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

1. The manager of a bank's KYC team discovers that a high-risk customer's activity was not reviewed last quarter as the bank's internal schedule required. What should the KYC team manager do?

A) Contact the customer's relationship manager to suspend account access until the periodic KYC review is completed
B) Evaluate the KYC review process to understand why the review did not occur as required and take corrective action as necessary
C) Submit a referral to file a suspicious activity report (SAR)
D) Remove the customer from the bank's high-risk list

2. Business entities established in offshore financial centers (OFCs) pose unique risks for money laundering because they often:

A) include trusts, investment funds, and insurance companies.
B) are located in geographies that are not accountable to US laws.
C) have limited organizational disclosure and recordkeeping requirements for establishing these business entities.
D) have informal business arrangements between persons or entities.

3. Trust and company service providers (TCSPs) should address money laundering risk by: (Select Three.)

A) Considering what additional safeguards may be required when client instructions are given through another TCSP located in another jurisdiction
B) Requiring the client to complete and submit an AML risk self-assessment to the jurisdiction's Financial Intelligence Unit (FIU)
C) Establishing procedures to document the basis on which the TCSP will act as a registered officer for the client and retaining records of that involvement
D) Establishing dual controls and quality assurance practices when processing transactions for the client
E) Conducting an onsite evaluation of the client to assess internal controls
F) Gathering and recording information from clients to understand the purpose of the legal entity, as well as the identity of managers and ultimate beneficial owners

4. The owner of a real estate investment company deposits multiple cashier's checks that were bought using cash over a three-month period, from the sale of two apartments. This account also receives several electronic transfers from other financial institutions for US$10,000 each. What activity is considered suspicious of money laundering?

A) Performing operations with real estate investment companies
B) Using cashier's checks in the transactions with the real estate investment company's account
C) Using cash to buy multiple cashier's checks over a period of time
D) Receiving electronic transfers for US$10,000 amounts from other financial institutions

5. Which of the following corporate structures present a higher money laundering risk because of reduced transparency? (Select Three.)

A) A private investment company incorporated in a tax haven jurisdiction with strict secrecy laws
B) A limited liability company incorporated in a foreign jurisdiction
C) A private company that has no activity in a tax haven jurisdiction
D) A company with nominee shareholders and directors in a local jurisdiction
E) A company with bearer shares incorporated in a tax haven jurisdiction

Solutions: