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

1. Business entities established in offshore financial centers (OFCs) pose unique risks for money laundering because they often:

A) include trusts, investment funds, and insurance companies.
B) are located in geographies that are not accountable to US laws.
C) have limited organizational disclosure and recordkeeping requirements for establishing these business entities.
D) have informal business arrangements between persons or entities.

2. Which changes at a financial institution (FI) should trigger an enterprise-wide reassessment of its inherent AML risk exposure? (Select Three.)

A) Changes in the individuals overseeing the FI's product lines and sales strategies
B) Introduction of new products or services
C) Mergers or acquisitions
D) Restructuring of the FI's risk and compliance functions
E) Use of new technologies for delivering existing products

3. According to guidelines issued by Basel Committee on Banking Supervision relating to corporate governance principles for banks, what is the role of the board of directors in addressing an institution's AML oversight and governance?

A) The compliance function must have sufficient authority, stature, independence, and resources to be effective on its own and should not have access to the board of directors.
B) The board of directors should establish a compliance function and approve the bank's policies for identifying, assessing, monitoring, reporting, and advising on compliance risk.
C) The compliance function should report directly to the CEO concerning the bank's compliance with applicable laws, rules, and standards and only update the board of directors on the bank's efforts in managing compliance risk when required.
D) The board of directors should be responsible for overseeing the management of the bank's compliance risk but not involved in establishing a compliance policy that explains the processes by which compliance risks are to be identified and managed throughout the organization.

4. Criminals may misuse financial statements prepared by accountants to hide illicit assets. Which of the following scenarios poses the greatest risk of financial statement manipulation by criminals?

A) Accountants being used as intermediaries to introduce criminals to financial institutions
B) Criminals posing as individuals seeking financial advice to place assets out of reach to avoid future liabilities
C) Incomplete records being provided during bookkeeping, making them difficult to audit
D) A lack of professional body oversight or required use of accounting and auditing standards in the country of incorporation of the entity

5. Which of the following is a key consideration for a global organization when managing AFC and sanctions compliance across multiple jurisdictions?

A) Ensuring sanctions compliance by relying solely on international bodies like the UN because there is no requirement to adhere to local laws
B) Ensuring group policies and procedures prioritize adherence to US regulations because they are the most influential worldwide
C) Applying global AFC and sanctions policies to ensure consistency without the need to adapt to local regulations
D) Ensuring group policies cater to compliance with each country's specific AML and sanctions regulations

Solutions: