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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q59-Q64):

NEW QUESTION # 59
A compliance officer learns from an Information Technology (IT) source of a potential new financial service being discussed by the new product approval committee.
What is the correct next course of action?

A. Get as much information as possible from the source so that potential risks can be researched and a report prepared and presented to the head of marketing.
B. Request that the new product approval committee include the compliance officer.
C. Start initial research into potential risks but wait until notified that the service has been approved by the committee before initiating extensive research.
D. Go to the board of directors and try to shut the new service down immediately because the committee did not communicate with the compliance officer.

Answer: B

Explanation:
The correct next course of action is to request that the new product approval committee include the compliance officer. This is because the compliance officer has the responsibility to ensure that the new financial service complies with the applicable laws, regulations, and standards, and does not pose any undue risks to the institution or its customers. The compliance officer should be involved in the new product development process from the beginning, and provide guidance and feedback on the potential compliance implications and requirements of the new service12.
References:
1: CAMS Certification Package - 6th Edition | ACAMS, Chapter 6: Developing an Effective Anti-Money Laundering Program, p. 121-122 2:
FATF Guidance: The Role of Hawala and Other Similar Service Providers in Money Laundering and Terrorist Financing, October 2013, p. 28, http://www.fatf-gafi.org/media/fatf/documents/reports/Role-of- hawala-and-similar-in-ml-tf.pdf

NEW QUESTION # 60
the Financing of Terrorism (CFT)]
Which of the following arekey metricsthat providevaluable data to senior managementabout the effectiveness of an FI'sAML controls?

A. Thenumber of clients exitedfor commercial reasons.
B. Thenumber of money laundering alertsgenerated by the watchlist screening system.
C. Theratio of true positives to false positivesgenerated by the automated monitoring system.
D. Thenumber of high-risk customers onboardedeach month.

Answer: C

Explanation:
AML controls should bemeasured for effectivenessusingquantifiable metrics.
* Option D (Correct):Thetrue positive/false positive ratioassesses theefficiencyof AML detection.
* Option A (Incorrect):Thenumber of alerts alonedoes not measureeffectiveness, as many could be false positives.
* Option B (Incorrect):Client exitsdo not indicate whether an AML program isworking properly.
* Option C (Incorrect):High-risk customer onboardingmust bemonitored, but it does not indicate AML effectiveness.
Reference:FATF Guidance on AML Risk Management, Wolfsberg Group AML Effectiveness Indicators, FinCEN SAR Filing Effectiveness Reports.

NEW QUESTION # 61
Which are social/economic consequences of money laundering? (Choose two.)

A. Weakening of the country's infrastructure
B. Civil war
C. Increase in tax revenue
D. Increase in corruption and organized crime
E. Weakening financial institutions

Answer: D,E

Explanation:
Money laundering has severe social and economic impacts, including increased crime rates, corruption and erosion of public trust. Money laundering fuels criminal activities by providing the necessary financial resources for criminals to continue their operations. As illicit funds circulate within the financial system, they enable the growth of criminal organizations and contribute to an increase in crime rates, including organized crime1. Money laundering also facilitates corruption and undermines public trust in financial institutions and the wider economy. This erosion of public trust is exacerbated by trade-based money laundering, which involves the manipulation of international trade transactions to disguise the origins of illicit funds2. Money laundering also weakens financial institutions by exposing them to reputational, operational, legal and regulatory risks. Money launderers exploit the vulnerabilities of financial systems and compromisetheir integrity and stability. Money laundering can also distort the allocation of resources, create inflationary pressures, and undermine the effectiveness of monetary policy3.
:
1: Consequences Of Money Laundering Are: Understanding The Social, Economic, and Penalties Impacts1
2: Consequences of Money Laundering and Financial Crime2
3: Money laundering, its impact and consequences3
Reference: https://www.fatf-gafi.org/faq/moneylaundering/#:~:text=As%20for%20the%20potential%
20negative,and%20exchange%20rates%20due%20to

NEW QUESTION # 62
What is a key element required to ensure an anti-money laundering compliance program is effectively embedded into an institution's culture?

A. Ongoing training
B. A record retention policy
C. Peer review
D. An internal audit

Answer: A

NEW QUESTION # 63
To guard against acquisition or control of a financial institution by money launderers or their associates, what should supervisory agencies require?

A. Prospective owners have prior experience in the area of finance
B. Thorough due diligence on prospective owners
C. Comprehensive compliance programs
D. Adequate surety bonds, cash deposits, or equivalencies

Answer: B

NEW QUESTION # 64
......

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