ACAMS Updated CAMS Exam Questions and Answers by maja

These designated nonfinancial businesses and professions (DNFBPs) include — casinos when customers engage in financial transactions equal to or above a designated threshold………. — real estate agents when they are involved in transactions for clients concerning buying and selling properties; — dealers in precious metals and stones when they engage in any cash transaction with a customer at or above a designated threshold; — lawyers, notaries and independent legal professionals and accountants when they prepare or carry out transactions for clients concerning buying and selling real estate; …….; and — trust and company service providers when they prepare or carry out transactions for a client concerning certain activities ….

Section 313 of the USA PATRIOT Act prohibits U.S. financial institutions from establishing, maintaining, administrating or managing correspondent accounts for foreign shell banks. A foreign shell bank is a foreign bank that does not have a physical presence in any country. To ensure compliance with this prohibition, U.S. financial institutions must obtain from each foreign bank that maintains a correspondent account the identity of each owner of the foreign bank and the nature and extent of each owner’s ownership interest. This information must be updated within 30 days of any change.

USA PATRIOT Act | FinCEN.gov, Section 313

US PATRIOT ACT | State Street

Money launderers usehigh-value goods(e.g., jewelry, art, and precious metals) todisguise illicit funds.

Option C (Correct):Requesting ahandwritten receipt for a cash purchasesuggests anattempt to avoid record-keeping, a knownmoney laundering technique.

Option A (Incorrect):Buying gold bars withcash and cryptocurrencyisunusualbut notinherently illegalunless the amounts are suspicious.

Option B (Incorrect):Credit card payments are traceableanddo not raise immediate red flags.

Option D (Incorrect):Kimberly Process-certified diamondsare legally sourced, and requesting themdoes not indicate suspicious intent.

U.S. AML lawshave significantextraterritorial effectsdue tothe dominance of the U.S. dollar in global finance.

Option C (Correct):Section 319(b) of the USA PATRIOT Actallows theseizure of funds from foreign correspondent bank accountsin the U.S.

Option D (Correct):OFAC sanctionscan affectnon-U.S. entitiesif theyengage in prohibited transactions using U.S. dollars.

Option A (Incorrect):TheTravel Rule applies only to financial institutions under U.S. jurisdiction.

Option B (Incorrect):TheAML Act of 2020strengthensU.S. financial crime enforcement, butdoes not govern all USD transactions worldwide.