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ACAMS study group Chapter 1 & 2 Flashcards | StudBud
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ACAMS study group Chapter 1 & 2
ACAMS study group Chapter 1 & 2
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1
According to the term physical presence, these are correct except?
Maintains operating records at that location.
It is not authorized to conduct banking activities
Is subject to inspection by the banking authority which licensed it.
Employs one or more individuals on a full-time basis at that location
2
Section 312: Requires DD and, or, EDD for foreign correspondent accounts and private banking for non-U.S. people.
True
False
3
The four key elements of a KYC program are the following, except?
Customer identification
Monitoring
Staff training
Risk management
4
CFATF: 27 states in the Caribbean Basin and Central and South America that implement countermeasures to address ML & TF
True
False
5
Section 311: provides U.S. TD with the authority to apply measures accounts that are “primary money laundering concern”
True
False
6
The Basel Committee on Banking Supervision, established in 1972 by the central bank governors of the G-7 countries.
True
False
7
FATF fulfills it’s objectives by focusing on several tasks, which of the following is not one of these?
Additional customer due diligence on specific customers
Reviewing money laundering trends and countermeasures
Spreading AML message worldwide
Monitoring implementation of the FATF recommendations among its members
8
“Endeavor to accept only those clients whose source of wealth and funds can be reasonably established to be legitimate”
Egmont Group
The World Bank and the International Monetary Fund
Inter-American Drug Abuse Control Commission
The Wolfsberg Group
9
The Basel committee describes three lines of defense in the banks AML efforts, which of the following is correct?
All of the above
The AML compliance function
The line of business
The audit function
10
In 1995, a number of national Financial Intelligence Units (FIUs) began working together in an org known as?
The Wolfsberg Group
Egmont Group
Inter-American Drug Abuse Control Commission
The World Bank and the International Monetary Fund
11
When should a financial institution conduct customer due diligence?
Have a suspicion of money laundering or terrorist financing
All of the above
Carry out a transaction or a wire transfer above the specified threshold
Establish business relationship
12
Office of Foreign Assets Control, all are correct, except?
Acts under presidential wartime to impose controls to freeze foreign assets
FI in other countries must recognize the extraterritorial reach of OFAC.
Requires the blocking of assets of persons and org that appear on OFAC list
Doesn't have the power to penalize those violating the blocking orders.
13
Casinos, real estate agents and lawyers are designated non financial businesses and professions (DNFBPs)
True
False
14
The threshold that financial institutions should monitor for casinos, including internet casinos is $5000.
False
True
15
Changes in the Fourth Money Laundering Directive include the following, except:
Obliged entities went from just casinos to“providers of gambling services.”
Customer due diligence for transfers of funds exceeding 1,000 euros.
“Financial activity on an occasional or very limited basis” was included.
It covers all dealers trading in goods who trade in cash over 15,000 euros.
16
According to the USA PATRIOT Act all of the statements are correct, except:
Its creation was motivated by the attacks of September 11, 2001,
Has implications for U.S. institutions and non-U.S. institutions.
It's the first criminal money laundering law of the United States.
Details requirements that FI must follow to comply.
17
Which are Non-Documentary verification?
Public corporate registers
Company search
Financial statements
Certificate of incorporation
