Certified Anti-Money Laundering Specialist
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Question: 1
How do drug traffickers and other criminals use the fine art industry to disguise illicit proceeds?
A. They use forged or fraudulent invoicing of priceless works of art by auction houses
B. They commingle legitimate and illicit proceeds by principals for payment of fine art
C. They immediately resell priceless works of art after purchase from a foreign auction house
D. They use anonymous agents to buy the art and have the payment wired from offshore havens

Answer: D
Question: 2
An anti-money laundering specialist at a large institution is responsible for information senior
management about the status of the anti-money laundering program across the organization.
Which report is the most useful?
A. The total credit exposure for non-cooperative countries and territories
B. Results of related audits and examinations
C. Details on inquires received from law enforcement
D. Notification of management changes in the different major divisions

Answer: B
Question: 3
What is most valuable when using the internet as an investigative source?
A. A team of AML investigators
B. A reference list of websites known to yield credible information
C. A combination of independent thinking and technical skills
D. A powerful search engine

Answer: B
Question: 4
pg. 2

What should senior management do in order to promote a culture of anti-money laundering
A. They should include compliance with AML procedures as condition of employment
B. They should attend all training sessions with front-line employment
C. They should have close ties with the independent auditors of the AML program
D. They should base employee compensation on the amount of suspicious activity they detect

Answer: A
Question: 5
What is the result of an increased awareness of the potential for gatekeepers to assist in money
laundering in recent years?
A. The IMF has raised the profile of gatekeepers, requiring that countries regulate them
B. Lawyers who represent money launderers can more easily be prosecuted
C. Accountants are no longer considered gatekeepers, since they are not permitted to set up
companies or trusts
D. The FATF recommendations cover lawyers performing financial transactions

Answer: B
Question: 6
Which three are principles found in the document “Principles of information Exchange between
Financial Intelligence Units (FIUs)”?
A. The exchange of information between FIUs should take place as informally and as rapidly as
possible and with no prerequisites, while guaranteeing protection of privacy and confidentiality of
the shared data
B. Differences in the definition of offenses that fall under the competence of FIUs should be before
free exchange of information takes place
C. The Egmont principle of free exchange of information at the FIU level should be possible on the
basis of reciprocity, including spontaneous exchange
D. It should be possible for communication between FIUs to take place directly and without

Answer: A,C,D
Question: 7
pg. 3

What are three risk factors a financial institution should examine with regard to a proposed new
A. The complexity of the product
B. The need to verify the identification of the customer
C. Whether the product is easily transferable
D. Whether other financial institutions are marketing the product

Answer: A,B,C
Question: 8
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?
A. Reasonable belief
B. Probable cause
C. A preponderance of the evidence
D. Clear and convincing proof

Answer: A
Question: 9
Which three characteristics make non-profit organizations vulnerable to misuse for terrorist
A. Enjoying the public trust
B. Having access to a considerable sources of funds
C. Being listed as government nonprofit organization
D. Having a global presence for national and international operations and financial transactions

Answer: A,B,D
Question: 10
An anti-money laundering specialist at a financial institution has received a legal request to provide
all transaction records for a specific individual since 2004. Which three items should be delivered?
pg. 4

A. Monthly statements and transaction activities for that individual since 2004
B. All wire transfer for that individual since 2004
C. All security trading activities for that individual since 2004
D. Signature cards from accounts opened by that individual since 2004

Answer: A,B,C
Question: 11
How do payable through accounts (PTAs) differ from normal foreign correspondent accounts?
A. The customers do not have to worry about sanctions list screening such as OFAC
B. The customers have the ability to directly control funds at the correspondent bank
C. The customers can contact the correspondent bank directly to send wire transfers
D. The customers can hide their identity through the use of cover payments in U.S. dollars

Answer: A
Question: 12
What is the term for trading through multiple accounts, where an individual generates offsetting
profits and losses and transfers of positions through accounts that do not appear to be commonly
A. Ponzi scheme
B. Market Manipulation
C. Net Trading
D. Wash Trading

Answer: D
Question: 13
The Wolfsberg Principles for Private Banking list circumstances that would require additional due
diligence, including activities that involve which three of these choices?
A. Foreign jurisdictions
B. High Risk Countries, including those identified by credible sources as having inadequate AntiMoney Laundering standards
C. igh Risk activities, involving clients and beneficial owners whose source of wealth originates from
activities known to be vulnerable to money laundering
pg. 5

D. Public officials, including those individuals who have or had positions of public trust

Answer: B,C,D
Question: 14
Which three are examples of best practices terms of ensuring an adequate AML program?
A. Engage an independent party to perform a periodic review of the program
B. Review applicable domestic and international AML guidance
C. Perform a risk analysis on a regular basis and compare it to the coverage of the AML program
D. Review the accuracy of account opening applications

Answer: B,C,D
pg. 6

For More Information:
pg. 7

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