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Acams Exam CAMS Topic 1 Question 70 Discussion

Actual exam question for Acams's CAMS exam
Question #: 70
Topic #: 1
[All CAMS Questions]

A high-volume dealer of precious metals and stones in a high-risk jurisdiction is approached by a new customer interested in selling gold worth $200,000. The customer was referred by a longtime family friend of the dealer and provides no indication of background or business purpose for the sale. The dealer agrees to make the purchase based solely on the reference.

What is the money laundering red flag?

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Suggested Answer: C

by Markus at Mar 18, 2024, 09:20 PM

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Tijuana
3 months ago
Wait, did you say 'high-volume dealer of precious metals'? I bet this guy's got a bad case of 'bling fever' and just can't stop buying shiny things. That's the real red flag here!
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Naomi
3 months ago
I don't know, maybe the friend referral is a good thing? It could just be an honest transaction. Although, the lack of business purpose is a bit suspicious. Hmm, tough call.
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Bobbye
3 months ago
Come on, a new customer selling $200,000 worth of gold? That's like a giant neon sign saying 'I'm trying to launder money!'
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Cortney
1 months ago
The dealer should definitely proceed with caution in this situation.
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Maynard
1 months ago
Definitely a red flag for potential money laundering.
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Glen
2 months ago
Agreed, especially with such a large amount of gold.
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William
2 months ago
Seems fishy, no background or business purpose given.
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Lorenza
3 months ago
Yikes, high-risk jurisdiction and a high-volume dealer? That's a recipe for trouble. I bet this is a money laundering scheme if I ever saw one.
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Benton
2 months ago
B) The precious metals dealer is operating in a high-risk jurisdiction
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Ben
2 months ago
D) The customer provides no background information or business purpose for the transaction
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Michel
2 months ago
A) The customer was referred by a longtime friend of the dealer
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Julie
3 months ago
Well, the obvious red flag here is the lack of background information from the customer. A big purchase with no explanation? Smells fishy to me.
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Harrison
2 months ago
C: The dealer should definitely be more cautious in this situation.
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Malika
2 months ago
B: Yeah, that's a major red flag for money laundering.
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Oliva
2 months ago
A: The customer provides no background information or business purpose for the transaction
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Glenna
4 months ago
But isn't it also concerning that the dealer is in a high-risk jurisdiction?
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Major
4 months ago
I agree with Hannah, not knowing the customer's background is risky.
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Hannah
4 months ago
I think the red flag is option D, lack of background information.
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