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ACAMS Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Sample Questions:

1. A bank's AML investigator notices that a customer suddenly begins transferring funds to virtual asset service providers in jurisdictions with weak regulation. What should the investigator consider FIRST?

A) Whether the activity aligns with the customer profile
B) Whether the customer requested paper statements
C) Whether the transfers occur during weekends
D) Whether the customer prefers mobile banking

2. A prospective client walks into an accounting firm wanting to incorporate a company. The accountant feels uncomfortable after the meeting. Which two of the accountant's observations warrant escalation to the compliance officer? (Select Two.)

A) The prospective client exhibits confidence when speaking to the accountant when providing personal details
B) The prospective client is unable to provide information about the beneficial owners
C) The prospective client presents confusing details about the proposed business and has very little knowledge about the proposed business activity
D) The principal activities of the proposed company are importing and exporting new furniture
E) The prospective client is able to provide source of funds and source of wealth documents

3. An international bank is headquartered in Madrid, Spain with an office in New York City (NYC), US. The Madrid office is investigating a transaction originating from a customer of the NYC office and inquires whether the NYC office can share any relevant further information on the individual.
Upon further research, the NYC office finds that they have filed a suspicious activity report (SAR) on the individual in the previous year. Which factors need to be considered before sharing the requested information? (Select Two.)

A) The bank should report this to the Financial Crimes Enforcement Network (FinCEN) and receive formal guidance before sharing the information.
B) The bank should consider jurisdictional privacy requirements and its own policies and procedures to determine what information to share.
C) The foreign bank must always request approval by its national anti-financial crime authority to share any information cross-border.
D) The information should only be shared on a need-to-know basis.

4. How do national risk assessments (NRAs) and sectoral risk assessments influence a financial institution's (FI's) internal AML/CFT risk assessment?

A) An FI's AML/CFT risk assessment must be written and approved by the board of directors exactly as specified in the NRA and sectoral risk assessment
B) An FI must strictly adopt the exact risk factors, weightings, and methodologies from the NRA and sectoral risk assessment without adjustment
C) An FI must demonstrate that the risks identified in its AML/CFT risk assessment are aligned with the NRA and sectoral risk assessments and that these risks are managed effectively
D) If a sectoral risk assessment is published, the FI must implement it directly across all subsidiaries and branches without modification

5. Which of the following actions is specifically permitted or required under FinCEN section 314(b) for financial institutions (FIs) to enhance their efforts in combating money laundering and terrorist financing?

A) FIs may provide information about their internal compliance programs to law enforcement agencies without any limitations
B) FIs may disclose customer information to any third party
C) FIs are required to report all transactions involving foreign entities to FinCEN so that FinCEN can share this information with other financial institutions
D) FIs may share information about suspected money laundering activities with other FIs to aid in identifying and reporting suspicious transactions

Solutions: