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Certified Anti-Money Laundering Specialist

QUESTION 11

How do payable through accounts (PTAs) differ from normal foreign correspondent accounts?

 

A.

The customers do not have to worry about sanctions list screening such as OFAC

B.

The customers have the ability to directly control funds at the correspondent bank

C.

The customers can contact the correspondent bank directly to send wire transfers

D.

The customers can hide their identity through the use of cover payments in U.S. dollars

 

Correct Answer: A

 

 

QUESTION 12

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?

 

A.

Ponzi scheme

B.

Market Manipulation

C.

Net Trading

D.

Wash Trading

 

Correct Answer: D

 

 

 

 

 

 

QUESTION 13

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

 

Correct Answer: BCD

 

 

QUESTION 14

Which three are examples of best practices terms of ensuring an adequate AML program?

 

A.

Engage an independent party to perform a periodic review of the program

B.

Review applicable domestic and international AML guidance

C.

Perform a risk analysis on a regular basis and compare it to the coverage of the AML program

D.

Review the accuracy of account opening applications

 

Correct Answer: BCD

 

 

QUESTION 15

< p class="MsoNormal" style="cursor: auto; margin: 0cm 0cm 0pt; line-height: normal; text-autospace: ; mso-layout-grid-align: none" align="left">Which three statements are true regarding the extraterritorial reach of laws and legislation of the

 

A.

The criminal anti-money laundering law can apply to transactions that occur partially overseas

B.

Economic and trade sanctions by OFAC may pose extraterritorial risks for financial institutions and businesses outside the U.S.

C.

The extraterritorial reach covers all transactions throughout the global economy

D.

The defendant does not need to know the funds came from an illegal activity under state, federal or foreign law

 

Correct Answer: ABD

 

 

QUESTION 16

What is a criterion for FATF membership?

 

A.

The country should be democracy

B.

The country should be a member of a FATF-style regional body

C.

The country should have already implemented all of the FATF Recommendations

D.

The country should have already implemented the standards of the European Union Directives

 

Correct Answer: B

 

 

 

 

 

 

QUESTION 17

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

 

A.

Subjective, factual circumstances

B.

Objective, factual circumstances

C.

Objective, non-factual circumstances

D.

Subjective, non-factual circumstances

 

Correct Answer: B

 

 

QUESTION 18

In which type of banking transaction is price manipulation, as a form of money laundering, a common practice?

 

A.

Redeeming an annuity

B.

Sending a wire transfer

C.

Issuing a letter of credit

D.

Subscribing to a cash management account

 

Correct Answer: C

 

 

QUESTION 19

Which two aspects of the security broker dealer industry increase its exposure to money laundering? Choose 2 answers

 

A.

The routine use of wire transfers from, to or through multiple jurisdictions

B.

They easy conversion of holdings to cash with significant loss of principal

C.

Disposing of cash through securities purchases

D.

Fast paced transactions conducted electronically

 

Correct Answer: CD

 

 

QUESTION 20

To ensure that an institution’s anti-money laundering program is current, which step should be taken?

 

A.

The program should be evaluated and updated at least every six months be the Board of Directors

B.

The program should be reviews by a federal law enforcement officer for gaps in controls

C.

The program should be sent to the institution’s government regulator on a periodic basis

D.

The program should be reassessed at least annually

 

Correct Answer: D

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