ACAMS CAMS7

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

1. Fuzzy logic or fuzzy matching in the context of name screening is a method that:

A) Relies exclusively on exact string matches
B) Matches names on screening lists to names with similar spellings, patterns, or sounds
C) Uses machine learning to predict names based on historical data
D) Matches names with the same length and characters

2. In what ways is the finance industry vulnerable to the risks of money laundering? (Select Three.)

A) It invests in new technology and systems to ensure effective and timely detection of financial crime
B) It has high transaction volumes, making it difficult to identify suspicious activities and track the origin of funds
C) It is frequently engaged with high-risk jurisdictions, which can increase exposure to financial crime or weak regulatory oversight
D) It offers complex financial products, which can make it easier to obscure the source of funds
E) It is subject to heightened regulatory obligations with strict reporting requirements to safeguard the financial system from illicit fund flows and ensure market stability

3. Which step should financial institutions take when complying with sanctions requirements?

A) Adopt automatic screening systems to detect designated persons and entities.
B) Conduct enhanced due diligence for prohibited entities on the sanctions list.
C) Freeze the funds or assets of designated persons and entities once this decision is approved by the board.
D) Change the risk profile to "high-risk" if an existing customer becomes a sanctioned entity and continue monitoring further transactions.

4. Which risks inherent to real estate sector carry the highest AML/CFT risk? (Select Two.)

A) Manipulation of the value of a property
B) Use of cash to purchase property
C) Use of a registered trust for the purchase of property
D) Use of a company for the purchase of property
E) Unlicensed real estate agents acting as front companies

5. Based on the AML principles outlined by the Wolfsberg Group, what do private and correspondent banks have in common when monitoring for terrorist financing?

A) Transaction monitoring examines the relationship between due diligence information and account closings.
B) Numbered or alternate name accounts will only be accepted if the bank has established the identity of the client and beneficial owner.
C) Cash access from a pre-paid card increases the potential that the card will be used for money laundering purposes.
D) Account and transactional activity are monitored after the proper identification and verification of customers.

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