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

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

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

2. Correspondent banking is considered a higher-risk banking sector because correspondent banking transactions:

A) Are made primarily to and from high-risk jurisdictions
B) Are made cross-border and on behalf of third parties
C) Can be made anonymously and without beneficial ownership information
D) Typically include less information than domestic payments

3. Which characteristics of trust and company service providers (TCSPs) can potentially make them vulnerable to financial crime? (Select Three.)

A) They do not have to comply with AML regulations in most jurisdictions
B) They may market themselves specifically to criminals
C) Having minimal face-to-face contact with customers, particularly in offshore arrangements
D) Offering nominee directors may increase anonymity by concealing true ownership
E) Selling ready-made, off-the-shelf companies to offshore intermediaries

4. An institution is looking to alter an existing threshold-based monitoring scenario because it is generating too many alerts that do not yield suspicious activity reports. Documentation submitted to the relevant committee for supporting this proposal should include details on: (Choose three.)

A) how many resources are spent on the less productive lower threshold and the associated costs.
B) the number of cases that will not be filed and the resources that can be freed up for other tasks.
C) historical analysis proving that the current scenario generates a disproportionate number of false positives.
D) minutes of meeting held with the regulator where agreement was obtained that the higher threshold was justified.
E) approval by money-laundering reporting officer for the proposal.
F) evidence that the increased residual risk arising from the change is within the bank's risk appetite.

5. Which factor would MOST likely trigger escalation to an AML investigations team?

A) Regular utility payments
B) Expected payroll deposits
C) Transactions inconsistent with customer behavior and unsupported by documentation
D) Routine ATM withdrawals

Solutions: