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Simulate the real exam

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Only need to practice for 20 to 30 hours

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

1. A financial institution is conducting an enterprise-wide risk assessment (EWRA) and has identified a high inherent risk of money laundering associated with its private banking division due to the clientele's high net worth and complex financial structures. However, the institution has implemented robust customer due diligence (CDD) and enhanced due diligence (EDD) procedures, along with sophisticated transaction monitoring systems.
How would these controls impact the assessment of residual risk?

A) The residual risk would be eliminated entirely because the controls are sufficient to mitigate all potential risks
B) The residual risk would remain high due to the inherent nature of the private banking business
C) The residual risk would be moderately reduced, but further controls may be necessary to achieve an acceptable level
D) The residual risk would be significantly reduced due to the effectiveness of the controls in place

2. Which of the following are potential financial crime-related red flags when obtaining client data? (Choose three.)

A) A client insists on using a personal bank account for business transactions despite being advised otherwise
B) The ultimate beneficial ownership is unclear
C) A new client shows a preference for minimal direct interaction and relies primarily on indirect communication methods, citing convenience or time constraints
D) A client frequently submits financial statements much earlier than required appearing overly eager
E) The client is a publicly listed company but very diversified

3. News published in Country A reports that a politically exposed person (PEP) had received a bribe from a transnational company headquartered in a developing country of approximately USS1.5 million deposited into on account at a financial institution (Fl> located in Country B Both countries are members of the Egmont Group The account where the money was deposited belongs to the PEP's immediate family member. To corroborate the facts, the PIU of Country A sent a formal request via secure communication channels for further information from its counterpart FIU in Country B.
According to Egmont principles, the FIU of Country B can:

A) provide the requested information only if a memorandum of understanding (MoU) is signed between Country A and Country
B) provide the information available to them because the exchange is between two FlUs that are members of the Egmont Group, and the formal request was made using secure communication channels.
C) deny the request if the FIU of Country B has not received a suspicious activity report (SAR) from the Fl where the account was opened.
D) direct the FIU of Country A to the Fl where the account was opened for further information.

4. The role of FATF-style regional bodies (FSRBs) is to; (Select Three.)

A) offer mutual evaluation and follow-up processes for members in their FSRB Jurisdiction.
B) coordinate technical assistance for members in their FSRB jurisdiction
C) identify and address the current financial crime trends through the issuance of typologies originating in members outside of their FSRB's Jurisdiction.
D) identify and address any gaps in the AML/CFT policies for members outside of their FSRB jurisdiction.
E) set and amend the FATF 40 Recommendations for members in their FSRB jurisdiction.
F) provide AM L/C FT technical assistance needed by members in their FSRB junsdiction.

5. The compliance officer at an EU bank is investigating one of the customer accounts maintained with the bank for the last two years. According to bank records, the company's primary economic activity is import and export of petrochemical products Over a period of one year, the account transactions have exceeded US$500 million with various high-value inward wire transfers received from suppliers in Yemen followed by outward wire transfers to counterparties in Azerbaijan.
Which factor should give the compliance officer the greatest concern If observed in the investigation?

A) Media searches reveal a report that the customer was accused of misconduct three years ago.
B) The EU bank received no originator or beneficiary information for the wire transfers.
C) The customer specializes in the import and export of petrochemical products.
D) The EU bank considers the origin and destination countries Involved in the transactions to be high-risk.
E) The customer's activity includes multiple cross-border transactions involving various counterparties.

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