Acams Exam CAMS Topic 1 Question 70 Discussion

Actual exam question for Acams's CAMS exam

Question #: 70
Topic #: 1

[All CAMS Questions]

A high-volume dealer of precious metals and stones in a high-risk jurisdiction is approached by a new customer interested in selling gold worth $200,000. The customer was referred by a longtime family friend of the dealer and provides no indication of background or business purpose for the sale. The dealer agrees to make the purchase based solely on the reference.

What is the money laundering red flag?

AThe customer was referred by a longtime friend of the dealer

BThe precious metals dealer is operating in a high-risk jurisdiction

CA new customer is selling gold worth $200,000 to a high volume dealer

DThe customer provides no background information or business purpose for the transaction

Show Suggested Answer

Suggested Answer: C

by Markus at Mar 18, 2024, 09:20 PM

Limited Time Offer

25%

Off

Get Premium CAMS Questions as Interactive Web-Based Practice Test or PDF

Contribute your Thoughts:

Submit Cancel

Tijuana

1 months ago

Wait, did you say 'high-volume dealer of precious metals'? I bet this guy's got a bad case of 'bling fever' and just can't stop buying shiny things. That's the real red flag here!

upvoted 0 times

...

Naomi

1 months ago

I don't know, maybe the friend referral is a good thing? It could just be an honest transaction. Although, the lack of business purpose is a bit suspicious. Hmm, tough call.

upvoted 0 times

...

Bobbye

1 months ago

Come on, a new customer selling $200,000 worth of gold? That's like a giant neon sign saying 'I'm trying to launder money!'

upvoted 0 times

Glen

3 days ago

Agreed, especially with such a large amount of gold.

upvoted 0 times

...

William

5 days ago

Seems fishy, no background or business purpose given.

upvoted 0 times

...

3 months ago

I think the red flag is option D, lack of background information.

upvoted 0 times

...