FREE ACAMS MCQ Questions and Answers

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

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

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

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

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

Correct! Wrong!

One of the red signs for microstructuring is:

multiple visits to make cash deposits of small amounts.

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

depositing sequentially numbered checks.

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

Correct! Wrong!

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?

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

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

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

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

Correct! Wrong!

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

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

hire a third-party business to manage AML compliance.

create a culture of compliance based on profit expectations.

ensure the appointment of a qualified chief AML officer.

Correct! Wrong!

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?

A qualified independent party/auditor

The regulator authorities

The anti-money laundering specialist

A member of senior management

Correct! Wrong!

Which situation should be reported as possibly suspicious activity?

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

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

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

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

Correct! Wrong!

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

a limited liability partnership

an offshore company

a professional association

a charitable organization

Correct! Wrong!

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

The Financial Intelligence Unit (FIU)

FATF

The Basel Committee

The Wolfsberg Group

Correct! Wrong!

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

Keep all supporting documents.

Freeze the cash unless the appropriate authorities notifies you otherwise.

Immediately close the account.

Inform the client that the transaction has been reported.

Correct! Wrong!

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

placement

structuring

Correct! Wrong!

Which of the following best characterizes the "layering" stage in money laundering?

Integrating laundered monies into the economy using lawful transactions

Withdrawing funds from structured deposits in several geographic regions

Introducing illegal funds into the financial system via a respectable source

Using complicated financial transactions to conceal the origin of the cash

Correct! Wrong!