Fiu Study guides, Class notes & Summaries

2023 ACAMS Practice Questions and 100% Correct Answers Identify the seven topics of international incorporated into the FATF 40 recommendations in 2012? - CORRECT ANSWER-AML/CFT policies & procedures. Money Laundering & confiscation. Terrorist financing & financing of proliferation. Financial & non-financial institution preventative measures. Transparency & beneficial ownership of legal persons & arrangements. Powers & responsibilities of competent authorities & other institutional me...

Identify the seven topics of international incorporated into the FATF 40 recommendations in 2012? AML/CFT policies & procedures. Money Laundering & confiscation. Terrorist financing & financing of proliferation. Financial & non-financial institution preventative measures. Transparency & beneficial ownership of legal persons & arrangements. Powers & responsibilities of competent authorities & other institutional measures. International cooperation. According to the Egmont Group, What is...

Moneyval - Answer-Council of European committee of Experts on the Evaluation of AML measures and the Financing of Terrorism GAFISUD - Answer-Financial Action Task Force on Money Laundering in South America MENAFATF - Answer-Middle East and North Africa Financial Action Task Force EAG - Answer-EurAsian Group GIABA - Answer-Intergovernmental Action Group against Money Laundering in Africa Why is 'refining' critical to a money launderer's efforts? - Answer-If one needs to transport currenc...

Practice Test 2023 (ACAMS) Define a red flag. - CORRECT ANSWER-A warning signal that should bring attention to a potentially suspicious situation, transaction or activity. Define willful blindness. - CORRECT ANSWER-A legal principle that operates in money laundering cases in the U.S. and is defined by courts as the "deliberate avoidance of knowledge of the facts" or purposeful indifference. Courts have held that willful blindness is the equivalent of actual knowledge of the illegal s...

According to the Egmont Group, What is the definition of a Financial Intelligence Unit (FIU)? - ANSWER-A central, national agency responsible for receiving & permitted, requesting, analyzing & disseminating to the competent authorities, disclosures of financial information, Concerning suspected proceeds of crime & potential financing of terrorism, Required by national legislation or regulation in order to combat money laundering & terrorism financing. According to the Wolfberg Anti-Money Laun...

What are three indicators of money laundering associated with using electronic funds transfers? - Answer-Funds transfers to or from financial secrecy haven without an apparent business reason. Funds transfers are received or sent from the same person to or from different accounts. Payments or receipts with no apparent link to legitimate contract goods or services On who does the ultimate responsibility for an institution's anti-money laundering program rest? - Answer-FI board of directors....

Parasitology is the study of the most common mode of life on earth, which is centered on? Ans Animal Parasites Phoresis Ans "to carry" Protocooperation Ans mutually beneficial relationship between organisms in which the interaction is not physiologically necessary for survival Which of the following is not a characteristic of protocooperation? Ans a. symbiotic interaction b. mutually beneficial *c. physiologically necessary* Which of the following is not a characteristic of m...

ACAMS Exam 97 Questions with Verified Answers Define a red flag. - CORRECT ANSWER A warning signal that should bring attention to a potentially suspicious situation, transaction or activity. Define willful blindness. - CORRECT ANSWER A legal principle that operates in money laundering cases in the U.S. and is defined by courts as the "deliberate avoidance of knowledge of the facts" or purposeful indifference. Courts have held that willful blindness is the equivalent of actual knowledge...

Money Laundering and Terrorist Financing Red Flags Unusual Activity Indicative of Human Smuggling 1. multiple wire transfers generally kept below the 3,000$ reporting threshold, sent from various locations across the united states to a common beneficiary located in a U.S. or a mexican city along the southwest border 2. multiple wire transfers conducted at different branches of a financial institution to or from the U.S. or Mexican cities along the southwest border on the same day or on con...

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 Correct Answer D An anti-money laun...