Acams certsexpert download Full Version Cams Exam by Lucca q122 vce pdf

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Exam Name:	Certified Anti-Money Laundering Specialist (the 6th edition)
Exam Code:	CAMS Dumps
Vendor:	ACAMS	Certification:	AML Certification
Questions:	645 Q&A's	Shared By:	lucca

Question 36

Which is a key aspect of the first EU Directive on Money Laundering?

Options:

IT expanded the definition of criminal activity to all serious crimes.

It defined money laundering as a separate crime.

It established drug trafficking as a predicate offense of money laundering.

It extended the scope beyond drug-related crimes.

Discussion

Question 37

Which is a key characteristic of the Financial Action Task Force (FATF) Regional Style Bodies for combatting money laundering/terrorist financing?

Options:

Instructing each member country to place FATF recommendations into law

Implementing regional mutual evaluation procedures

Emphasizing regional co-operation between member countries

Enabling FATF standards to be specific to each region

Discussion

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Question 38

A customer puts high-denomination cash notes into a poker machine at a casino. Without placing any bets, the customer collected winnings in the form of a check from the casino.

Which money laundering threats could result from the customer's activities?

Options:

Micro-structuring cash

Legitimizing illicit funds

Misuse of money service business

Obscured beneficial ownership

Discussion

Answer:

Explanation:

1. A. Micro-structuring cash:

The customer’s behavior of putting high-denomination cash notes into a poker machine without placing bets and then collecting winnings in the form of a check resembles “structuring” or “smurfing.” Structuring involves breaking down large sums of money into smaller transactions to avoid detection. In this case, the customer may be attempting to legitimize illicit funds by converting them into casino winnings1.

2. B. Legitimizing illicit funds:

By using the poker machine to convert cash into a check, the customer is potentially legitimizing illicit funds. The casino winnings obtained through this process may appear legitimate, even though the initial source of the cash remains suspicious1.

A. Micro-structuring cash:

The customer’s actions of repeatedly inserting high-denomination cash notes into the poker machine without placing bets and then collecting winnings in the form of a check resemble structuring. Structuring involves deliberately breaking down large amounts of cash into smaller transactions to avoid detection. Money launderers engage in structuring to obscure the origin of funds and make them appear legitimate. In this case, the customer’s behavior raises red flags and warrants further investigation.

B. Legitimizing Illicit Funds:

By converting cash into casino winnings (in the form of a check), the customer may be attempting to legitimize illicit funds. The casino winnings obtained through this process could be used to create a veneer of legitimacy, even though the initial source of the cash remains suspicious. Casinos are attractive for money launderers due to the anonymity and fluidity of transactions, making it challenging to trace the origin of funds1.

References: 1: Anti-Money Laundering Specialist (6th edition), ACAMS, Chapter 3: “Money Laundering and Terrorist Financing Methods,” Section 3.1.2: “Structuring.”

Question 39

The Chief Compliance Officer (CCO) of a financial institution has been asked by a manufacturing customer reliant upon imported raw materials if there will be repercussions to his business following the weak assessment of the recent publicly issued Financial Action Task Force (FATF) Mutual Evaluation Report (MER). How should the CCO respond?

Options:

Delayed processing of cross-border transfer of funds between countries may occur due to increased scrutiny to determine the legitimacy of each transfer.

Citing inaccurate content of the MER. the president of the country has called upon the FATF to publicly withdraw the MER and commission an independent review of findings.

Mandate termination of all cross-border trading until evidence can be provided to show an improved position of compliance for the weaknesses stated in the MER.

Negative consequences will not occur because the manufacturing customer has been trading with reputable countries and suppliers for many years without incident.