ACAMS General Practice 5

Question 1

When assessing the risk of a new product, which factor is LEAST relevant to an AML risk assessment?

Accepted Answer

The product's profit margin for the financial institution

Answer

Profit margin is a business consideration, not an AML risk factor; anonymity, geography, and transaction characteristics directly affect money laundering risk.

Question 2

A real estate agent consistently facilitates all-cash property purchases by a client using shell companies. Which money laundering stage does this most represent?

Accepted Answer

Integration

Answer

Purchasing real estate with laundered funds integrates illicit money into the legitimate economy in the form of a tangible, high-value asset.

Question 3

Under the ACAMS framework, what is the recommended first step in developing an enterprise-wide AML risk assessment?

Accepted Answer

Identifying inherent risks across products, customers, geographies, and delivery channels

Answer

A sound risk assessment begins with identifying inherent risks across all business dimensions before applying controls or determining residual risk.

Question 4

Which international body issues the Egmont Group's principles governing the exchange of financial intelligence between Financial Intelligence Units (FIUs)?

Accepted Answer

The Egmont Group itself

Answer

The Egmont Group issues its own principles for information exchange among FIUs, establishing a secure network for sharing financial intelligence globally.

Question 5

A foreign national opens an account at a U.S. bank and immediately begins receiving large international wire transfers that are then wired to multiple foreign accounts. Which AML concern is most relevant?

Accepted Answer

Potential use of the account as a conduit for layering illicit funds

Answer

Pass-through accounts used to receive and rapidly wire out funds internationally are a classic layering technique designed to obscure the origin of illicit proceeds.

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

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

ACAMS General Practice 5