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ACAMS Certification Exam 2023-2024 Questions and Answers Correct C - The USA PATRIOT Act was passed in: A) 1970 B) 1985 C) 2001 D) 2007 D - The three stages of money laundering are: A) Layering, Placement, Refining B) Placement, Refining, Integration C) Refining. Integration, Layering D) Integration, Layering, Placement D - Which of the following would be satisfactory elements of an Anti-Money Laundering Program? I - A CAMS certified employee in the Investiga...

40 Recommendation highlights are? - Risk-Base approach. Designated categories of offenses. Terrorist financing & financing of proliferation. Knowledge & criminal liability. A "Payable-Through Account" PTA is a master correspondent account established at a domestic bank by a foreign bank. The Home-Country Customers of the foreign bank, which is called the "Master Accountholder" are permitted to conduct a wide range of banking transactions through the PTA typically those customers, ca...

Which of the following statements is true? A Credit cards are not likely to be used in the layering phase of money laundering because of restrictions in cash payments B Credit cards are effective instruments for laundering money because the transactions do not create a paper trail C A launderer can launder money by prepaying his credit card using funds that are already in the banking system, creating a credit balance on his account, and requesting a credit refund D A launderer can use ill...

C - The USA PATRIOT Act was passed in: A) 1970 B) 1985 C) 2001 D) 2007 D - The three stages of money laundering are: A) Layering, Placement, Refining B) Placement, Refining, Integration C) Refining. Integration, Layering

2 ways remittance services can foster ML - • Packages containing large cash sums and even drugs anonymously. • Another technique commonly used by money remitters and currency exchanges is for the broker to make the funds available to the criminal organization at the destination country in the local currency. 2 Ways to launder money in Real Estate - • By way of chain transactions in real estate to cloak the illicit source of funds (the layering phase), • By investment in, for e...

Structuring - Designing a transaction to evade triggering a reporting or record-keeping requirement. Smurfing - Multiple individuals making multiple cash deposits and/or buying multiple monetary instruments or bank drafts in amounts under the reporting threshold in an attempt to evade detection Microstructuring - Structuring done at a much smaller level Wash-trading or "offsetting" accounts - The entry of matching buys and sells in particular securities; which provides the illusion ...

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