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

1. A customer frequently deposits large amounts of cash into an online gambling account and requests withdrawals shortly after with minimal gambling activity. What is the most likely money laundering risk associated with this behavior in the gambling and gaming industry?

A) The customer is attempting to avoid high fees by minimizing gambling activity
B) The customer is a high-risk gambler who regularly places large bets
C) The customer is testing the gaming platform's payout system for potential fraud
D) The customer is attempting to convert illicit funds into "clean" withdrawals

2. An adequate organizational policy is: (Choose two.)

A) signed off by the board of directors and regulators
B) clearly communicated and understood by staff
C) up to date and reflects all relevant regulatory developments
D) approved by the clients and third parties

3. It is essential to identify any "family members" or "close associates" of politically exposed persons (PEPs) as part of the KYC/CDD process because they could be:

A) used as intermediaries to facilitate bribery or corruption or to conceal the illicit wealth of the PEP.
B) executing cross-border transactions for their own business which is not commensurate to the PEP's wealth.
C) travelling to offshore jurisdictions often on holiday which exposes them to higher risks for AML.
D) in a position to provide more information regarding the PEP's whereabouts and hidden properties.

4. An AML analyst at a financial institution is examining an alert generated by the automated transaction monitoring system to determine whether the alert should be escalated to the AML unit for further investigation or whether it can be archived as a false positive. Which action might be reasonable for the AML analyst to take?

A) Restrict the client's access to the account
B) Request information from the relationship manager assigned to the account that caused the alert
C) Perform below-the-line testing to ensure the automated monitoring system is operating effectively
D) Send a request for information to the counterparty bank involved in the transaction that caused the alert

5. Unusual wire transfer transactions can include: (Choose two.)

A) multiple wire transfers sent to counterparties associated with the client as per KYC documentation.
B) wire transfers in different currencies between accounts held at different banks for the same client.
C) an incoming wire transfer followed by the loan payment to a third party that is a business associate of the client.
D) an incoming third-party wire transfer followed by the purchase of real estate in the client's name.

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