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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q431-Q436):

NEW QUESTION # 431
Which two steps should a financial institution take when it receives a law enforcement request to keep an account open that may be associated with suspicious or criminal activity? (Choose two.)

A. File a suspicious transaction report on the account owner(s)
B. Stop filing suspicious transaction reports because law enforcement will be monitoring the account
C. Maintain account records for at least five years after the request expires
D. Ask for a written request from the law enforcement agency that defines the duration

Answer: C,D

Explanation:
According to the Anti-Money Laundering Specialist (the 6th edition) study guide, when a financial institution receives a law enforcement request to keep an account open that may be associated with suspicious or criminal activity, it should take the following two steps:
* Maintain account records for at least five years after the request expires. This is to ensure that the financial institution can provide evidence of its compliance with the law enforcement request and the applicable anti-money laundering regulations. The five-year retention period is based on the international standard set by the Financial Action Task Force (FATF) and adopted by many jurisdictions12.
* Ask for a written request from the law enforcement agency that defines the duration. This is to protect the financial institution from potential liability and to clarify the scope and purpose of the law enforcement request. The written request should specify the time period for which the account should remain open, the reason for the request, the contact information of the law enforcement officer, and the legal authority for the request34.
References:
* Anti-Money Laundering Specialist (the 6th edition) study guide, page 57
* FATF Recommendation 11, paragraph 2
* Anti-Money Laundering Specialist (the 6th edition) study guide, page 58
* Money Laundering website, article on "Law Enforcement Requests to Keep Accounts Open"
https://www.fincen.gov/resources/statutes-regulations/guidance/requests-law-enforcement-financial- institutions-maintain

NEW QUESTION # 432
According to the Second European Union Money Laundering Directive, what may knowledge of criminal conduct be inferred from?

A. Objective, factual circumstances
B. Subjective, non-factual circumstances
C. Objective, non-factual circumstances
D. Subjective, factual circumstances

Answer: A

Explanation:
The following were the key features of the Second Directive:
* It extended the scope of the First Directive beyond drug-related crimes. The definition of "criminal activity" was expanded to cover not just drug trafficking, but all serious crimes, including corruption and fraud against the financial interests of the European community.
* It explicitly brought bureaux de change and money remittance offices under AML coverage.
* It clarified that knowledge of criminal conduct can be inferred from objective factual circumstances.

NEW QUESTION # 433
Separating illicit proceeds from their source by a series of complex financial Transactions designed to disguise the audit trail and provide anonymity is an example of what?

A. integration
B. layering
C. structuring
D. placement

Answer: B

Explanation:
Layering is the second stage of the money laundering process, in which the launderer moves the funds around to create distance and confusion between the source and the destination of the illicit proceeds. Layering often involves multiple transactions, such as wire transfers, shell companies, trusts, and offshore accounts, that make it difficult to trace the origin and ownership of the funds. Layering is intended to disguise the audit trail and provide anonymity for the launderer12.
Placement is the first stage of the money laundering process, in which the launderer introduces the illicit proceeds into the financial system, often by breaking them into smaller amounts or using cash-intensive businesses12.
Structuring is a technique used in the placement stage, in which the launderer deposits or withdraws cash in amounts below the reporting threshold to avoid detection or suspicion12.
Integration is the third and final stage of the money laundering process, in which the launderer reintroduces the funds into the legitimate economy, often by purchasing assets, investing in businesses, or mixing them with legal income12.

NEW QUESTION # 434
The Wolfsberg Principles for Private Banking list circumstances that would require additional due diligence, including activities that involve which three of these choices?

A. Foreign jurisdictions
B. High Risk Countries, including those identified by credible sources as having inadequate Anti-Money Laundering standards
C. High Risk activities, involving clients and beneficial owners whose source of wealth originates from activities known to be vulnerable to money laundering
D. Public officials, including those individuals who have or had positions of public trust

Answer: A,B,C

Explanation:
The Wolfsberg Principles for Private Banking are a set of guidelines for private banking relationships that aim to prevent and detect money laundering and terrorist financing risks. The Principles state that the bank should conduct additional due diligence on clients and beneficial owners in certain circumstances that may indicate a higher risk of money laundering or terrorist financing. Among the options given, A, B, and C are the correct choices that reflect the circumstances listed in the Principles.
Foreign jurisdictions are countries or territories other than the one where the bank operates or where the client or beneficial owner resides. The Principles state that the bank should conduct additional due diligence on clients and beneficial owners who are connected to foreign jurisdictions, especially those that have weak or inadequate anti-money laundering standards, or that are subject to sanctions, embargoes, or similar measures.
High Risk Countries are countries or territories that are identified by credible sources, such as the Financial Action Task Force (FATF), as having inadequate anti-money laundering standards, or as being a source, transit, or destination of illicit funds. The Principles state that the bank should conduct additional due diligence on clients and beneficial owners who are connected to high risk countries, and apply enhanced measures to mitigate the risks.
High Risk activities are activities that involve clients and beneficial owners whose source of wealth or funds originates from sectors or industries that are known to be vulnerable to money laundering, such as cash-intensive businesses, gambling, arms trade, precious metals and stones, or art and antiquities. The Principles state that the bank should conduct additional due diligence on clients and beneficial owners who are engaged in high risk activities, and verify the legitimacy and origin of their wealth and funds.
References: = The main reference for this question is the document titled "Wolfsberg Anti-Money Laundering Principles for Private Banking (2012)" published by the Wolfsberg Group. You can access it by clicking here.
You can also find more information about the Wolfsberg Principles and their application on the Wolfsberg Group website and the Lexology website.

NEW QUESTION # 435
Which two methods have terrorist groups used to diversify their revenue stream and to fund their operations?
(Choose two.)

A. Engaging in wire transfer activity
B. Smuggling cultural artifacts
C. Human trafficking
D. Engaging in civil conflict

Answer: B,C

Explanation:
Art and Antiquities: Conduits for Money Laundering and Terrorist Financing Why Fight the Antiquities Trade?
More recently, groups like Daesh (Islamic State [IS]), al-Qaida, the Taliban and their affiliates have been engaged in ****cultural racketeering and terrorism in Iraq, Syria, Yemen, Afghanistan and elsewhere, converting patrimony into cash for weapons and troops****.
https://www.un.org/press/en/2015/sgsm17427.doc.htm
As Terrorists Diversify Fundraising Tactics, Greater Efforts Needed to Shut Down Illicit Channels, Secretary-General Tells Finance Ministers' Meeting Terrorists continue to adapt their tactics and diversify their funding sources. Today, Da'esh runs a multi-million-dollar economy in territories under its control. Da'esh terrorists raise money through the oil trade, extortion, undetected cash couriers, kidnapping for ransom, trafficking of humans and arms and racketeering. They loot and sell precious cultural property, shamelessly profiting from the destruction of humanity's common heritage.

NEW QUESTION # 436
......

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