Acams CAMS Dumps Questions Answers

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Acams CAMS Frequently Asked Questions

Acams CAMS Sample Questions

Question # 1

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

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

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Question # 2

When implementing a customer screening system to detect possible sanctions evasion at a financial institution (FI), which of the following requirements should be considered to ensure effective list management? (Select Two.)

A. Only specific individuals should be allowed to modify the lists
B. Only regulatory lists should be used, including those of the Office of Foreign Assets Control (OFAC) and the EU
C. Lists can be created internally or purchased from a vendor
D. All lists should be used for screening in all jurisdictions

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Question # 3

The new KYC lead at a bank is particularly focused on enhancing the risk management component of its KYC program and refers to the Basel Committee's customer due diligence (CDD) principles. Which of the following describe key improvements to a KYC program established in the Basel Committee's CDD principles? (Select Two.)

A. Implementation of a blacklist of correspondent customers with previously detected and investigated suspicious activity
B. Enhancement of a customer acceptance policy to more clearly identify high-risk customers
C. Increased frequency of training provided to front office employees
D. Enhancement of customer identification procedures to appropriately identify trust, nominee, and fiduciary accounts 

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Question # 4

Which statements regarding using network analysis tools to determine links to criminality are true? (Choose three.)

A. When using network analysis data to fight money laundering and financial crime, dataprotection and privacy can be disregarded because fighting crime takes precedent
B. Network analysis tools are an efficient means of generating relevant results becausethey only need a limited amount of data and computation power and artificial intelligence(Al) allows less-skilled people to quickly learn to use these systems
C. When using artificial intelligence (Al) with network analysis tools, it must be ensured thatthe algorithms used are not biased towards social criteria, such as race, gender, or religion
D. Network analysis allows for the identification of individuals or entities in a network byanalyzing connections or links between them and can be used to study a wide range ofsystems, such as social or transportation networks
E. Analyzing relationships between individuals in a social network allows for theidentification of hierarchies, the detection of behaviors and geographical movements, or anunderstanding of how groups are organized 

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Question # 5

The compliance officer at an EU bank is investigating one of the customer accountsmaintained with the bank for the last two years. According to bank records, the company'sprimary economic activity is import and export of petrochemical products Over a period ofone year, the account transactions have exceeded US$500 million with various high-valueinward wire transfers received from suppliers in Yemen followed by outward wire transfersto counterparties in Azerbaijan.Which factor should give the compliance officer the greatest concern If observed in theinvestigation?

A. Media searches reveal a report that the customer was accused of misconduct threeyears ago.
B. The EU bank considers the origin and destination countries Involved in the transactionsto be high-risk.
C. The customer's activity includes multiple cross-border transactions involving variouscounterparties.
D. The EU bank received no originator or beneficiary information for the wire transfers.
E. The customer specializes in the import and export of petrochemical products. 

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Question # 6

How should risk-related issues be addressed to ensure the effectiveness of the three linesof defense model?

A. Ensure that the second line reviews, monitors, and escalates risk-related issues asneeded to senior management while maintaining independent oversight from the third line
B. Have senior management handle risk-related issues directly when possible becausethey are ultimately responsible for the organisation's overall risk management strategy
C. Delegate some risk-related issues to the first line to avoid overwhelming the second lineand to ensure operational efficiency
D. Assign risk-related oversight duties to the third line to provide an independent reviewand address issues more effectively by avoiding conflicts of interest in the first and secondlines 

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Question # 7

When assessing and managing money laundering risks while operating in foreign jurisdictions different from that of the head office, an effective AML monitoring program should:

A. Be consistent with the head office audits
B. Be tailored to the higher of standards between the jurisdictions.
C. Conform to the foreign jurisdiction policies to align with the head office policies.
D. Provide all foreign jurisdiction reports to the head office for approval. 

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Question # 8

The compliance officer at a casino in Taiwan discovers that the casino received multiple cash deposits from a customer just below the Large-Amount Transaction Report (LTR) limit on consecutive days. The customer used three different betting accounts. What is the appropriate next step?

A. Make a note in the customer's account that the customer's gambling activities arefrequently conducted below the reporting limit
B. Follow internal reporting procedures to escalate the activity as suspicious and report toappropriate authorities
C. Inform the customer their activity Is suspicious and request an explanation
D. Contact law enforcement to launch an Investigation into the customer's financialactivities

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Question # 9

Interactions between the compliance department and other functions or departments within an organization contribute to making the anti-financial crime (AFC) compliance program more robust by addressing specific risk areas. Which departments play a crucial role in enhancing the AFC compliance program of an organization? (Select Two.) 

A. Information security office (ISO) 
B. Marketing and sales
C. Human resources (HR) 
D. Data privacy office (DPO) 

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Question # 10

A bank in the Netherlands has been requested to share information about a series oftransactions and related customers with a bank in Italy. Both banks are subject toEuropean Union jurisdiction.Which factor is the most important to consider before the Dutch bank shares the requestedinformation with the Italian bank?

A. The Dutch bank should limit any information sharing to what is necessary, reasonable,and proportionate, in line with applicable laws and regulations
B. The Dutch bank's legal obligations to protect customer privacy and bank secrecyprohibit it from sharing any such information
C. The Dutch bank should require a production order from the Italian bank and receiveapproval from its legal department before sharing the requested information
D. The need to fight financial crime outweighs the EU's data protection and privacyregulations 

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Question # 11

Potential risk indicators for a trade counterparty in trade-based money laundering include: (Select Three.) 

A. Irregular or inconsistent trade volume and frequency that does not align with the historical trading behavior of the counterparty 
B. Contracts, invoices, or other trade documents containing detailed descriptions of the traded commodities 
C. Cash deposits or other transactions consistently below the relevant reporting thresholds 
D. Engaging in transactions and shipping routes or methods that are not in line with standard business practices
E. Transparent pricing structures with additional information provided to the receiving bank when pricing fluctuates by ±10%

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Question # 12

Which of the following are common indicators of possible money laundering within the securities industry? (Select Two.)

A. Receiving securities into an existing brokerage account following the death of a spouse
B. Allowing fixed income securities to mature
C. Using brokerage accounts like deposit accounts
D. Engaging in transactions involving nominees or third parties

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Question # 13

Which of the following statements is true regarding the 2012 Financial Action Task Force (FATF) 40 Recommendations and'or 11 Immediate Outcomes?

A. The 40 Recommendations have not been updated to reflect the impact of newtechnology
B. Each jurisdiction can reach out to the FATF for private access to the interpretive notes tothe 40 Recommendations
C. The 11 Immediate Outcomes are recommendations specific to high-risk jurisdictionsrequiring enhanced monitoring.
D. The cornerstone of the 40 Recommendations is the adoption of a risk-based approachby each jurisdiction 

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Question # 14

A multinational corporation is considering expanding into a new market with a history of political instability and corruption. Which strategy would be most effective in mitigating reputational risk from a financial crime perspective associated with such an expansion? 

A. Ensure the jurisdiction risks and other relevant factors have been taken into consideration in the EWRA and the residual risks are within the corporation's risk appetite 
B. Partnering with established local businesses to leverage their knowledge and connections while sharing risks 
C. Ensuring the company has strong ties with local government officials to influence policy and avoid negative scrutiny 
D. Committing to open communication, ethical practices, and community engagement to build trust with stakeholders 
E. Minimizing the company's direct presence in the country to reduce exposure to potential risks 

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Question # 15

The Money Laundering Reporting Officer (MLRO) of a life insurance company isreviewing the product risk assessment methodology.Which of the following attributes of life insurance products would be attributed ahigher risk rating? (Select Three.)

A. Annuity products with a deferred income stream
B. Products that allow the option to change the nominated beneficiary after thecommencement of the policy
C. Products with international health insurance coverage
D. Products that allow for a cash surrender value
E. Products that restrict the transfer of funds from one policy to another 

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Question # 16

Which techniques are most commonly used in a rules-based approach to transaction monitoring for detecting suspicious activities? (Choose two.)

A. Using predefined rules to flag specific transaction patterns 
B. Randomly flagging transactions for further investigation 
C. Statistical tuning of monitoring scenarios to improve accuracy 
D. Using advanced machine learning models to detect outliers 
E. Setting transaction thresholds for automated alerts 

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Question # 17

Money services businesses (MSBs), payment service providers, and e-commerce platforms usually have a high volume of daily transactions. What are the risks associated with these types of businesses? (Choose two.)

A. These businesses are all cash intensive, increasing the risk of financial crime
B. KYC challenges arise because e-commerce platforms face global customers makingcustomer due diligence complex and resource intensive
C. These businesses are highly regulated and therefore have no reason to be noncompliant as this would put them at risk of sanctions and fines
D. Criminals can make use of identify fraud to fulfill KYC processes for layering purposes
E. The settlement systems of these businesses are not sophisticated enough to cope withthe high transaction volume 

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Question # 18

The chief compliance officer (CCO) at a bank approved offering trade finance services to acompany which is established within a country with a weak democratic system routinelyreviews news on upcoming targeted economic sanction regulations in the EU, a majorimport partner for the country's production of crude oil.Which of the following pieces of news would be of greatest concern?

A. The European Commission and the High Representative issue a joint proposal for animport ban on refined oil products.
B. The European Commission and the High Representative issue a joint proposal for animport ban on oil extraction equipment
C. The Council of the European Union adopts a new export control regime for electronicequipment
D. The Council of the European Union adopts a new import restriction regime for goodscoming from countries that do not respect human rights 

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Question # 19

Which o! the following are considered best practices regarding senior management involvement in a financial crime compliance program? (Select Two.)

A. Mandatory participation in all regulatory inspections
B. Mandatory attendance and review of alt financial crime trainings 
C. Setting clear criteria for escalations to senior management 
D. Setting tone from the top 

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Question # 20

Professional service providers—including lawyers, accountants, investmentbrokers, and other third parties—may abuse their positions to facilitate moneylaundering.Which financial crime risks are associated with this type of abuse? (Select Three.)

A. Opening an account to settle an estate on behalf of a client
B. Establishing shell companies to enable money laundering activities, including placementor layering
C. Opening third-party accounts for the primary purpose of masking the underlying client’sidentity
D. Opening a trust account to facilitate a legitimate real estate transaction
E. Directing or facilitating the laundering of illicit funds, including structuring transactions 

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Question # 21

Non-compliance with relevant anti-money laundering laws and regulations can result in: (Select Two.)

A. increased reputation risk. 
B. inclusion on the UN Consolidated List. 
C. civil and criminal penalties 
D. delisting of public filing status. 

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Question # 22

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. Accepts to participate in an off-cycle FATF mutual evaluation to be held within the next12 months.
B. Must pay a fine to be removed from the list before the next FATF plenary.
C. Has committed to swiftly resolving the deficiencies identified in a FATF mutualevaluation.
D. Poses a high money laundering, terrorist financing and proliferation financing risk andmust be restricted from accessing the international financial system. 

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Question # 23

An organization is developing a comprehensive anti-money laundering (AML) framework. Which of the following statements best describes the relationship between AML policies and procedures?

A. Policies are broad guidelines. Procedures are detailed instructions for specific processes. Only procedures are mandatory for knowledge and adherence.
B. Policies define the principles of an organization and influence the drafting of procedures. Procedures are detailed instructions for specific processes.
C. Policies are detailed instructions for specific processes. Procedures are an overarching framework. Neither policies nor procedures are mandatory for knowledge and adherence. 
D. Policies are detailed instructions for specific processes. Procedures are an overarching framework. Both policies and procedures are mandatory for knowledge and adherence. 

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Question # 24

The UN Security Council's primary role in imposing sanctions is that it has the authority to: 

A. impose sanctions to maintain or restore international peace and security.
B. impose sanctions on countries that lack AML/CFT controls.
C. conduct research on and analyze the impacts of sanctions to improve the effectivenessof sanctions regimes.
D. impose sanctions on economic targets to maintain or restore financial stability within acountry. 

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Question # 25

Which of the following is a primary objective of public sector groups in the fight against money laundering? 

A. Advising private financial institutions on how to enhance their profitability through AML efforts 
B. Establishing and enforcing legal frameworks to detect, prevent, and punish money laundering and related financial crimes 
C. Providing funding to private and non-governmental organizations (NGOs) for the development of advanced compliance technologies 
D. Acting as intermediaries between private sector firms and non-governmental organizations (NGOs) to streamline AML compliance programs 

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Question # 26

A financial institution's (FI's) policy is to apply enhanced due diligence (EDD) for every newclient to ensure the effectiveness of the program.How should a consultant advise the FI's management team?

A. Suggest the FI needs to implement a risk-based approach for EDD.
B. Suggest the management team select the clients that are chosen for EDD.
C. Suggest the management team ask the regulator for advice on EDD measures.
D. Suggest EDD for 50% of the clients is appropriate. 

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Question # 27

Benefits of using artificial intelligence (AI) in conjunction with or in place of traditional rules-based transaction monitoring include that AI can: (Select Two.)

A. Increase the number of false positive alerts
B. Create unbiased scenarios during the machine training phase 
C. Identify changes in customer behavior to more accurately assess risk 
D. Generate customer risk scores to predict potential financial crime activity 

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Question # 28

A trust and company services provider that offers a variety of services to businesses isapproached by a client interested in establishing a new company. The client requestsassistance with the incorporation process, a local business address, annual maintenanceservices, and the designation of individuals to serve in official capacities for the newcompany.Which of the following services involves a higher money laundering risk?

A. Appointing individuals to serve in official capacities of the company
B. Annual maintenance services
C. Provision of a local business address
D. Company incorporation services 

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Question # 29

It is important to validate the “conceptual soundness” of an AML model in order to: 

A. Verify alignment with regulatory guidance and industry best practices
B. Assess whether the model’s methodology and assumptions are logical and appropriate for detecting money laundering
C. Validate the statistical significance of the model’s predictive capabilities  
D. Demonstrate compatibility with current technological infrastructure  

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Question # 30

Which of the following is an important factor to consider when setting up an anti-financial crimes (AFC) compliance program governance structure? 

A. Ensuring the structure is reviewed by an outside auditor or consultant
B. Establishing a system of internal controls commensurate with the institution’s size and complexity
C. Designating a qualified board of directors to monitor day-to-day compliance 
D. Establishing clear roles and responsibilities for AFC risk escalations and issues

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Question # 31

While gaming platforms are typically used for recreational purposes, they can potentially beused for terrorist financing through games in which players can:

A. buy in-game items with virtual in-game currencies.
B. exchange in-game items with other players.
C. trade in-game items with other players that can be exchanged for fiat currency
D. obtain in-game materials by performing in-game activities. 

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Question # 32

A compliance officer at a U.S. financial institution receives a grand jury subpoena requesting customer records related to an ongoing money laundering investigation involving a politically exposed person (PEP). What should the compliance officer do first?

A. Notify the customer and seek consent 
B. Consult with the institution’s legal counsel to assess validity and determine the appropriate response 
C. Immediately provide records to the grand jury
D. File a Suspicious Activity Report (SAR) describing receipt of the subpoena 

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Question # 33

Which of the following is one of the pillars of the EU AML Package adopted in June 2024? 

A. Digital Operational Resilience Act
B. Anti-Corruption Directive
C. EU AML Regulation
D. 7th AML Directive 

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Question # 34

A long-term client of an insurance company makes changes to a policy that requirepayment of an additional lump sum. The amount payable is high, though within the client'smeans based on the KYC information collected. The payment is made via a company inanother jurisdiction that is known to have lax AML controls.Which indicator of suspicious activity is present? 

A. A long-term client wants a change to a policy that is already in force
B. The payment was made via a company that appears to be owned and controlled by theclient being insured
C. The additional premium payable appears to be within the client's means based on theKYC information collected
D. The payment was made via a company in a jurisdiction known to have lax AML controls

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Question # 35

What is the primary advantage of using a risk-based approach in allocating compliance resources?

A. It reduces the overall cost of compliance programs. 
B. It eliminates the need for periodic audits of low-risk customers. 
C. It ensures focus on high-risk areas while maintaining operational efficiency. 
D. It standardizes compliance processes across all regions. 

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Question # 36

The role of FATF-style regional bodies (FSRBs) is to; (Select Three.) 

A. identify and address the current financial crime trends through the issuance oftypologies originating in members outside of their FSRB's Jurisdiction.
B. provide AM L/C FT technical assistance needed by members in their FSRB junsdiction.
C. coordinate technical assistance for members in their FSRB jurisdiction 
D. set and amend the FATF 40 Recommendations for members in their FSRB jurisdiction.
E. identify and address any gaps in the AML/CFT policies for members outside of theirFSRB jurisdiction.
F. offer mutual evaluation and follow-up processes for members in their FSRB Jurisdiction.

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Question # 37

A risk-based approach (RBA) means that countries, competent authorities, and financial institutions:

A. Are exempt from mitigating AML/CFT risks assessed as low
B. Are expected to reduce all residual risks to low
C. Are expected to identify, assess, and understand the AML/CFT risks to which they are exposed 
D. Will allocate compliance resources to non-compliance-related tasks 

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Question # 38

Which characteristic of accountants is most attractive to those looking to launder fundsusing an accountant or accountancy firm?

A. Accountants can prepare ledgers and spreadsheets, draft annual returns and makepayments to government offices
B. Accountants can advise on the structuring of companies as well as ensure compliancewith local tax regulations
C. Accountants are knowledgeable about financial management, including what to recordover the course of the accounting year
D. Accountants are able to create and structure companies, falsify accounts andmanipulate financial statements

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Question # 39

The first line of defense is responsible for:

A. collecting complete customer information.
B. ongoing screening of customers.
C. suspicious activity and sanctions reporting.
D. evaluating the effectiveness of compliance controls.

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Question # 40

An employee at a financial institution (FI) suspects that one of their co-workers is involvedin a financial investment scam syndicate.Which step should be taken next by the employee who has the suspicion?

A. Conduct an open-source intelligence investigation using artificial intelligence tools togain more information on the activities of the suspected employee
B. Use the FI's whistleblowing channel to report the suspected employee
C. Question their co-worker to determine if their suspicions are correct before reporting tothe FI's Human Resources department
D. Warn colleagues and customers of the FI that the employee's suspicious financialinvestment proposals could be a scam
E. Report the suspected employee to the line manager of the FI to take the required action

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Question # 41

Which of the below statements are supported by the Financial Action Task Force (FATF) 40 Recommendations adopted in 2012? (Select Two.)

A. Customer privacy regulations should guide the development of due diligence and other money laundering and terrorist financing preventive measures.
B. Nations should work towards implementing targeted financial sanctions in alignment with the UN Security Council. 
C. Nations should take measures to ensure there is transparency to the beneficial ownership of legal persons. 
D. Nations should establish frameworks that take a risk-based approach to prevent and mitigate money laundering and terrorist financing. 
E. Governments must work toward developing identical administrative and operational frameworks for investigating and prosecuting crime. 
F. Regulators should direct Financial Institutions to establish appropriate frameworks to avoid banking higher risk customers. 

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Question # 42

A financial institution has received complaints about friction in the onboardingprocess when additional information is requested.Which potential solutions could help ensure a better customer onboardingexperience with reduced friction? (Select Two.)

A. Implement internal or external tools that streamline onboarding processes
B. Implement new processes only once every three years to ensure consistency
C. Ensure consistent training of all employees on new processes, policies, and tools
D. Ensure that only team leads or managers have decision-making power 

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Question # 43

A credit institution has been served with a preliminary findings report highlighting majordeviations from AML obligations and stating that it faces the possible withdrawal of itsbanking license.Which authority could have issued the report? 

A. AML supervisory authority
B. A banking sector self-regulatory body
C. Law enforcement authority
D. Financial Action Task Force (FATF) 

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Question # 44

An employee at a financial institution (Fl) suspects that one of their co-workers is involvedin a financial investment scam syndicate. Which step should be taken next by theemployee who has the suspicion?

A. Question their co-worker to determine If their suspicions are correct before reporting tothe Fl's Human Resources department
B. Use the Fl's whistle blowing channel to report the suspected employee
C. Warn colleagues and customers of the F1 that the employee's suspicious financialinvestment proposals could be a scam
D. Conduct an open-source intelligence investigation using artificial intelligence tools togain more information on the activities of the suspected employee
E. Report the suspected employee to the line manager of the F1 to take the required action 

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Question # 45

Which section of the USA PATRIOT Act permits the US government to seize funds deposited in a US correspondent account of a foreign bank, creating extraterritorial impact? 

A. Section 314(a) 
B. Section 314(b)
C. Section 319(b) 
D. Section 319(a) 

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Question # 46

A compliance officer is completing a case and has determined that the events do not meritfiling a suspicious activity report (SAR).Which of the following should be included in the case notes to justify not filing a SAR?(Choose two.)

A. Who made the decision not to file the SAR
B. Why the officer deemed that the case did not merit filing a SAR
C. How much money was involved in the case
D. How the money flowed through the institution
E. When the unusual activity occurred 

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Question # 47

How do nominees benefit criminals misusing thorn for money laundering purposes? (SelectTwo.)

A. Allow beneficial owners to provide proxies lot voting on corporate decisions
B. Obscure beneficial ownership
C. Allow domicile in the nominee's jurisdiction
D. Derail investigations 

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