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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q355-Q360):

NEW QUESTION # 355
What are three indicators of money laundering associated with using electronic funds transfers? Choose 3 answers

A. Funds transfers are received or sent from the same person to or from different accounts
B. Payment or receipts with no apparent link to legitimate contracts, goods or services
C. Funds transfers to or from a financial secrecy haven without an apparent business reason
D. Regular and frequent transfers from the account of a large company said to be payment forgoods bought on credit

Answer: A,B,C

NEW QUESTION # 356
Which of the below would be relevant money laundering red flags for life insurance companies? (Select Two.)

A. Natural persons having more than one insurance policy
B. High-premium life insurances that provide high payouts
C. Paying premium several years in advance and terminating early for a refund
D. Beneficiary payouts to elderly people
E. Regularly switching policies and accepting penalties

Answer: C,E

Explanation:
* Paying premium several years in advance and terminating early for a refund (A):"A typical red flag is when a policyholder pays large premiums up front and then seeks early termination to receive a refund. This can be used to launder illicit funds by integrating them into the financial system and then retrieving 'clean' money."(CAMS 6th Edition, Life Insurance ML/TF Risks; FATF Guidance for a Risk-Based Approach for the Life Insurance Sector)
* Regularly switching policies and accepting penalties (D):"Frequent changes in insurance policies or products, even at a financial loss, are considered suspicious. This may indicate an attempt to obscure the money trail or integrate illicit proceeds."(CAMS 6th Edition, ML/TF Red Flags in Life Insurance) Incorrect Options:
* B: Having multiple policies is common and not itself a red flag.
* C: High premiums/payouts are not inherently suspicious.
* E: Beneficiary payouts to elderly people are not ML/TF red flags.
References:
CAMS 6th Edition, Life Insurance Red Flags
FATF Guidance for a Risk-Based Approach for the Life Insurance Sector

NEW QUESTION # 357
An automotive parts company in South America sends multiple $500,000 wire transfers per week to ABC Holdings Ltd. in Asia referencing payment for silk flower shipments. Research reveals Sunrise Holdings, Ltd is registered in the British Virgin Islands with no available ownership information.
What are two red flags that indicate how trade-based money laundering could be occurring in this instance?
(Choose two.)

A. Significant discrepancies appear between the description of the commodity on the bill of lading and the invoice
B. The packaging is inconsistent with the commodity or shipping method
C. The transaction involves the use of front (or shell) companies
D. The type of commodity being shipped appears inconsistent with the exporter or importer's regular business activities

Answer: C,D

Explanation:
Trade-based money laundering (TBML) is a method of disguising and moving illicit funds through the international trade system. Criminals often manipulate various aspects of trade transactions, such as pricing, quantity, documentation, and commodity type, to transfer value and obscure the source of funds. Some of the common red flags that may indicate TBML are:
* The transaction involves the use of front (or shell) companies: Front or shell companies are entities that have no physical presence, no employees, and no business activity, but are used to facilitate money laundering. They often have vague or generic names, are registered in secrecy jurisdictions, and have no available ownership information. In this case, ABC Holdings Ltd. and Sunrise Holdings Ltd. could be front or shell companies that are used to launder money through trade transactions.
* The type of commodity being shipped appears inconsistent with the exporter or importer's regular business activities: Criminals may use commodities that are unrelated to their core business or that have low correlation with the market price to launder money. They may also use commodities that are difficult to value, verify, or trace, such as precious metals, gems, art, or antiquities. In this case, the automotive parts company and the silk flower supplier seem to have no logical connection, and the value of the silk flowers may be inflated or deflated to transfer funds.
:
Trade-Based Money Laundering: Risk Indicators - Financial Action Task Force, pp. 9-10, 14-15 Identifying TBML: 8 Trade-Based Money Laundering Red Flags - Alessa, pp. 1-2 FFIEC BSA/AML Appendices - Appendix F - Money Laundering and Terrorist Financing Red Flags, p. 7 AML Red Flags - What are the Top 10 Indicators? - ComplyAdvantage, p. 1

NEW QUESTION # 358
A bank in an offshore jurisdiction approaches an institution about opening a new correspondent banking relationship. Prior to opening the account, the new account representative obtains copies of the offshore bank's anti-money laundering policies and procedures, and all appropriate legal documentation for the bank; ascertains no third parties will be able to access the accounts; and determines the owners of the bank, the bank's primary business activities, and the business address of the bank. Which of the following steps does the Basel Committee on Banking Supervision's Customer Due Diligence for Banks Paper recommend the banker take prior to opening Oils correspondent account?
1. Conduct a site visit and meet all the principals and beneficial owners in person.
2. Verify the bank has a physical presence in the country where it is incorporated.
3. Confirm the bank is subject to regulatory supervision with adequate anti-money laundering laws.
4. Obtain and maintain a complete listing of the correspondent bank's customers, including politically exposed persons.

A. 2 and 3 only
B. 1 and 4 only
C. 1 and 2 only
D. 3 and 4 only

Answer: A

Explanation:
The Basel Committee on Banking Supervision's Customer Due Diligence for Banks Paper recommends that banks should verify the bank has a physical presence in the country where it is incorporated and confirm the bank is subject to regulatory supervision with adequate anti-money laundering laws before opening a correspondent account. These steps are intended to prevent the establishment of relationships with shell banks, which are banks that have no physical presence in any country and are not affiliated with a regulated financial group. Shell banks pose a high risk of money laundering and terrorist financing, as they can be used to hide the identity and source of funds, evade regulatory oversight, and facilitate illicit transactions. Therefore, banks should conduct enhanced due diligence on correspondent banks that operate in offshore jurisdictions, where the regulatory standards and transparency may be lower or insufficient.
References:
* ACAMS CAMS Certification Study Guide, 6th Edition, Chapter 4, Section 4.3.1, p. 1091
* ACAMS CAMS Certification Exam Outline, 6th Edition, Domain 2, Task 2.2, p. 52
* Basel Committee on Banking Supervision, Customer Due Diligence for Banks, October 2001, p. 13-143

NEW QUESTION # 359
Note: This question is part of a series of questions that present the same scenario. Each question in the series contains a unique solution that might meet the stated goals. Some question sets might have more than one correct solution, while others might not have a correct solution.
After you answer a question, you will NOT be able to return to it. As a result, these questions will not appear in the review screen.
You are developing an application that uses an Azure Kubernetes Service (AKS) cluster.
You are troubleshooting a node issue.
You need to connect to an AKS node by using SSH.
Solution: You change the permissions of the AKS resource group, and then you create an SSH connection.
Does this meet the goal?

A. Yes
B. No

Answer: B

Explanation:
Instead add an SSH key to the node, and then you create an SSH connection.
References:
https://docs.microsoft.com/en-us/azure/aks/ssh

NEW QUESTION # 360
......

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