ACAMS EXAM WITH CORRECT QUESTIONS AND ANSWERS (24pages)

ACAMS EXAM WITH CORRECT QUESTIONS AND ANSWERS Which two of the following activities are typically associated with the Black Market Peso Exchange (BMPE) money laundering system? A. Converting illicit drug proceeds from dollars or Euros to Colombian pesos B. Converting illicit drug proceeds from Colombian pesos to dollars or Euros C. Facilitating purchases by Colombian importers of goods manufactured in the United States or Europe through peso brokers D. Facilitating purchases by European or U.S. importers of goods manufactured in Colombia through peso brokers - A C Which statement is true? A. Bust-out schemes are popular in creating large bankruptcy frauds where businesses secure increasing loans in excess of the actual value of the company or property and then run with the money, leaving the lender to foreclose and take a substantial loss B. Cuckoo smurfing is a significant money laundering technique identified by the Financial Action Task Force, where a form of structuring uses nested accounts with shell banks in secrecy havens C. In its revised 40 Recommendations of 2003, the FATF issued for the second time a list of "designated categories of offense" that asserts crimes for a money laundering prosecution D. E-cash is not attractive to the money launderer because it cannot be completely anonymous and does not allow for large amounts to be "transported" quickly and easily - A What is the definition of a predicate offense? A. Lawful or unlawful activity that involves willful blindness, and if there is an international element to the crime, can lead to a suspicious activity report B. Unlawful activity whose proceeds, if involved in the transaction, can give rise to prosecution for the crime of money laundering C. An interface which is the underlying segment of a suspicious transaction monitoring system D. A specified unlawful activity that is committed through concentration accounts deceiving customers that are not directly related to the account - B What are two definitions of willful blindness? A. Deliberate avoidance of knowledge of facts B. Refusing to put glasses on while driving C. Purposeful indifference D. Not being able to see - A C What are the three stages of money laundering? A. Payments, cash and spending B. Collecting, distributing and hoarding C. Placement, layering and integration D. Placement, structuring and layering - C True or false, the cycle of money laundering is circular? A. True B. False - A