Acams Certification Exam 100+ Questions And Verified Answers

ACAMS CERTIFICATION EXAM 100+ QUESTIONS AND VERIFIED ANSWERS Describe the three phases of money laundering. -ANSWER- Placement is the physical disposal of cash or other assets derived from criminal activity. Layering is the separation of illicit proceeds from their source by layers of financial transactions intended to conceal the origin of the proceeds. Integration is supplying apparent legitimacy to illicit wealth through the reentry of the funds into the economy in what appears to be normal business or personal transactions. What are the two main reasons correspondent banking is vulnerable to money laundering? -ANSWER- By their nature, correspondent banking relationships create a situation in which a financial institution carries out financial transactions on behalf of customers of another institution. Thisindirect relationship means that the correspondent bank provides services for individuals or entities for which it has neither verified the identities nor obtained any firsthand knowledge, and The amount of money that flows through correspondent accounts can pose a significant threat to financial institutions, as they process large volumes of transactions for their customers' customers. This makes it more difficult to identify the suspect transactions, as the financial institution generally does not have the information on the actual parties conducting the