ACAMS Practice Set – 1 Test With Correct Questions And Answers

ACAMS Practice Set – 1 Test With Correct Questions And Answers

. Which two 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
. What is the Right of Reciprocity in the field of international cooperation against money 
laundering?
A. The legal principle that financial institutions that have referred customers to other 
financial institutions can share information about these customers with the other 
institutions.
B. A rule of the Basel Committee allowing properly regulated financial institutes of another 
member state of the Basel Committee to do business without additional supervision to the 
degree that the other state grants the same right.
C. The right of each FATF member country to delegate prosecution of a case of money 
laundering to another member that is already investigating the same case.
D. A rule in the law of a country allowing its authorities to cooperate with authorities of 
other countries to the degree that their law allows them to do the same.
3 - D
The greatest risk for money laundering is for casinos that
A. Provide their customers with a wide array of gambling services.
B. Operate in a non-Egmont member country.
C. Allow customers with credit balances to withdraw funds by check in another jurisdiction.
D. Only send suspicious transaction reports to the financial intelligence unit of the country it 
operates in. - C
8. Which statement is true regarding the risk of Politically Exposed Persons (PEPs)?
A. PEPs provide access to third parties on whom the financial institution has not conducted 
sufficient due diligence.
B. PEPs have significantly greater exposure to the politically corrupt funds, including 
accepting bribes or misappropriating government funds.
C. PEPs are foreign customers who inherently present additional risk as they are engaged in 
cross-border transactions.
D. PEPs generally do not pose enhanced risks to an institution due to their political standing; 
rather, PEPs increase the prestige of an institution. - B
Dirty money, derived from criminal activities of Belgian Criminal A, is sent to a foreign bank 
account of Corporation B. Then in Belgium, a new investment Company C is incorporated. 
Criminal A is appointed as a director of Company C. Company C borrows money from the 
foreign Company B and buys real estate in Belgium. The real estate is rented to third 
parties. Director (Criminal) A also rents an apartment in the building. With the funds 
generated by the rent, Company C pays off the loan to Corporation B, and the salary of 
Director A. Criminal A now converted his dirty money in legal funds.
This laundering method is commonly referred to as what?
A. Offsetting real estate transactions.
B. Loan back.
C. Cuckoo smurfing.
D. Loan manipulation - B