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

1. Professional service providers--including lawyers, accountants, investment brokers, and other third parties--may abuse their positions to facilitate money laundering. Which financial crime risks are associated with this type of abuse? (Select Three.)

A) Opening third-party accounts for the primary purpose of masking the underlying client's identity
B) Opening an account to settle an estate on behalf of a client
C) Establishing shell companies to enable money laundering activities, including placement or layering
D) Opening a trust account to facilitate a legitimate real estate transaction
E) Directing or facilitating the laundering of illicit funds, including structuring transactions

2. How should risk-related issues be addressed to ensure the effectiveness of the three lines of defense model?

A) Ensure that the second line reviews, monitors, and escalates risk-related issues as needed to senior management while maintaining independent oversight from the third line
B) Delegate some risk-related issues to the first line to avoid overwhelming the second line and to ensure operational efficiency
C) Assign risk-related oversight duties to the third line to provide an independent review and address issues more effectively by avoiding conflicts of interest in the first and second lines
D) Have senior management handle risk-related issues directly when possible because they are ultimately responsible for the organisation's overall risk management strategy

3. Which of the following are part of a risk-based approach? (Choose three.)

A) Focusing monitoring primarily on previously flagged customers while using standard controls for others
B) Determining detailed risk profiles for customers based on their activities and relationships
C) Performing a comprehensive risk assessment to identify customer, transaction, and geographic risks
D) Allocating resources equally across all customer segments to ensure fairness
E) Choosing and applying effective controls that align with the identified risk levels

4. A bank organized under foreign law and located outside of the US maintains a correspondent banking relationship with a US-based bank to handle financial transactions in US dollars for its clients. In compliance with the USA PATRIOT Act of 2001, all US banks and broker-dealers in securities must obtain a signed certification from all non-US foreign bank clients conducting business with them. What information does the USA PATRIOT Act of 2001 require the foreign bank to certify to the US bank? (Select Three.)

A) The foreign bank will not allow indirect use of the correspondent bank accounts by Politically Exposed Persons (PEPs)
B) The foreign bank will not allow indirect use of the correspondent bank accounts by shell banks
C) The ownership details of the foreign bank
D) The foreign bank's operations will be limited to the country of incorporation
E) The jurisdictions in which the foreign bank maintains a physical presence

5. Which key performance indicators (KPIs) should be considered in the context of ML/TF transaction monitoring? (Select Three.)

A) Number of days required to hire new staff
B) Number of transactions by top customers
C) Average time to review an alert
D) Number of alerts raised for review or reporting
E) Number of alerts by region

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