ACAMS
CAMS · Question #240
CAMS Question #240: Real Exam Question with Answer & Explanation
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Question
An auction house dealing in fine art and antiques sells a well-known painting at a price of $12 million to an agent bidding for a group of local investors. The same painting sold ten years prior at auction for $5 million. The auction house receives payment for the painting via wire transfer from an account maintained in an offshore jurisdiction by the investor group. No beneficial ownership information is available for the account. What are the two money laundering red flags? (Choose two.)
Options
- AThe payment is received via wire transfer.
- BAn agent bids on the painting for a group of investors.
- CThe painting has more than doubled its value in ten years.
- DPayment is received from an account in an offshore jurisdiction.
- ELack of beneficial ownership details for the originating account.
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