Question: 13

How can gatekeepers like lawyers, notaries, and company service providers play a key role in the fight against money laundering?

Identifying challenges in keeping current and accurate beneficial ownership information depending upon the nature and activities of their client
Facilitating tax optimization schemes by establishing trust and company structures in offshore locations
Providing a public fiduciary function by performing the role of trusted third parties
Implementing an internal AML program, which includes the detection and reporting of suspicious transactions

Answer(s): A

Reference:

https://www3.weforum.org/docs/WEF_Gatekeepers_A_Unifying_Framework_2021.pdf

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An analyst for a broker-dealer finds a client has been systematically purchasing securities at a high price but selling the same securities only when the price falls. Which type of activity is this trading pattern indicative of?

The account is being used as a depository account.
The client is potentially transferring value from one party to another.
The account is being used for cuckoo smurfing.
The client has potential insider knowledge.

Answer(s): C

Reference:

https://sanctionscanner.com/blog/understanding-the-cuckoo-smurfing-technique-in-moneylaundering- 203

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Question: 15

A compliance officer of a financial institution (FI) is reviewing an international wire transfer flagged by the system for incomplete beneficiary information. According to the Wolfsberg Group and Clearing House Associations' transparency standards, which should the compliance officer do first?

Confirm the beneficiary and account number
Request to obtain further information
Escalate to management
Verify the source of the funds involved

Answer(s): D

Reference:

https://ro.uow.edu.au/cgi/viewcontent.cgi?referer=&httpsredir=1&article=4643&context=theses (93)

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Question: 16

According to recommendations from the FATF, what role does a country's Financial Intelligence Unit (FIU) play in safeguarding against money laundering?

Analyzes data on STRs
Assists the pursuit of criminal activity by producing suspicious transaction reports
Generates currency transaction reports to send to the central bank
Monitors monthly public statistics on the economy

Answer(s): A

Reference:

https://www.fatf-gafi.org/media/fatf/documents/recommendations/Guidance-PEP-Rec12-22.pdf (23)

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Free ACAMS CAMS Exam Questions (page: 5)

Question: 13

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Question: 14

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Question: 15

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Question: 16

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