ACAMS MCQ 1

Question 1

Which red signal should a compliance officer prioritize for further investigation?

Accepted Answer

A customer makes 20 repeating monthly purchases amounting less than $500 USD.

Answer

A convenience shop cashes government cheques for clients worth less than $1,000 USD every day.

Answer

A loan is paid off in full with cash following the sale of the car that served as security for the loan.

Answer

Several cross-border transactions are received and promptly wired to another recipient.

Question 2

One of the red signs for microstructuring is:

Accepted Answer

multiple visits to make cash deposits of small amounts.

Answer

a single activity in an account that occurs shortly upon its opening.

Answer

depositing sequentially numbered checks.

Answer

check deposits are followed by ATM withdrawals using a debt card in a retail outlet.

Question 3

An accounting company created a bank account that would serve as the business's operating account. After a few months, a thorough evaluation of the account was initiated owing to unexpected activities. Which most likely prompted the review?

Accepted Answer

The account makes monthly payments to many organizations that serve the same neighborhoods as the accounting company.

Answer

Every day, the account gets various payments from consumers in a variety of businesses.

Answer

The account gets international wire transfers from corporations in the Middle East, where the accounting company has many offices.

Answer

The account gets overseas payments that are significantly greater than the customary fees.

Question 4

When creating an effective AML program, the Board of Directors has the obligation to:

Accepted Answer

ensure the appointment of a qualified chief AML officer.

Answer

manage the day-to-day operations of the compliance program.

Answer

hire a third-party business to manage AML compliance.

Answer

create a culture of compliance based on profit expectations.

Question 5

An anti-money laundering professional recently created and implemented an anti-money laundering program. What is the best resource for evaluating the program's effectiveness?

Accepted Answer

A qualified independent party/auditor

Answer

The regulator authorities

Answer

The anti-money laundering specialist

Answer

A member of senior management

Question 6

Which situation should be reported as possibly suspicious activity?

Accepted Answer

A domestic business account gets a wire transfer from an overseas company with no prior history of such activity or business demands.

Answer

A retail chain transfers cash into many operational accounts before consolidating the funds into a single account.

Answer

A corporate account receives substantial cheques and wire transfers on a regular basis from current customers.

Answer

A convenience store's daily deposits and withdrawals are mostly in cash.

Question 7

Historically, which of the following vehicles has been most commonly utilized to conceal beneficial ownership?

Accepted Answer

an offshore company

Answer

a limited liability partnership

Answer

a professional association

Answer

a charitable organization

Question 8

What governmental agency is in charge of studying and assessing information received to determine the possibility of money laundering or terrorist funding activities?

Accepted Answer

The Financial Intelligence Unit (FIU)

Answer

FATF

Answer

The Basel Committee

Answer

The Wolfsberg Group

Question 9

Which of the following is the best course of action for a specific account when the institution reports suspicious activity?

Accepted Answer

Keep all supporting documents.

Answer

Freeze the cash unless the appropriate authorities notifies you otherwise.

Answer

Immediately close the account.

Answer

Inform the client that the transaction has been reported.

Question 10

Which of the following represents the financial stage of money laundering?

Accepted Answer

placement

Answer

structuring