ACAMS CAMS7

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

1. Section 319(a) of the USA PATRIOT Act:

A) Permits the U.S. Government to seize funds from a correspondent bank account in the U.S. that has been opened and maintained for a foreign bank in the same amount as has been deposited with the foreign bank.
B) Requires due diligence, and in certain situations enhanced due diligence (EDD), for foreign correspondent accounts, which includes virtually all account relationships that organizations can have with a foreign financial organization and private banking for non-citizens of the U.S.
C) Provides the U.S. Department of Treasury with the authority to apply graduated, proportionate measures against a foreign jurisdiction, foreign financial organization, type of international transaction, or type of account.
D) Allows the appropriate federal banking agency to require a financial organization to produce, within 120 hours, records or information related to the organization's AML compliance or related to a customer of the organization or any account opened, maintained, administered, or managed in the U.S. by the financial organization.

2. What are the common financial crime risks posed to the e-commerce business model? (Select Three.)

A) Abusing online marketplaces to move criminally obtained funds
B) Committing bribery and corruption
C) Committing fraud against the customer by failing to deliver goods or services
D) Evading export control regulations
E) Buying goods or services using stolen bank card data

3. Which of the following best describes the degree of cooperation between regulatory authorities, law enforcement agencies, and Financial Intelligence Units (FIUs) during money laundering investigations, including cross-border cases?

A) Law enforcement agencies and FIUs only cooperate during domestic investigations, leaving cross-border investigations to international organizations like INTERPOL.
B) Regulatory authorities, law enforcement agencies, and FIUs share intelligence and coordinate efforts to streamline cross-border money laundering investigations, often through formal agreements.
C) Regulatory authorities primarily work independently but share information when requested by international law enforcement agencies.
D) FIUs primarily handle reporting from financial institutions, while regulatory authorities and law enforcement agencies are limited to enforcing domestic AML laws without international cooperation.

4. What is the PRIMARY objective of customer identification procedures?

A) Eliminate foreign exchange risk
B) Increase loan approvals
C) Verify customers are who they claim to be
D) Reduce branch staffing requirements

5. The manager of a bank's KYC team discovers that a high-risk customer's activity was not reviewed last quarter as the bank's internal schedule required. What should the KYC team manager do?

A) Remove the customer from the bank's high-risk list
B) Contact the customer's relationship manager to suspend account access until the periodic KYC review is completed
C) Evaluate the KYC review process to understand why the review did not occur as required and take corrective action as necessary
D) Submit a referral to file a suspicious activity report (SAR)

Solutions: