Name: Acams Certified Anti-Money Laundering Specialist Exam
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Free Acams Certified Anti-Money Laundering Specialist Exam Actual Questions

The questions for Certified Anti-Money Laundering Specialist were last updated On Apr. 06, 2024

Question #1

The main purpose of the US Treasury Department for OFAC's extraterritorial reach is to:

Aaccomplish the foreign policy and national security goals of the US.

Bdefend the US against questionable trade practices of its economic rivals.

Cprotect allied nations of the US from the economic threats of non-allied nations.

Dalign OFAC's and other countries' extraterritorial reach requirements.

Reveal Solution

Correct Answer: A

Question #2

Which private banking situation requires due diligence actions to be implemented according to the AML principles of the Wolfsberg group?

AA local wealthy individual wants to become a customer of a local retail bank.

BA beneficial owner of an exchange house wants to open an account with the bank.

CA wealthy individual from a high-risk country wants to open an account with a private bank.

DA new customer asks to set up an exchange house using the bank as the correspondent.

Reveal Solution

Correct Answer: C

Question #3

A financial institution (FI) has decided to revamp its compliance program to be more risk-based. Which option should the FI use as part of the new risk-based compliance program?

ALeadership-based

BPredictive-based

CTransaction-based

DData-based

Reveal Solution

Correct Answer: C

Question #4

Which private banking situation requires due diligence actions to be implemented according to the AML principles of the Wolfsberg group?

AA local wealthy individual wants to become a customer of a local retail bank.

BA beneficial owner of an exchange house wants to open an account with the bank.

CA wealthy individual from a high-risk country wants to open an account with a private bank.

DA new customer asks to set up an exchange house using the bank as the correspondent.

Reveal Solution

Correct Answer: C

Question #5

The bank's Compliance Officer is tasked with designing standards based on Basel's KYC principles. Which essential elements should be included in the program? (Choose two.)

AAppointing an independent audit function

BConducting a money laundering risk assessment

CDocumenting a customer acceptance policy

DEstablishing on-going monitoring of high-risk accounts

EReporting suspicious activity

Reveal Solution

Correct Answer: C, E

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