk? (Choose two.)

  • A. Customer composition
  • B. Financial performance
  • C. Product offerings
  • D. Regulatory environment
  • E. Company culture
Mark Question:
Answer:

A, D

User Votes:
A 56 votes
50%
B 17 votes
50%
C 49 votes
50%
D 34 votes
50%
E 5 votes
50%

Discussions
vote your answer:
A
B
C
D
E
0 / 1000
Reena
9 months, 1 week ago

A C

8 months, 4 weeks ago

Customer composition and Product offerings

7 months, 1 week ago

A. Customer composition
C. Product offerings

AnaA.
7 months ago

B. Performance financière
D. Environnement réglementaire

AnaA.
6 months, 4 weeks ago

C. Offres de produits
D. Environnement réglementaire

6 months, 2 weeks ago

A. Customer composition
C. Product offerings

Sheila
5 months, 1 week ago

Customer composition and Product offerings

5 months ago

Why C? I don't understand why product offerings would come into play.

4 months, 1 week ago

Customer composition

4 months, 1 week ago

Regulatory environment

sulekhasingh
2 months ago

Product offerings, Customer composition

dion_loef
1 month, 1 week ago

A. Customer composition
C. Product offerings

1 week, 4 days ago

Customer composition,Product offerings


Question 9

Which are common types of economic sanctions? (Choose three.)

  • A. Targeted sanctions
  • B. Technological sanctions
  • C. SWIFT network sanctions
  • D. Sectoral sanctions
  • E. Supervisory sanctions
  • F. Comprehensive sanction
Mark Question:
Answer:

A, C, F

User Votes:
A 64 votes
50%
B 8 votes
50%
C 24 votes
50%
D 50 votes
50%
E 16 votes
50%
F 44 votes
50%

Explanation:
Reference:
https://www.cfr.org/backgrounder/what-are-economic-sanctions

Discussions
vote your answer:
A
B
C
D
E
F
0 / 1000
8 months, 4 weeks ago

Targeted sanctions, sectoral sanctions, SWIFT network sanctions.

7 months, 1 week ago

D. Sectoral sanctions
E. Supervisory sanctions
F. Comprehensive sanction

7 months ago

A, and D, and F

alinemaidla
7 months ago

A, C, D answers

AnaA.
7 months ago

D. Sanctions sectorielles

AnaA.
6 months, 4 weeks ago

Un. Sanctions ciblées
C. Sanctions contre le réseau SWIFT
F. Sanction globale

6 months, 2 weeks ago

A. Targeted sanctions
B. Technological sanctions
D. Sectoral sanctions

Sheila
5 months, 1 week ago

The answer is A C and F

4 months, 1 week ago

Comprehensive sanction

ananthb_1976
3 months, 1 week ago

It is A, D and F

sulekhasingh
2 months ago

Targeted sanctions Sectoral sanction Comprehensive sanction

dion_loef
1 month, 1 week ago

A. Targeted sanctions
D. Sectoral sanctions
F. Comprehensive sanction


Question 10

Which private banking situation requires due diligence actions to be implemented according to the
AML principles of the Wolfsberg group?

  • A. A local wealthy individual wants to become a customer of a local retail bank.
  • B. A beneficial owner of an exchange house wants to open an account with the bank.
  • C. A wealthy individual from a high-risk country wants to open an account with a private bank.
  • D. A new customer asks to set up an exchange house using the bank as the correspondent.
Mark Question:
Answer:

C

User Votes:
A 1 votes
50%
B 6 votes
50%
C 46 votes
50%
D 18 votes
50%

Discussions
vote your answer:
A
B
C
D
0 / 1000
8 months, 4 weeks ago

A wealthy individual from a high-risk country wants to open an account with a private bank.

7 months, 1 week ago

C. A wealthy individual from a high-risk country wants to open an account with a private bank.

7 months ago

C is my answer

AnaA.
7 months ago

B. Un bénéficiaire effectif d’une maison de change souhaite ouvrir un compte auprès de la banque.
C. Un riche particulier originaire d’un pays à haut risque souhaite ouvrir un compte auprès d’une banque privée.
D. Un nouveau client demande à créer un bureau de change en utilisant la banque comme correspondant.

6 months, 2 weeks ago

C. A wealthy individual from a high-risk country wants to open an account with a private bank.

Sheila
5 months, 1 week ago

A wealthy individual from a high-risk country wants to open an account with a private bank.

4 months, 1 week ago

wealthy individual from a high-risk country wants to open an account with a private bank.

4 months, 1 week ago

Thanks for submitting , your comment will be approved soon by our moderators

4 months, 1 week ago

Thanks for submitting , your comment will be approved soon by our moderators

4 months, 1 week ago

wealthy individual from a high-risk country wants to open an account with a private bank.

dion_loef
1 month, 1 week ago

C. A wealthy individual from a high-risk country wants to open an account with a private bank.


Question 11

Which assessments are involved in the processes of mutual evaluation and follow-up by the FATF?

  • A. Risk assessments and technical standards assessments
  • B. Technical compliance assessments and effectiveness assessment
  • C. Sanction risk assessments and the country's National Risk Assessment
  • D. Country audit assessments and transaction monitoring assessments
Mark Question:
Answer:

B

User Votes:
A 10 votes
50%
B 35 votes
50%
C 14 votes
50%
D 6 votes
50%

Explanation:
Reference:
https://www.fatf-gafi.org/publications/mutualevaluations/more/more-about-mutual-evaluations.html?hf=10&b=0&s=desc(fatf_releasedate)

Discussions
vote your answer:
A
B
C
D
0 / 1000
8 months, 4 weeks ago

Technical compliance assessments and effectiveness assessment

7 months, 1 week ago

B. Technical compliance assessments and effectiveness assessment

7 months ago

C is my answer

AnaA.
7 months ago

C. Évaluations des risques de sanctions et évaluation nationale des risques du pays

6 months, 2 weeks ago

C. Sanction risk assessments and the country's National Risk Assessment

ananthb_1976
3 months, 1 week ago

Mutual Evaluation is having 2 components and they are assessed based on Technical Compliance Assessments and Effectiveness Assessments. Hence the answer is B

dion_loef
1 month, 1 week ago

B. Technical compliance assessments and effectiveness assessment


Question 12

According to the Basel Committee on Banking Supervision, banks should deal with high-risk
customers by:

  • A. maintaining segregated records to enable easy inspection by law enforcement in case of a subpoena.
  • B. assigning those customers to specified private bankers for better monitoring of their offshore transactions.
  • C. performing enhanced due diligence including enhanced ongoing monitoring of the account activity.
  • D. seeking approval from the board of directors before establishing the relationship.
Mark Question:
Answer:

C

User Votes:
A 1 votes
50%
B 1 votes
50%
C 54 votes
50%
D 4 votes
50%

Explanation:
Reference:
https://www.bis.org/bcbs/basel3.htm

Discussions
vote your answer:
A
B
C
D
0 / 1000
8 months, 4 weeks ago

performing enhanced due diligence including enhanced ongoing monitoring of the account activity.

7 months, 1 week ago

C. performing enhanced due diligence including enhanced ongoing monitoring of the account activity.

7 months ago

C is my answer

AnaA.
7 months ago

C. effectuer une diligence raisonnable renforcée, y compris une surveillance continue renforcée de l'activité du compte.

6 months, 2 weeks ago

C. performing enhanced due diligence including enhanced ongoing monitoring of the account activity.

ananthb_1976
3 months, 1 week ago

My Answer is C only. Because High Risk Customers need EDD and we need to monitor their account activity

dion_loef
1 month, 1 week ago

C. performing enhanced due diligence including enhanced ongoing monitoring of the account activity.


Question 13

Which situations would require a financial institution (FI) to update its ML/TF risk assessment?
(Choose two.)

  • A. When new products, services or customer types are introduced
  • B. When new board members are elected
  • C. When the AML compliance team hires new employees
  • D. When the institution faces a merger or acquisition
  • E. When opening a sales point in a new location in the same city
Mark Question:
Answer:

D, E

User Votes:
A 50 votes
50%
B 5 votes
50%
C 6 votes
50%
D 51 votes
50%
E 10 votes
50%

Explanation:
Reference:
https://www.fatf-
gafi.org/media/fatf/content/images/National_ML_TF_Risk_Assessment.pdf

Discussions
vote your answer:
A
B
C
D
E
0 / 1000
8 months, 4 weeks ago

When new products, services or customer types are introduced, and when the institution faces a merger or acquisition

7 months, 1 week ago

A. When new products, services or customer types are introduced
D. When the institution faces a merger or acquisition

7 months ago

A and D are my answers

AnaA.
7 months ago

A. Lorsque de nouveaux produits, services ou types de clients sont introduits

AnaA.
7 months ago

A. Lorsque de nouveaux produits, services ou types de clients sont introduits.
D. Lorsque l'établissement est confronté à une fusion ou une acquisition.

6 months, 2 weeks ago

A and D are my answers

ananthb_1976
3 months, 1 week ago

Answer is A & D

dion_loef
1 month, 1 week ago

A. When new products, services or customer types are introduced
D. When the institution faces a merger or acquisition


Question 14

Based on studies executed by the Organization for Economic Cooperation and Development (OECD),
which occupations are particularly vulnerable to the use of false identities and identity theft?

  • A. Government officers
  • B. Sea port officers
  • C. Lawyers
  • D. Laborers
Mark Question:
Answer:

A

User Votes:
A 22 votes
50%
B 7 votes
50%
C 23 votes
50%
D 12 votes
50%

Discussions
vote your answer:
A
B
C
D
0 / 1000
8 months, 4 weeks ago

Government officers

7 months, 1 week ago

D. Laborers

7 months ago

D is my answer

AnaA.
7 months ago

D. Ouvriers

6 months, 1 week ago

C. Lawyers

dion_loef
1 month, 1 week ago

A. Government officers


Question 15

Which methods are typically used to launder money using insurance companies? (Choose two.)

  • A. The policy holder overpays the policy and moves the funds out of the policy despite paying early withdrawal penalties.
  • B. The policy holder enters a sibling as a beneficiary of the insurance policy rather than themselves.
  • C. The policy holder purchases a bond and redeems it at a discount prior to its full term.
  • D. The policy holder uses an offshore company to pay the insurance installments.
  • E. The policy holder is strongly interested in how many costs are incurred when taking out an insurance policy.
Mark Question:
Answer:

A, D

User Votes:
A 54 votes
50%
B 5 votes
50%
C 32 votes
50%
D 27 votes
50%
E 8 votes
50%

Discussions
vote your answer:
A
B
C
D
E
0 / 1000
8 months, 4 weeks ago

The policy holder purchases a bond and redeems it at a discount prior to its full term. The policy holder overpays the policy and moves the funds out of the policy despite paying early withdrawal penalties.

7 months, 1 week ago

A. The policy holder overpays the policy and moves the funds out of the policy despite paying early withdrawal penalties.
D. The policy holder uses an offshore company to pay the insurance installments.

7 months ago

D is my answer

AnaA.
7 months ago

A. Le preneur d’assurance paye en trop la police et retire les fonds de la police malgré le paiement de pénalités de retrait anticipé.
C. Le preneur d'assurance achète une obligation et la rachète à rabais avant son échéance complète.

ananthb_1976
3 months, 1 week ago

It is A & D

dion_loef
1 month, 1 week ago

A. The policy holder overpays the policy and moves the funds out of the policy despite paying early withdrawal penalties.
C. The policy holder purchases a bond and redeems it at a discount prior to its full term.

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