Automatic generation of report

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Timer to help you control the exam time

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

1. How does the Financial Action Task Force (FATF) measure the effectiveness of a country's efforts to combat money laundering and terrorist financing?

A) Mutual evaluation
B) Basel Committee
C) Series of internal audits followed by reporting to FATF
D) FATF Evaluation Committee

2. Which of the following AML/CFT arrangements should a bank have in place at minimum before opening for business? (Choose three.)

A) An automated monitoring system
B) Qualified and knowledgeable staff
C) Third-party screening software
D) Written policy and procedures
E) Independent compliance testing

3. A financial institution's (FI's) policy is to apply enhanced due diligence (EDD) for every new client to ensure the effectiveness of the program. How should a consultant advise the FI's management team?

A) Suggest EDD for 50% of the clients is appropriate.
B) Suggest the FI needs to implement a risk-based approach for EDD.
C) Suggest the management team select the clients that are chosen for EDD.
D) Suggest the management team ask the regulator for advice on EDD measures.

4. An AML compliance officer is drafting plans to address deficiencies identified in an independent audit. Which approach is the best option?

A) Draft action plans in consultation with the jurisdiction's FIU to remain aligned with other similar companies
B) Only commit to action plans that can be implemented and closed within the three-month management reporting cycle
C) Only commit to action plans that require no new investment to maximize shareholder value
D) Draft action plans to address the root cause of the deficiencies, regardless of how long they will take to fully implement

5. A financial institution's transaction monitoring system flags an unusually high volume of international wire transfers originating from a small business account. The transfers are being sent to multiple jurisdictions known for limited regulatory oversight. Additionally, an employee reports suspicious behavior from the account holder during an in-person visit, where they requested a large cash withdrawal without providing a clear business justification. As part of the investigation, the compliance team must assess whether this activity is suspicious and determine the appropriate next steps. Which of the following steps should be taken first in the investigation process to properly gather information and assess whether the transactions are suspicious?

A) Immediately file a suspicious activity report (SAR) based on the employee's report of suspicious behavior
B) Contact the customer directly to ask for clarification on the reason for the large cash withdrawal
C) Review the transaction history of the account to identify patterns, including the frequency, destination, and purpose of the wire transfers
D) Notify senior management and suggest account closure due to potential risks

Solutions: