ACAMS Trade-Based Money Laundering (TBML) 2

Question 1

Which document is most commonly manipulated in a TBML scheme?

Accepted Answer

Commercial invoice

Answer

The commercial invoice is the most commonly manipulated document in TBML because it states the price and description of goods, making it central to over/under-invoicing schemes.

Question 2

Under-invoicing in a TBML scheme primarily benefits which party?

Accepted Answer

The importer

Answer

Under-invoicing benefits the importer, who pays less than market value, receiving excess value in the form of goods while transferring the value difference to the exporting country.

Question 3

A compliance officer reviewing trade finance should be most concerned when the price of exported goods is compared to what?

Accepted Answer

International commodity prices or trade databases

Answer

Comparing invoice prices against international commodity databases or trade pricing benchmarks helps detect over/under-invoicing indicative of TBML.

Question 4

Which financial product is most frequently exploited in TBML schemes due to its document-based nature?

Accepted Answer

Letters of credit

Answer

Letters of credit are document-based instruments where banks rely on presented paperwork rather than physical inspection, making them vulnerable to TBML through falsified trade documents.

Question 5

Which US agency publishes advisories and red flag indicators specifically related to TBML for financial institutions?

Accepted Answer

Financial Crimes Enforcement Network (FinCEN)

Answer

FinCEN issues advisories and guidance to US financial institutions on TBML red flags, typologies, and regulatory expectations.

(ACAMS) Association of Certified Anti-Money Laundering Specialists Practice Test

(ACAMS) Association of Certified Anti-Money Laundering Specialists Practice Test

ACAMS Trade-Based Money Laundering (TBML) 2