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

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

2. An international bank is investigating a payment requested by one of its correspondent relationships that generated an alert in the automated transaction monitoring system. The payment originated from a corporation located in Hong Kong and the final beneficiary is an individual located in New York. Which steps should the bank take first to address the alert?
(Select Three.)

A) Check for negative news in public sources on the sender and receiver
B) Confirm that neither the beneficiary nor the originator are sanctioned parties
C) Call the receiving individual to review identity verification documents
D) Send a 314(b) request to the corporation's bank in Hong Kong
E) Request supporting documents, including invoices and contracts to confirm the purpose of the payment

3. Which of the options below is an indicator of potential insider activity that may warrant escalation For further investigation?

A) An investigator does not complete the automated transaction monitoring system alerts assigned to them before the time required by company procedures.
B) A relationship manager advocates for overriding the results of the company's client risk rating model that resulted in a client's high-risk rating.
C) An If employee shares information about a firm's risk management framework with employees of other firms at an industry convention.
D) A relationship manager makes an exception to company policy and proceeds with onboarding a customer without documenting a passport for customer identification

4. Which of the following entities could potentially pose a higher money laundering risk and require additional review prior to onboarding? (Select Two.)

A) A local convenience store that replenishes the onsite automated teller machine (ATM) with cash from its till
B) A large multinational corporation with extensive, documented wire transfer activity
C) A local used car sale lot that allows individuals to pay their monthly bill in cash
D) A virtual asset service provider (VASP), facilitating peer-to-peer cryptocurrency transactions

5. Which of the following are best practices to raise awareness and train staff regarding the risks related to financial crime? (Select Three.)

A) Tailor training and offer regular training to all employees
B) Use a variety of training methods and provide necessary resources to employees
C) Communicate regularly and measure effectiveness of training
D) Train outside of daily operations and promote awareness of Compliance
E) Train core AML topics once per year, at a minimum, to relevant employees

Solutions: