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

1. A national risk assessment (NRA) can impact the risk-based approach (RBA) within an organization's anti-financial crime (AFC) compliance program by: (Choose two.)

A) requiring all organizations to apply standardized measures
B) automatically reducing the organization's responsibility for conducting its own risk assessment
C) helping to identify high-risk sectors that require enhanced due diligence (EDO)
D) eliminating the need for sectoral risk assessments within the organization
E) guiding the allocation of resources for mitigating financial crime risks

2. Which of the following conditions contribute to a politically exposed person (PEP) posing greater risk than a typical high-risk bank customer? (Select Two.)

A) PEPs may exploit embassy activities to conceal bribery and corruption transactions.
B) The family members and close associates of PEPs may be involved in illicit activities.
C) PEPs are granted unlimited credit and financial immunity under international banking regulations.
D) PEPs can have illegitimate fund sources but are legally protected from having their accounts closed for activities outside a bank's risk appetite.

3. Which of the following activities are identified by the Financial Action Task Force (FATF) as being potentially indicative of money laundering through the real estate sector? (Select Four.)

A) Use of corporate vehicles or complex ownership structures
B) Unexplained cash payments
C) Use of agricultural land in rural areas
D) Use of complex loans or credit finance
E) Use of mortgage products
F) Use of commercial properties inconsistent with stated business purposes

4. Which of the following are red flags pertaining to potentially suspicious transactions by a customer? (Select Three.)

A) A customer has regular deposits and withdrawals primarily in wire transfers.
B) A customer receives wire transfers from different unknown accounts which are immediately wired onwards to a third party.
C) A customer deposits a large number of consecutively numbered money orders.
D) A customer requests loans made to local companies or secured by obligations of local banks.
E) A customer withdraws cash in amounts just under the reporting threshold.

5. A financial crimes risk appetite statement describes:

A) the level and type of risk the organization is willing to take to meet its objectives
B) the purpose of an organization's financial crimes compliance program.
C) how an organization defines Its risk-based approach.
D) how an organization determines its key risk and performance indicators.

Solutions: