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

1. Which activities would be considered money laundering red flags when reviewing the business operations of a money services business (MSB)? (Select Two.)

A) Cash-intensive businesses, such as convenience stores or restaurants, making large cash deposits
B) A customer using multiple accounts under different names to conduct transactions
C) A customer completing frequent small-dollar international money transfers to their native country
D) A customer being hesitant to provide beneficiary name or address information when sending international wire transfers
E) A customer exchanging foreign currency from a higher-risk jurisdiction for domestic currency under the reporting threshold

2. Which characteristic is MOST associated with high-risk customers?

A) Predictable payroll transactions
B) Frequent unexplained international activity involving high-risk regions
C) Consistent local retail purchases
D) Transparent ownership and stable income

3. Which of the following accurately describes the economic, reputational and social consequences of money laundering (ML) and the risks and consequences of violating AFC regulations? (Choose two.)

A) When laundered funds flow into legitimate economies, they can be used for illegal purposes, such as funding terrorist activities or organized crime. This distorts resource allocation and undermines development.
B) ML undermines the integrity and stability of financial systems and makes them vulnerable to illegal activity. This can erode investor confidence and hinder economic growth.
C) When a financial institution (FI) is found to be promoting ML or violating AFC regulations, this can lead to a loss of confidence in the institution and a loss of customers. Interestingly, this scenario might sidestep any legal consequences for the Fl.
D) Jurisdictions perceived as having insufficient ML measures might be identified as uncooperative or high-risk, potentially facing restricted access to international markets, though economic sanctions by other countries are an unlikely outcome.

4. When assessing and managing money laundering risks while operating in foreign jurisdictions different from that of the head office, an effective AML monitoring program should:

A) Be consistent with the head office audits
B) Provide all foreign jurisdiction reports to the head office for approval.
C) Be tailored to the higher of standards between the jurisdictions.
D) Conform to the foreign jurisdiction policies to align with the head office policies.

5. A compliance officer at a financial institution (FI) is reviewing a new client application for a virtual asset service provider (VASP). Which details should be part of the risk assessment to determine whether the customer falls within the FI's financial crimes risk appetite? (Select Three.)

A) Which registered institutions act on behalf of the VASP as operators of virtual asset wallets and virtual asset exchange offices
B) Whether the VASP is utilizing central bank digital currencies
C) Who the VASP's clients are, including the breakdown of foreign and domestic individuals
D) What percentage of the VASP's clients are classified as higher-risk
E) Whether the VASP's procedures are sufficient for protecting client personally identifiable information

Solutions: