Acams CAMS Quiz 1 Topic 2 Questions 1-5

Question: 1

In some instances, a financial institution may receive a warrant from law enforcement authorities to search its premises. A search warrant is a grant of permission from a court for a law enforcement agency to search certain designated premises and seize specific categories of items or information. Generally, what is the required threshold for the requesting agency to establish in order to obtain a search warrant of a financial institution?

AReasonable belief

BProbable cause

CA preponderance of the evidence

DClear and convincing proof

Show Answer

Question: 2

What are three risk factors a financial institution should examine with regard to a proposed new product?

AThe complexity of the product

BThe need to verify the identification of the customer

CWhether the product is easily transferable

DWhether other financial institutions are marketing the product

Show Answer

Question: 3

What is the result of an increased awareness of the potential for gatekeepers to assist in money laundering in recent years?

AThe IMF has raised the profile of gatekeepers, requiring that countries regulate them

BLawyers who represent money launderers can more easily be prosecuted

CAccountants are no longer considered gatekeepers, since they are not permitted to set up companies or trusts

DThe FATF recommendations cover lawyers performing financial transactions

Show Answer

Question: 4

What is most valuable when using the internet as an investigative source?

AA team of AML investigators

BA reference list of websites known to yield credible information

CA combination of independent thinking and technical skills

DA powerful search engine

Show Answer

Question: 5

How do drug traffickers and other criminals use the fine art industry to disguise illicit proceeds?

AThey use forged or fraudulent invoicing of priceless works of art by auction houses

BThey commingle legitimate and illicit proceeds by principals for payment of fine art

CThey immediately resell priceless works of art after purchase from a foreign auction house

DThey use anonymous agents to buy the art and have the payment wired from offshore havens

Show Answer

Acams CAMS Quiz:1 Topic:2 Questions:1-5