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

7 cards from real ACAMS practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

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  1. A bank receives a large cash deposit from a business customer that is inconsistent with the business's stated purpose. Which type of report is the bank most likely required to file?

    Answer: Suspicious Activity Report (SAR)

    A SAR is filed when a transaction is unusual or suspicious, even if it meets CTR thresholds, because it may indicate money laundering.

  2. Under FATF Recommendation 10, what is the minimum standard for customer due diligence when a business relationship is established?

    Answer: Identifying and verifying the customer's identity

    FATF Recommendation 10 requires financial institutions to identify and verify the identity of their customers when establishing a business relationship.

  3. Which of the following best describes a 'shell company' in the context of money laundering?

    Answer: A legal entity with no active business operations used to obscure ownership

    Shell companies have no genuine business activity and are often used to conceal the true beneficial owner of funds or assets.

  4. What is the primary purpose of the Bank Secrecy Act (BSA) in the United States?

    Answer: To require financial institutions to assist government agencies in detecting money laundering

    The BSA requires U.S. financial institutions to maintain records and file reports that help identify, detect, and deter money laundering and other financial crimes.

  5. A politically exposed person (PEP) is identified in a bank's customer base. What is the most appropriate enhanced due diligence measure?

    Answer: Obtain senior management approval and conduct enhanced ongoing monitoring

    PEPs require enhanced due diligence including senior management sign-off and heightened monitoring due to their elevated corruption and money laundering risk.

  6. Which stage of the money laundering process involves making illicit funds appear to come from a legitimate source?

    Answer: Integration

    Integration is the final stage where laundered funds re-enter the legitimate economy appearing to come from a lawful source.

  7. What is 'smurfing' in the context of anti-money laundering?

    Answer: Breaking large sums of cash into smaller deposits to avoid CTR thresholds

    Smurfing (also called structuring) involves dividing large amounts of cash into smaller deposits below the CTR reporting threshold to avoid detection.