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

1. A bank is preparing for a regulatory exam after a previous regulatory exam identified weaknesses in the bank's AML program. Since the last exam, the bank has improved the written AML program, hired an experienced AML compliance officer, and has taken actions to demonstrate a strong culture of compliance. The bank is now focused on getting through their transaction monitoring case backlog and completing enhancements to its sanctions screening program.
Which of the following are correct? (Select Two.)

A) The bank may face civil or criminal penalties if it is unable to demonstrate sustained improvement in addressing the previous concerns.
B) The bank is protected from reputational risk arising from any regulatory action because regulatory orders must remain confidential.
C) The bank is likely to face secondary sanctions from global financial institutions despite addressing many of the previous concerns.
D) The regulatory agency may require the bank's board of directors to publicly share the actions taken to address the previous concerns in order to limit its reputational risk.
E) The bank may face the risk of regulatory orders to remediate its AML program despite addressing many of the previous concerns.

2. A robust transaction monitoring system includes the capability to:

A) File Suspicious Activity Reports (SARs), Currency Transaction Reports (CTRs), and other regulatory reports
B) Monitor transactions and identify anomalies that might indicate suspicious activity
C) Automatically translate documents
D) Integrate social media profiles

3. The Money Laundering Reporting Officer (MLRO) of a life insurance company is reviewing the product risk assessment methodology. Which of the following attributes of life insurance products would be attributed a higher risk rating? (Select Three.)

A) Products that allow for a cash surrender value
B) Products that allow the option to change the nominated beneficiary after the commencement of the policy
C) Products with international health insurance coverage
D) Annuity products with a deferred income stream
E) Products that restrict the transfer of funds from one policy to another

4. Which risk factors should a financial institution (FI) examine for a new corporate customer intending to open a new bank account? (Select Three.)

A) All the financial institutions where the new customer currently banks or banked previously
B) The identity of senior managing officials and all individuals authorized to operate the account
C) The country or location where the customer is from or conducts business
D) The employment profiles and information of all employees of the new customer
E) The type of business the corporate customer is engaged in

5. The financial industry relies heavily on rules-based approaches to transaction monitoring to detect suspicious activities. Scenario-based systems use technology and algorithms to identify:
(Choose three.)

A) fraudulent identities involving stolen or manufactured identification.
B) hidden beneficial owners.
C) transaction patterns involving transactions that exceed a certain dollar amount.
D) anomalies involving a transaction that occurs in a location far away from the customer's usual spending patterns.
E) suspicious behavior involving a transaction that occurs at an unusual time of day.

Solutions: