ACAMS - Association of Certified Anti-Money Laundering Specialists Suspicious Activity Investigation Questions and Answers

Question 1

An AML investigator is reviewing an alert for a customer's account. Which of the following is the most crucial first step in the investigation process?

Accepted Answer

Review the customer's profile and historical transactions to understand the baseline activity.

Answer

Immediately file a Suspicious Activity Report (SAR).

Answer

Contact the customer to inquire about the unusual activity.

Answer

Close the account to mitigate any potential risk.

Question 2

A compliance officer at a bank is investigating a series of complex wire transfers involving a corporate account. The transfers originate from a high-risk jurisdiction and are immediately moved to another account in a different country, with no clear business rationale. After a thorough review of the customer's due diligence file and transaction history, the officer develops a reasonable suspicion of money laundering. What is the immediate and most critical obligation of the financial institution?

Accepted Answer

Report the suspicious activity to the relevant Financial Intelligence Unit (FIU) without delay.

Answer

Continue monitoring the account for another 90 days to gather more evidence.

Answer

Request a meeting with the customer's management to discuss the transactions.

Answer

Discontinue the customer relationship and close the account immediately.

Question 3

Which of the following is NOT an essential element that should be included in the narrative of a well-written Suspicious Activity Report (SAR)?

Accepted Answer

The investigator's personal opinion on the suspect's guilt.

Answer

A clear and chronological description of the suspicious activity.

Answer

The names of the individuals or entities involved (Who).

Answer

An explanation of why the activity is considered suspicious (Why).

Question 4

An investigator identifies a customer making frequent cash deposits in amounts just under the $10,000 reporting threshold across several different branches on the same day. This pattern is inconsistent with the customer's stated business profile. This activity is a classic red flag for:

Accepted Answer

Structuring.

Answer

Correspondent banking risk.

Answer

Terrorist financing.

Answer

Trade-based money laundering.

Question 5

After filing a SAR on a customer, what is the most appropriate next step for the financial institution regarding the customer's account?

Accepted Answer

Continue to monitor the account, potentially under enhanced due diligence, and report any further suspicious activity.

Answer

Inform the customer that a SAR has been filed to maintain transparency.

Answer

Immediately freeze all assets in the account pending law enforcement action.

Answer

Cease all monitoring of the account as the responsibility has been transferred to the FIU.

Question 6

During an internal investigation, an AML analyst gathers information from multiple sources to build a comprehensive picture of the suspicious activity. Which of the following would be considered an internal source of information?

Accepted Answer

Customer Identification Program (CIP) and due diligence records.

Answer

Law enforcement requests for information.

Answer

Publicly available corporate registries.

Answer

Adverse media reports from news websites.