ACAMS-Prep-Mock EXAM Questions and Verified Answers, 100% Guarantee Pass (Latest 2025) What are three indicators of money laundering associated with using electronic funds transfers? - Correct Answers ✅Funds transfers to or from financial secrecy haven without an apparent business reason.Funds transfers are received or sent from the same person to or from different accounts.Payments or receipts with no apparent link to legitimate contract goods or services On who does the ultimate responsibility for an institution's anti-money laundering program rest? - Correct Answers ✅FI board of directors.Federal law requires all U.S. financial institutions to secure and maintain all records and supporting documentation used in suspicious activity reporting for how many years? - Correct Answers ✅5 years The marketing department presents a business plan targeting individuals holding important public positions. What are some steps the financial institution should implement as part of the plan to target such individuals? - Correct Answers ✅Investigate the source of funds. 1 / 4
ACAMS-Prep-Mock EXAM Questions and Verified Answers, 100% Guarantee Pass (Latest 2025) Determine the purpose of the account.Take all reasonable steps to check the background of the individual based on public information.Which statement is true about banking regulatory agencies having the authority to obtain information from regulated institutions? - Correct Answers ✅The agencies authority to conduct examinations negates the need for a warrant or subpoena.A customer comes into the bank and appears to be ill-at-ease waiting in the teller line. When the customer gets to the teller, he become exceedingly nervous and asks for a large cashier's check to be cashed and disbursed to him in $100 bills.What should the teller do after completing the transaction? - Correct Answers ✅File a SAR on the customer What is the term for trading through multiple accounts, where an individual generates offsetting profits and losses and transfers of positions through accounts that do not appear to be commonly controlled? - Correct Answers ✅Wash Trading 2 / 4
ACAMS-Prep-Mock EXAM Questions and Verified Answers, 100% Guarantee Pass (Latest 2025) In performing a risk analysis, which factor(s) should a financial institution review? - Correct Answers ✅Its customer base, location, products and services.How should a financial institution deter money laundering through new accounts? - Correct Answers ✅Document the identity of the party opening the account.Determine the beneficial owners of the account.Seek to determine the the source of deposited funds.A commission regotorie would be used in which gateway to obtain information from another country? - Correct Answers ✅An FIU request under the EGMONT principles What are the European Union Directives on Money Laundering? - Correct Answers ✅They require members to implement certain laws to prevent money laundering.What should law enforcement provide when asking an institution to keep an account open? - Correct Answers ✅a written request on government agency letterhead with the appropriate signature. 3 / 4
ACAMS-Prep-Mock EXAM Questions and Verified Answers, 100% Guarantee Pass (Latest 2025) The Wolfsberg Principles for Private Banking list circumstances that would require additional due diligence, including activities that involve which three of these choices?
- Correct Answers ✅High risk countries
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High risk activities Public officials, including those who had positions of public trust.A compliance officer is looking to update an institution's private bank procedures. What should be included as recommended by the Wolfsberg AML Principles on Private Banking? - Correct Answers ✅Approval of PEPs by at least one person other than the relationship manager.Which three circumstances are indicators for defining a customer as required additional diligence according to the Wolfsberg Principles on Private Banking? - Correct Answers ✅Persons residing in and having funds from countries with inadequate AML standards.Persons engaged in business activities known to be susceptible to money laundering