Acams cams practice test

Certified Anti-Money Laundering Specialist Exam

Last exam update: Nov 30 ,2023
Page 1 out of 28
Viewing questions 1-15 out of 406

Question 1

The main purpose of the US Treasury Department for OFAC's extraterritorial reach is to:

  • A. accomplish the foreign policy and national security goals of the US.
  • B. defend the US against questionable trade practices of its economic rivals.
  • C. protect allied nations of the US from the economic threats of non-allied nations.
  • D. align OFAC's and other countries' extraterritorial reach requirements.
Answer:

A

Explanation:
Reference:
https://www.natlawreview.com/article/aggressive-extraterritorial-reach-us-economic-
sanctions-foreign-company-exposure-to

Discussions
0 / 1000
1
singrajv
2 months, 3 weeks ago

A. accomplish the foreign policy and national security goals of the US.

0
2 months, 2 weeks ago

Accomplish the foreign policy and national security goals of the US.

0
arkonis
2 months, 1 week ago

A accomplish the foreign policy and national security goals of the US.

0
wils
2 months, 1 week ago

A. accomplish the foreign policy and national security goals of the US

0
1 month ago

A. accomplish the foreign policy and national security goals of the US

0
1 month ago


A. accomplish the foreign policy and national security goals of the US.

0
3 weeks, 5 days ago

A. accomplish the foreign policy and national security goals of the US.

0
dpersoul8
3 weeks, 3 days ago

A. accomplish the foreign policy and national security goals of the US.

0
3 weeks, 2 days ago

D. align OFAC's and other countries' extraterritorial reach requirements.

0
3 weeks, 2 days ago

A.accomplish the

0
Kleopapp
3 weeks ago

A. accomplish the foreign policy and national security goals of the US.

0
Gautam
3 weeks ago

Acomplish the foreign

0
alinemaidla
2 weeks, 6 days ago

A. accomplish the foreign policy and national security goals of the US

0
alinemaidla
2 weeks, 6 days ago

A. accomplish the foreign policy and national security goals of the US.

0
AnaA.
2 weeks, 6 days ago

D. align OFAC's and other countries' extraterritorial reach requirements

0
saranraina
2 weeks, 6 days ago

accomplish the foreign policy and national security goals of the US.

0
saranraina
2 weeks, 6 days ago

Thanks for submitting , your comment will be approved soon by our moderators

0
AnaA.
2 weeks, 3 days ago

D. aligner les exigences de portée extraterritoriale de l'OFAC et d'autres pays.

0
AnaA.
2 weeks, 3 days ago

D. align OFAC's and other countries' extraterritorial reach requirements.

0
AnaA.
2 weeks, 2 days ago

D. aligner les exigences de l’OFAC et d’autres pays en matière de portée extraterritoriale.

0
AnaA.
2 weeks, 2 days ago

A. atteindre les objectifs de politique étrangère et de sécurité nationale des États-Unis.

0
1 week, 6 days ago

A. accomplish the foreign policy and national security goals of the US.

0
1 week, 1 day ago

accomplish the foreign policy and national security goals of the US.

0
1 week ago

. accomplish the foreign policy and national security goals of the US.

0
camscert23
1 week ago

A. accomplish the foreign policy and national security goals of the US.

0
3 days, 15 hours ago

Defend the US against

0
FinPro_Audit
1 day, 19 hours ago

A. accomplish the foreign policy and national security goals of the US.


Question 2

The bank's Compliance Officer is tasked with designing standards based on Basel's KYC principles.
Which essential elements should be included in the program? (Choose two.)

  • A. Appointing an independent audit function
  • B. Conducting a money laundering risk assessment
  • C. Documenting a customer acceptance policy
  • D. Establishing on-going monitoring of high-risk accounts
  • E. Reporting suspicious activity
Answer:

C, E

Explanation:
Reference:
https://www.bis.org/publ/bcbs77.pdf

Discussions
0 / 1000
0
amarillys
3 months, 1 week ago

the correct answer id C and D

0
[email protected] (replied to amarillys)
2 months, 3 weeks ago

Yes! I had the same response too, but it says here the correct answer is C & E !

0
singrajv
2 months, 3 weeks ago

C. Documenting a customer acceptance policy
E. Reporting suspicious activity

0
2 months, 2 weeks ago

Documenting a customer acceptance policy and establishing on-going monitoring of high-risk accounts.

0
2 months, 2 weeks ago

The correct answer is C and D.

0
arkonis
2 months, 1 week ago

It absolutely is C and D

0
1 month ago

A. Appointing an independent audit function

0
3 weeks, 5 days ago

C. Documenting a customer acceptance policy
D. Establishing on-going monitoring of high-risk accounts

0
Kleopapp
3 weeks ago

C. Documenting a customer acceptance policy
D. Establishing on-going monitoring of high-risk accounts

0
alinemaidla
2 weeks, 6 days ago

B. Conducting a money laundering risk assessment
E. Reporting suspicious activity

0
AnaA.
2 weeks, 6 days ago

B. Conducting a money laundering risk assessment
D. Establishing on-going monitoring of high-risk accounts

0
AnaA.
2 weeks, 3 days ago

B. Réaliser une évaluation des risques de blanchiment de capitaux.
D. Établir une surveillance continue des comptes à haut risque.

0
AnaA.
2 weeks, 2 days ago

D. D. Réalisation d’une évaluation des risques de blanchiment d’argent
D. Mise en place d’une surveillance continue des comptes à haut risque

0
AnaA.
2 weeks, 2 days ago

B. Réaliser une évaluation des risques de blanchiment de capitaux
C. Documenter une politique d'acceptation du client

0
1 week, 6 days ago

C. Documenting a customer acceptance policy
D. Establishing on-going monitoring of high-risk accounts

0
1 week, 2 days ago

It will be both C and D.

0
1 week ago

C. Documenting a customer acceptance policy
D. Establishing on-going monitoring of high-risk accounts

0
FinPro_Audit
1 day, 19 hours ago

The correct answers C, E


Question 3

A SAR/STR should be filed when the accountable institution identifies that:

  • A. a customer makes a cash deposit in round dollars.
  • B. cash transactions have values which avoid reporting thresholds.
  • C. an alert is generated by a transaction monitoring system.
  • D. an employee is not clearing alerts in a timely manner.
Answer:

C

Explanation:
Reference:
https://www.fdic.gov/regulations/examinations/supervisory/insights/siwin07/article03_connecting.
html

Discussions
0 / 1000
0
2 months, 2 weeks ago

The answer is B and C.

0
arkonis
2 months, 1 week ago

B implies that there are multiple transactions avoiding the threshold which would be a reason to file a STR

0
1 month ago

C. an alert is generated by a transaction monitoring system.

0
3 weeks, 5 days ago

B. cash transactions have values which avoid reporting thresholds.

0
3 weeks, 2 days ago

B.
B. cash transactions have values which avoid reporting thresholds.

0
Kleopapp
3 weeks ago

B. cash transactions have values which avoid reporting thresholds.

0
alinemaidla
2 weeks, 6 days ago

cash transactions have values which avoid reporting thresholds & an alert is generated by a transaction monitoring system.

0
AnaA.
2 weeks, 6 days ago

B. cash transactions have values which avoid reporting thresholds.

0
AnaA.
2 weeks, 3 days ago

B. les transactions en espèces ont des valeurs qui évitent les seuils de déclaration.

0
AnaA.
2 weeks, 2 days ago

D. D. Les transactions en espèces ont des valeurs qui évitent les seuils de déclaration.

0
AnaA.
2 weeks, 2 days ago

C. une alerte est générée par un système de surveillance des transactions.

0
1 week, 6 days ago

B. cash transactions have values which avoid reporting thresholds

0
1 week, 6 days ago

Thanks for submitting , your comment will be approved soon by our moderators

0
1 week, 2 days ago

B implies the activity related to Structuring which would be a reason to file a STR

0
1 week, 1 day ago

cash transactions have values which avoid reporting thresholds.

0
1 week ago

B. cash transactions have values which avoid reporting thresholds

0
1 week ago

B. cash transactions have values which avoid reporting thresholds.


Question 4

An analyst reviewing trade finance transactions notices an increase in price of 25% over 12 months
for commodities with the same specification and quantity. Which action should the analyst take?

  • A. Produce an investigation report that finds evidence to substantiate the analyst's suspicion and submit a SAR/STR.
  • B. Produce an investigation report that considers client activity and factors that may have legitimately affected transaction cost.
  • C. Produce an updated due diligence record for the client so that monitoring can be enhanced.
  • D. Produce a SAR/STR that describes apparent trade-based money laundering and submit to the Financial Investigation Unit (FIU).
Answer:

B

Discussions
0 / 1000
0
2 months, 2 weeks ago

Product a SAR/STR that describes apparent trade-based money laundering and submit to the FIU.

0
1 month ago

C. Produce an updated due diligence record for the client so that monitoring can be enhanced.

0
3 weeks, 5 days ago

C.Produce an updated due diligence record for the client so that monitoring can be enhanced.

0
3 weeks, 2 days ago

D. Produce a SAR/STR that describes apparent trade-based money laundering and submit to the Financial Investigation Unit (FIU).

0
AnaA.
2 weeks, 6 days ago

B. Produce an investigation report that considers client activity and factors that may have legitimately affected transaction cost.

0
AnaA.
2 weeks, 3 days ago

B. Produire un rapport d'enquête qui prend en compte l'activité du client et les facteurs qui peuvent avoir légitimement affecté le coût de transaction.

0
AnaA.
2 weeks, 2 days ago

D. D. Produire un rapport d’enquête qui tient compte de l’activité du client et des facteurs qui peuvent avoir légitimement eu une incidence sur le coût de la transaction.

0
AnaA.
2 weeks, 2 days ago

B. Produire un rapport d'enquête qui prend en compte l'activité du client et les facteurs qui peuvent avoir légitimement affecté le coût de transaction.

0
1 week, 1 day ago

Produce an updated due diligence record for the client so that monitoring can be enhanced.

0
1 week ago

C. Produce an updated due diligence record for the client so that monitoring can be enhanced.


Question 5

Which key factor would result in the decision for a financial institution (FI) to exit a client
relationship?

  • A. After assessing all risk factors the level of residual client risk exceeds the FI's risk appetite.
  • B. The client is a registered charity known to remit funds to high risk geographies where there is limited due diligence information available.
  • C. Closing the client accounts will help reduce the number of transaction monitoring alerts.
  • D. Client transactions generate ongoing transaction monitoring alerts that did not result in any SAR/STR filings.
Answer:

A

Discussions
0 / 1000
0
2 months, 2 weeks ago

After assessing all risk factors the level of residual client risk exceeds the FI's risk appetite.

0
1 month ago

B. The client is a registered charity known to remit funds to high risk geographies where there is limited due diligence information available

0
3 weeks, 5 days ago

A. After assessing all risk factors the level of residual client risk exceeds the FI's risk appetite.

0
3 weeks, 2 days ago

A. After assessing all risk factors the level of residual client risk exceeds the FI's risk appetite.

0
AnaA.
2 weeks, 3 days ago

B. Le client est un organisme de bienfaisance enregistré connu pour envoyer des fonds vers des zones géographiques à haut risque où les informations disponibles en matière de diligence raisonnable sont limitées.

0
AnaA.
2 weeks, 2 days ago

Un. Après avoir évalué tous les facteurs de risque, le niveau de risque résiduel du client dépasse l’appétit pour le risque de l’institution financière.

0
AnaA.
2 weeks, 2 days ago

A. Après avoir évalué tous les facteurs de risque, le niveau de risque résiduel du client dépasse l'appétit pour le risque de l'IF.

0
1 week, 1 day ago

After assessing all risk factors the level of residual client risk exceeds the FI's risk appetite.

0
1 week ago

After assessing all risk factors the level of residual client risk exceeds the FI's risk appetite.


Question 6

Financial institutions (FIs) perform AML risk assessments to ensure:

  • A. a record for regulators indicating an AML risk assessment was completed at least once.
  • B. internal audit assurance that all AML-related policy and procedures are board approved.
  • C. satisfaction of the board of directors' approved risk appetite.
  • D. proper controls surrounding higher-risk products, services, customers, and geographic locations.
Answer:

D

Explanation:
Reference:
https://www.wolfsberg-
principles.com/sites/default/files/wb/pdfs/faqs/17.%20Wolfsberg-Risk-Assessment-FAQs-2015.pdf

Discussions
0 / 1000
0
2 months, 2 weeks ago

proper controls surrounding higher-risk products, services, customers, and geographic locations.

0
1 month ago

B. The client is a registered charity known to remit funds to high risk geographies where there is limited due diligence information available

0
3 weeks, 5 days ago

D. proper controls surrounding higher-risk products, services, customers, and geographic locations.

0
3 weeks, 2 days ago

D. proper controls surrounding higher-risk products, services, customers, and geographic locations.

0
AnaA.
2 weeks, 3 days ago

D. des contrôles appropriés concernant les produits, services, clients et emplacements géographiques à plus haut risque.

0
AnaA.
2 weeks, 2 days ago

D. des contrôles appropriés concernant les produits, les services, les clients et les emplacements géographiques à haut risque.

0
AnaA.
2 weeks, 2 days ago

D. des contrôles appropriés concernant les produits, services, clients et emplacements géographiques à plus haut risque.

0
1 week, 1 day ago

proper controls surrounding higher-risk products, services, customers, and geographic locations

0
1 week ago

D.proper controls surrounding higher-risk products, services, customers, and geographic locations.


Question 7

What national agency is responsible for analyzing and assessing the information it receives to
substantiate possible existence of money laundering or terrorist financing activities?

  • A. The Financial Intelligence Unit (FIU)
  • B. FATF
  • C. The Basel Committee
  • D. The Wolfsberg Group
Answer:

B

Explanation:
Reference:
https://www.fatf-
gafi.org/media/fatf/content/images/National_ML_TF_Risk_Assessment.pdf

Discussions
0 / 1000
0
SigappiGandhi
2 months, 4 weeks ago

FIU is a national agency receive and analyze the data

1
2 months, 3 weeks ago

FATF is a national agency??

0
2 months, 3 weeks ago

The correct answer is A! this mock exams is so misleading!

0
2 months, 2 weeks ago

The Financial Intelligence Unit (FIU)

0
3 weeks, 5 days ago

A. The Financial Intelligence Unit (FIU)

0
3 weeks, 2 days ago

A. The Financial Intelligence Unit (FIU)

0
AnaA.
2 weeks, 3 days ago

A. La Cellule de Renseignement Financier (CRF)

0
AnaA.
2 weeks, 2 days ago

Un. La Cellule de renseignement financier (CRF)

0
AnaA.
2 weeks, 2 days ago

B. GAFI...

0
1 week, 1 day ago

A. The Financial Intelligence Unit (FIU)

0
1 week ago

The Financial Intelligence Unit (FIU)


Question 8

When performing a risk assessment, which factors should be considered when identifying and
measuring risk? (Choose two.)

  • A. Customer composition
  • B. Financial performance
  • C. Product offerings
  • D. Regulatory environment
  • E. Company culture
Answer:

A, D

Discussions
0 / 1000
0
Reena
2 months, 3 weeks ago

A C

0
2 months, 2 weeks ago

Customer composition and Product offerings

0
3 weeks, 5 days ago

A. Customer composition
C. Product offerings

0
AnaA.
2 weeks, 3 days ago

B. Performance financière
D. Environnement réglementaire

0
AnaA.
2 weeks, 2 days ago

C. Offres de produits
D. Environnement réglementaire

0
1 week ago

A. Customer composition
C. Product offerings


Question 9

Which are common types of economic sanctions? (Choose three.)

  • A. Targeted sanctions
  • B. Technological sanctions
  • C. SWIFT network sanctions
  • D. Sectoral sanctions
  • E. Supervisory sanctions
  • F. Comprehensive sanction
Answer:

A, C, F

Explanation:
Reference:
https://www.cfr.org/backgrounder/what-are-economic-sanctions

Discussions
0 / 1000
0
2 months, 2 weeks ago

Targeted sanctions, sectoral sanctions, SWIFT network sanctions.

0
3 weeks, 5 days ago

D. Sectoral sanctions
E. Supervisory sanctions
F. Comprehensive sanction

0
3 weeks, 2 days ago

A, and D, and F

0
alinemaidla
2 weeks, 6 days ago

A, C, D answers

0
AnaA.
2 weeks, 3 days ago

D. Sanctions sectorielles

0
AnaA.
2 weeks, 2 days ago

Un. Sanctions ciblées
C. Sanctions contre le réseau SWIFT
F. Sanction globale

0
1 week ago

A. Targeted sanctions
B. Technological sanctions
D. Sectoral sanctions


Question 10

Which private banking situation requires due diligence actions to be implemented according to the
AML principles of the Wolfsberg group?

  • A. A local wealthy individual wants to become a customer of a local retail bank.
  • B. A beneficial owner of an exchange house wants to open an account with the bank.
  • C. A wealthy individual from a high-risk country wants to open an account with a private bank.
  • D. A new customer asks to set up an exchange house using the bank as the correspondent.
Answer:

C

Discussions
0 / 1000
0
2 months, 2 weeks ago

A wealthy individual from a high-risk country wants to open an account with a private bank.

0
3 weeks, 5 days ago

C. A wealthy individual from a high-risk country wants to open an account with a private bank.

0
3 weeks, 2 days ago

C is my answer

0
AnaA.
2 weeks, 3 days ago

B. Un bénéficiaire effectif d’une maison de change souhaite ouvrir un compte auprès de la banque.
C. Un riche particulier originaire d’un pays à haut risque souhaite ouvrir un compte auprès d’une banque privée.
D. Un nouveau client demande à créer un bureau de change en utilisant la banque comme correspondant.

0
1 week ago

C. A wealthy individual from a high-risk country wants to open an account with a private bank.


Question 11

Which assessments are involved in the processes of mutual evaluation and follow-up by the FATF?

  • A. Risk assessments and technical standards assessments
  • B. Technical compliance assessments and effectiveness assessment
  • C. Sanction risk assessments and the country's National Risk Assessment
  • D. Country audit assessments and transaction monitoring assessments
Answer:

B

Explanation:
Reference:
https://www.fatf-gafi.org/publications/mutualevaluations/more/more-about-mutual-evaluations.html?hf=10&b=0&s=desc(fatf_releasedate)

Discussions
0 / 1000
0
2 months, 2 weeks ago

Technical compliance assessments and effectiveness assessment

0
3 weeks, 5 days ago

B. Technical compliance assessments and effectiveness assessment

0
3 weeks, 2 days ago

C is my answer

0
AnaA.
2 weeks, 3 days ago

C. Évaluations des risques de sanctions et évaluation nationale des risques du pays

0
1 week ago

C. Sanction risk assessments and the country's National Risk Assessment


Question 12

According to the Basel Committee on Banking Supervision, banks should deal with high-risk
customers by:

  • A. maintaining segregated records to enable easy inspection by law enforcement in case of a subpoena.
  • B. assigning those customers to specified private bankers for better monitoring of their offshore transactions.
  • C. performing enhanced due diligence including enhanced ongoing monitoring of the account activity.
  • D. seeking approval from the board of directors before establishing the relationship.
Answer:

C

Explanation:
Reference:
https://www.bis.org/bcbs/basel3.htm

Discussions
0 / 1000
0
2 months, 2 weeks ago

performing enhanced due diligence including enhanced ongoing monitoring of the account activity.

0
3 weeks, 5 days ago

C. performing enhanced due diligence including enhanced ongoing monitoring of the account activity.

0
3 weeks, 2 days ago

C is my answer

0
AnaA.
2 weeks, 3 days ago

C. effectuer une diligence raisonnable renforcée, y compris une surveillance continue renforcée de l'activité du compte.

0
1 week ago

C. performing enhanced due diligence including enhanced ongoing monitoring of the account activity.


Question 13

Which situations would require a financial institution (FI) to update its ML/TF risk assessment?
(Choose two.)

  • A. When new products, services or customer types are introduced
  • B. When new board members are elected
  • C. When the AML compliance team hires new employees
  • D. When the institution faces a merger or acquisition
  • E. When opening a sales point in a new location in the same city
Answer:

D, E

Explanation:
Reference:
https://www.fatf-
gafi.org/media/fatf/content/images/National_ML_TF_Risk_Assessment.pdf

Discussions
0 / 1000
1
2 months, 2 weeks ago

When new products, services or customer types are introduced, and when the institution faces a merger or acquisition

0
3 weeks, 5 days ago

A. When new products, services or customer types are introduced
D. When the institution faces a merger or acquisition

0
3 weeks, 2 days ago

A and D are my answers

0
AnaA.
2 weeks, 3 days ago

A. Lorsque de nouveaux produits, services ou types de clients sont introduits

0
AnaA.
2 weeks, 3 days ago

A. Lorsque de nouveaux produits, services ou types de clients sont introduits.
D. Lorsque l'établissement est confronté à une fusion ou une acquisition.

0
1 week ago

A and D are my answers


Question 14

Based on studies executed by the Organization for Economic Cooperation and Development (OECD),
which occupations are particularly vulnerable to the use of false identities and identity theft?

  • A. Government officers
  • B. Sea port officers
  • C. Lawyers
  • D. Laborers
Answer:

A

Discussions
0 / 1000
0
2 months, 2 weeks ago

Government officers

0
3 weeks, 5 days ago

D. Laborers

0
3 weeks, 2 days ago

D is my answer

0
AnaA.
2 weeks, 3 days ago

D. Ouvriers


Question 15

Which methods are typically used to launder money using insurance companies? (Choose two.)

  • A. The policy holder overpays the policy and moves the funds out of the policy despite paying early withdrawal penalties.
  • B. The policy holder enters a sibling as a beneficiary of the insurance policy rather than themselves.
  • C. The policy holder purchases a bond and redeems it at a discount prior to its full term.
  • D. The policy holder uses an offshore company to pay the insurance installments.
  • E. The policy holder is strongly interested in how many costs are incurred when taking out an insurance policy.
Answer:

A, D

Discussions
0 / 1000
0
2 months, 2 weeks ago

The policy holder purchases a bond and redeems it at a discount prior to its full term. The policy holder overpays the policy and moves the funds out of the policy despite paying early withdrawal penalties.

0
3 weeks, 5 days ago

A. The policy holder overpays the policy and moves the funds out of the policy despite paying early withdrawal penalties.
D. The policy holder uses an offshore company to pay the insurance installments.

0
3 weeks, 2 days ago

D is my answer

0
AnaA.
2 weeks, 3 days ago

A. Le preneur d’assurance paye en trop la police et retire les fonds de la police malgré le paiement de pénalités de retrait anticipé.
C. Le preneur d'assurance achète une obligation et la rachète à rabais avant son échéance complète.

To page 2