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NEW QUESTION # 28 Why do trusts established in certain offshore jurisdictions make good vehicles to launder money?

• A. Names of the settlor and beneficiaries are not publicly available
• B. Offshore jurisdictions are unfamiliar with trusts
• C. Trusts may hold asset of significant size
• D. Trusts are typically set up to minimize taxes

Answer: C NEW QUESTION # 29 Separating illicit proceeds from their source by a series of complex financial Transactions designed to disguise the audit trail and provide anonymity is an example of what?

• A. placement
• B. integration
• C. layering
• D. structuring

Answer: C NEW QUESTION # 30 An anti-money laundering specialist working at a bank just received a legal request from a law enforcement agency mandating the release of all financial transaction records relating to an account at the bank. The specialist immediately recognizes the account as one owned by the bank Chief Executive Officer's brother. During research to gather the requested documents, the specialist finds several internal memos he had sent to the bank president with concerns regarding possible suspicious activity relating to this account. The specialist recalls the bank president verbally responded to each memo with an explanation of the activity and indicated there was no cause for concern. What should the specialist do with respect to these internal memos?

• A. Ask the bank president to document his instructions to the specialist
• B. Place these memos in his personal files in case they are subsequently requested
• C. Call the law enforcement agent and suggest he modify the legal request to include these memos
• D. Advise the bank's senior legal advisor of the situation

Answer: D NEW QUESTION # 31 A large cash deposit most likely reflects money laundering when it is:

• A. from a customer who has never conducted a transaction in cash before.
• B. followed by an immediate wire transfer to an offshore secrecy haven.
• C. by a customer who operates a cash-based business.
• D. transacted in segments smaller than the reporting thresholds at various times during the day.

Answer: A,B,D NEW QUESTION # 32 How do payable through accounts (PTAs) differ from normal foreign correspondent accounts?

• A. The customers can contact the correspondent bank directly to send wire transfers
• B. The customers have the ability to directly control funds at the correspondent bank
• C. The customers do not have to worry about sanctions list screening such as OFAC
• D. The customers can hide their identity through the use of cover payments in U.S. dollars

Answer: C Explanation: Explanation Explanation/Reference: Payable-Through, Pass Through, and Pass-By Accounts | Definitions and Summary A payable-through account (PTA) is also referred to as a pass through account or a pass-by account. These types of accounts are offered by US financial institutions as banking products and are used by foreign financial firms to provide their customers with access to the US financial system. A payable-through account (PTA) is a demand deposit account through which banking agencies located in the United States extend cheque writing privileges to the customers of other institutions, often foreign banks. PTA accounts are a concern to bank regulators because the banks or agencies providing the accounts may not subject the end customers to the same level of scrutiny as they would their own customers. These concerns were addressed in Title 3A, especially Section 311(b)(4), of the Patriot Act. Foreign financial institutions use PTAs, also known as "pass-through" or "pass-by" accounts, to provide their customers with access to the U.S. banking system. Some U.S. banks, Edge and agreement corporations, and U.S. branches and agencies of foreign financial institutions (collectively referred to as U.S. banks) offer these accounts as a service to foreign financial institutions. Law enforcement authorities have stated that the risk of money laundering and other illicit activities is higher in PTAs that are not adequately controlled. What is the difference between a regular correspondent bank account and a "payable-through, pass through, or pass-by account"? With a payable-through, pass through or pass-by account, a foreign financial firm is able to create a corresponding account in the US. However, the foreign bank also provides checks to its foreign customers who might be interested in conducting US transactions. These foreign customers are then able to write checks to withdraw from or make deposits into the account. In general, these foreign customers of a foreign bank are not subject to anti-money laundering screening, but they end up having full access to the US financial system. Higher Money Laundering Risk Based on their nature, payable-through, pass through, and pass-by accounts are considered as posing higher money laundering risk concerns. Risk Factors PTAs may be prone to higher risk because U.S. banks do not typically implement the same due diligence requirements for PTAs that they require of domestic customers who want to open checking and other accounts. For example, some U.S. banks merely request a copy of signature cards completed by the payable through customers (the customer of the foreign financial institution). These U.S. banks then process thousands of sub- accountholder checks and other transactions, including currency deposits, through the foreign financial institution's PTA. In most cases, little or no independent effort is expended to obtain or confirm information about the individual and business subaccountholders that use the PTAs. Foreign financial institutions' use of PTAs, coupled with inadequate oversight by U.S. banks, may facilitate unsound banking practices, including money laundering and related criminal activities. The potential for facilitating money laundering or terrorist financing, OFAC violations, and other serious crimes increases when a U.S. bank is unable to identify and adequately understand the transactions of the ultimate users (all or most of whom are outside of the United States) of its account with a foreign correspondent. PTAs used for illegal purposes can cause banks serious financial losses in criminal and civil fines and penalties, seizure or forfeiture of collateral, and reputation damage. NEW QUESTION # 33 ...... P.S. Free 2023 ACAMS CAMS dumps are available on Google Drive shared by Prep4King: https://drive.google.com/open?id=1ph7mIx6S4zkNQfDxGKlno_-kMrEkDqcQ