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

1. Money services businesses (MSBs), payment service providers, and e-commerce platforms usually have a high volume of daily transactions. What are the risks associated with these types of businesses? (Choose two.)

A) The settlement systems of these businesses are not sophisticated enough to cope with the high transaction volume
B) These businesses are highly regulated and therefore have no reason to be non-compliant as this would put them at risk of sanctions and fines
C) These businesses are all cash intensive, increasing the risk of financial crime
D) Criminals can make use of identify fraud to fulfill KYC processes for layering purposes
E) KYC challenges arise because e-commerce platforms face global customers making customer due diligence complex and resource intensive

2. Which of the following are common indicators of possible money laundering within the securities industry? (Select Two.)

A) Engaging in transactions involving nominees or third parties
B) Receiving securities into an existing brokerage account following the death of a spouse
C) Allowing fixed income securities to mature
D) Using brokerage accounts like deposit accounts

3. A law firm is involved in setting up complex offshore corporate structures for a client with minimal documentation of the source of funds. The firm does not question the client's transactions or report any suspicious activity. What is the primary money laundering risk associated with this behavior by the law firm?

A) The law firm is engaging in aggressive tax planning to help the client avoid legal taxes
B) The law firm is acting as a gatekeeper, facilitating the movement and concealment of illicit funds through complex corporate structures
C) The law firm is avoiding fees by minimizing documentation for clients in high-risk jurisdictions
D) The law firm is providing routine legal services that include creating complex legal structures, and no further scrutiny is required

4. An AML analyst at a financial institution is examining an alert generated by the automated transaction monitoring system to determine whether the alert should be escalated to the AML unit for further investigation or whether it can be archived as a false positive. Which action might be reasonable for the AML analyst to take?

A) Restrict the client's access to the account
B) Send a request for information to the counterparty bank involved in the transaction that caused the alert
C) Request information from the relationship manager assigned to the account that caused the alert
D) Perform below-the-line testing to ensure the automated monitoring system is operating effectively

5. A bank has joined a public-private partnership (PPP) to work with law enforcement and regulators on combating financial crime. However, the bank's data protection officer is concerned about sharing sensitive customer data, and the compliance officer is worried about potential delays in receiving useful information from the government. Which of the following best describes a benefit of PPPs in fighting financial crime?

A) PPPs help banks reduce compliance costs by automating information sharing.
B) PPPs allow banks to manage their own suspicious activity report (SAR) filing process without the need to involve the Financial Intelligence Unit (FIU).
C) PPPs maximize the efficiency of the bank's compliance program by providing real-time intelligence from law enforcement.
D) PPPs improve financial crime detection and prevention by sharing intelligence between banks and law enforcement.

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