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

1. Common risks associated with cryptocurrency and convertible virtual currencies include: (Select Three.)

A) Funds being stolen from other users
B) Layering transactions to hide the origin of funds derived from illicit activity
C) Obscuring the source of illicit funds
D) Difficulty converting into physical currency
E) Facilitating payment for other illicit activities and goods

2. When a government imposes economic sanctions on a target the purpose is to:

A) indicate that the use of military force is likely unless the state or non-state target complies with the government's
B) interests encourage non-governmental organizations to increase the provision of humanitarian and charitable aid to the target
C) alter the behavior of the state or non-state target that threatens the interests of that government or violates international norms
D) protect the rights of the citizens of the state target against their own government and improve financial stability in the region.

3. According to the Financial Action Task Force's (FATF's) "Guidance for a Risk-Based Approach Life Insurance Sector," which of the following are money laundering red flags relating to the involvement of a third party in a life insurance product? (Select Two.)

A) A customer transfers the policy to another insurance company unaffiliated with the original policy issuer.
B) Payments are regularly received from third parties that have no apparent relationship with the policy holder.
C) A customer names an apparently unrelated third party as a beneficiary.
D) A customer engages an attorney to consult on the issuance of the policy.

4. Which scenario best justifies why a customer's account might be closed by a financial institution?

A) The account has transactions that triggered multiple suspicious activity reports.
B) The customer is the object of a civil subpoena.
C) The account shows periodic fixed amount remittances for tuition fees.
D) The customer uses a shipping company dealing with specially designated nationals.

5. When the Financial Action Task Force (FATF) places a jurisdiction on the list of "jurisdictions under increased monitoring," also known as the "grey list," the jurisdiction:

A) Has committed to swiftly resolving the deficiencies identified in a FATF mutual evaluation.
B) Poses a high money laundering, terrorist financing and proliferation financing risk and must be restricted from accessing the international financial system.
C) Accepts to participate in an off-cycle FATF mutual evaluation to be held within the next 12 months.
D) Must pay a fine to be removed from the list before the next FATF plenary.

Solutions: