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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q477-Q482):

NEW QUESTION # 477
What is one of the indicia of a Black Market Peso Exchange?

A. A transfer of U.S. dollars to Central or South America to be converted into pesos
B. A large deposit of pesos converted into U.S. dollars
C. An illegal entity that exchanges pesos for U.S. dollar for illegal immigrants
D. A wire transfer from a third party not connected with a transaction

Answer: A

NEW QUESTION # 478
What core objective does the Egmont Group suggest would lead to an effective national Financial Intelligence Unit (FIU)?

A. The FIU must be able to promote the value of the government's commitment to embed a corruption free society within the country.
B. The FIU meets the Egmont Group assessment criteria.
C. The FIU must have absolute trust amongst national and international stakeholders before sensitive information will be exchanged with confidence.
D. The FIU must operate from physically separated premises from other law enforcement agencies and government offices.

Answer: C

Explanation:
According to the Anti-Money Laundering Specialist (the 6th edition) resources, the Egmont Group is an international network of FIUs that facilitates and prompts the exchange of information, knowledge, and cooperation among its members to combat money laundering, terrorist financing, and associated predicate offences1. The Egmont Group suggests that one of the core objectives that would lead to an effective national FIU is to have absolute trust amongst national and international stakeholders before sensitive information will be exchanged with confidence2. This means that the FIU should establish and maintain a high level of credibility, professionalism, and integrity in its operations, and ensure that the information it receives and disseminates is protected and used appropriately. The FIU should also comply with the Egmont Group's principles and standards for information exchange, and foster a culture of mutual trust and cooperation with other FIUs and relevant authorities3.
The other three options are incorrect because:
The FIU must operate from physically separated premises from other law enforcement agencies and government offices is not a core objective that the Egmont Group suggests for an effective national FIU.
While the FIU should have operational independence and autonomy, and be free from undue influence or interference, it does not necessarily have to be physically separated from other agencies or offices. The FIU may be located within the judicial, law enforcement, administrative, or hybrid model, depending on the country's legal and institutional framework4.
The FIU meets the Egmont Group assessment criteria is not a core objective that the Egmont Group suggests for an effective national FIU. While meeting the Egmont Group assessment criteria is a requirement for becoming and remaining a member of the Egmont Group, it is not an objective in itself. The assessment criteria are based on the FATF recommendations and the Egmont Group's own documents, and they serve as a benchmark for evaluating the FIU's compliance and effectiveness5.
The FIU must be able to promote the value of the government's commitment to embed a corruption free society within the country is not a core objective that the Egmont Group suggests for an effective national FIU. While the FIU may contribute to the prevention and detection of corruption, as well as the recovery of illicit assets, by analyzing and sharing financial intelligence, it is not the sole or primary responsibility of the FIU to promote the value of the government's commitment to embed a corruption free society within the country. This is a broader and more complex goal that involves multiple actors and factors, such as political will, legal framework, institutional capacity, civil society, media, and international cooperation.
References:
1: ACAMS, CAMS Study Guide, 6th Edition, Chapter 3, p. 64 2: Egmont Group, Egmont Group of Financial Intelligence Units Principles for Information Exchange Between Financial Intelligence Units, June 2013, 3, p. 2 3: Egmont Group, Egmont Group of Financial Intelligence Units Principles for Information Exchange Between Financial Intelligence Units, June 2013, 3, p. 3-4 4: ACAMS, CAMS Study Guide, 6th Edition, Chapter 3, p. 67 5: Egmont Group, Egmont Group of Financial Intelligence Units Support and Compliance Process, June 2013, [6], p. 3-4 : ACAMS, CAMS Study Guide, 6th Edition, Chapter 4, p. 91-92 Reference: https://www.elibrary.imf.org/view/books/069/02365-9781589063495-en/ap01.xml

NEW QUESTION # 479
Under the USA PATRIOT Act, in which scenario would the US not have jurisdiction?

A. US bank subsidiaries located in foreign jurisdictions
B. Shell banks operating in foreign jurisdictions
C. Foreign bank with a US correspondent account
D. Foreign branch of a bank located in the US

Answer: B

NEW QUESTION # 480
Which is a key aspect in the FATF Recommendations that best describes the essential foundation for allocating resources in AML/CFT regimes for countries and financial institutions (FIs)?

A. Applying a risk-based approach
B. Enforcing mutual legal assistance
C. Performing country peer-to-peer evaluations
D. Implementing targeted financial sanctions

Answer: A

Explanation:
The risk-based approach (RBA) is an essential foundation of the FATF Recommendations, as it allows countries, competent authorities and financial institutions to adopt a more flexible set of measures to target their resources more effectively and apply preventive measures that are commensurate to the nature of risks, in order to focus their efforts in the most effective way. The RBA is not optional, but a prerequisite for the effective implementation of the FATF Standards. The RBA requires the identification, assessment and understanding of the ML/TF risks to which the countries and FIs are exposed, and the implementation of AML
/CFT measures that are proportionate and tailored to those risks. The RBA is not a "zero failure" approach, but a way to mitigate the risks in the most efficient and effective manner.
References:
* FATF Recommendations, Introduction, page 11
* FATF Guidance on the Risk-Based Approach to Combating Money Laundering and Terrorist Financing
- High Level Principles and Procedures, page 3
* Risk-based Approach (RBA), What is the Risk-based Approach (RBA)?

NEW QUESTION # 481
Which three should real estate agents include in the criteria to assess their company's potential money laundering and terrorist financing risks when implementing a reasonable risk-based approach?

A. Credit Risk
B. Transaction Risk
C. Geographic Risk
D. Customer Risk

Answer: B,C,D

Explanation:
According to the Wolfsberg Principles on Correspondent Banking1, an institution should consider the following three elements in its enhanced due diligence process for higher risk respondent bank customers:
* The quality of the respondent's AML and client identification controls: The correspondent should assess the adequacy and effectiveness of the respondent's AML policies, procedures, and systems, as well as its compliance with applicable AML laws and regulations. The correspondent should also verify that the respondent has implemented appropriate customer identification and verification measures, and that it maintains sufficient records of its customers and transactions.
* A risk-based determination as to whether or not the respondent is a shell bank: The correspondent should ensure that the respondent is not a shell bank, which is defined as a bank that has no physical presence in any country and is not affiliated with a regulated financial group. The correspondent should also avoid establishing or maintaining relationships with banks that are known to allow their accounts to be used by shell banks.
* Whether a Politically Exposed Person (PEP) has an interest or management role in the respondent: The correspondent should identify and assess the potential risks associated with any PEPs who have an ownership or management interest in the respondent, or who are customers of the respondent. The correspondent should apply enhanced scrutiny and monitoring to such relationships, and obtain senior management approval before establishing or continuing them.
References:
* Wolfsberg Correspondent Banking Principles 2022 by the Wolfsberg Group, October 2022.
Reference: http://www.fatf-gafi.org/media/fatf/documents/reports/RBA%20Guidance%20for%20Real%
20Estate%20Agents.pdf (page 20, second paragraph)

NEW QUESTION # 482
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