ACAMS Basic 2

Question 1

Under the Bank Secrecy Act, at what dollar threshold must a financial institution file a Currency Transaction Report (CTR)?

Accepted Answer

$10,000

Answer

The BSA requires a CTR to be filed for any cash transaction exceeding $10,000 in a single business day.

Question 2

Which international body is primarily responsible for setting global AML/CFT standards and conducting mutual evaluations of member countries?

Accepted Answer

The Financial Action Task Force (FATF)

Answer

FATF issues the 40 Recommendations that form the international framework for combating money laundering and terrorist financing.

Question 3

What is 'tipping off' in the context of AML compliance?

Accepted Answer

Alerting a subject that they are under investigation or a SAR has been filed

Answer

Tipping off is the prohibited act of disclosing to a suspect that a SAR has been filed or that they are under scrutiny.

Question 4

The FinCEN 314(a) program allows which of the following?

Accepted Answer

Law enforcement to request financial institutions to search records for named subjects

Answer

Section 314(a) of the USA PATRIOT Act permits law enforcement to send requests to FinCEN, which then notifies financial institutions to search their records.

Question 5

What is the primary purpose of a Suspicious Activity Report (SAR)?

Accepted Answer

To alert financial intelligence units to potentially illicit activity

Answer

SARs are filed with FinCEN to flag transactions or behaviors that may indicate money laundering, fraud, or other criminal activity.

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

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

ACAMS Basic 2