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

1. A financial institution is designing an enterprise-wide risk assessment (EWRA). According to the guidance issued by the Wolfsberg Group regarding a risk-based approach to identifying and managing money laundering risks, an effective approach should:

A) Focus on the inherent risk in the FI's product and service offerings and the controls to mitigate potential money laundering risks.
B) Include appropriate measures and controls to mitigate money laundering risks stemming from higher-risk customers, products, and geographies.
C) Focus on understanding the risks presented by new clients within the assessment period, and the controls to mitigate associated money laundering risks.
D) Use a framework provided by a third-party vendor and used by other FIs in the jurisdiction.

2. What areas of laws and regulations have the greatest impact on AML/CFT applications? (Choose three.)

A) Ombudsman and anti-competition authority
B) Electronic contract and biological signature acceptance
C) Consumer protection, financial inclusion, and environmental, social and governance
D) Information security, data privacy, and cybersecurity
E) Foreign exchange control, and precious gemstone and metal dealing

3. Which of the services provided by Trust and Company Service Providers (TCSPs) present the greatest financial crime risks? (Choose three.)

A) Establishing shell companies for holding financial assets
B) Using trusts to obscure the identity of beneficial owners
C) Providing clear procedures to ensure compliance with local tax regulations
D) Maintaining accurate and updated beneficial ownership details for all customers registered for their services
E) Promoting the use of complex corporate structures

4. An AML compliance officer for a large bank has recently received an internal audit report on the private banking unit. The report revealed that the unit staff were not following risk-based due diligence procedures, so that the unit was not operating effectively. Which immediate actions should the AML compliance officer consider to address these findings? (Select Two.)

A) The legal department should conduct a review to assess potential legal consequences.
B) The board should review and approve a revised AML policy to change customer due diligence requirements in private banking.
C) Management Should implement a quality assurance program in the private banking unit
D) All employees should receive refresher AML training.
E) Private bankers should receive training on AML procedures.

5. Which action BEST demonstrates ongoing customer due diligence?

A) Reviewing customer risk periodically after onboarding
B) Closing accounts every year automatically
C) Ignoring low-value transactions entirely
D) Verifying identity only once at account opening

Solutions: