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

1. An international bank is headquartered in Madrid, Spain with an office in New York City (NYC), US. The Madrid office is investigating a transaction originating from a customer of the NYC office and inquires whether the NYC office can share any relevant further information on the individual.
Upon further research, the NYC office finds that they have filed a suspicious activity report (SAR) on the individual in the previous year. Which factors need to be considered before sharing the requested information? (Select Two.)

A) The bank should consider jurisdictional privacy requirements and its own policies and procedures to determine what information to share.
B) The bank should report this to the Financial Crimes Enforcement Network (FinCEN) and receive formal guidance before sharing the information.
C) The information should only be shared on a need-to-know basis.
D) The foreign bank must always request approval by its national anti-financial crime authority to share any information cross-border.

2. Which practices should financial institutions (FIs) adopt for the process of terminating customer relationships? (Choose three.)

A) Performing a final review of a customer's transaction history and records to address any unresolved issues prior to termination
B) Utilizing a flexible communication style that adapts to different customer situations during the termination process
C) Keeping records of the termination process, including the justification for the decision and any correspondence with the customer
D) Notifying the customer of the termination decision only after completing the termination process to prevent possible disputes
E) Implementing a standardized procedure for customer termination that includes risk assessments and necessary documentation

3. Risks associated with real estate transactions include (Select Two.)

A) paying true market price for a property.
B) cross-border purchases.
C) non-financed purchases.
D) purchases in the name of a natural person.

4. An AML compliance officer for a large bank has recently received an internal audit report on the private banking unit. The report revealed that the unit staff were not following risk-based due diligence procedures, so that the unit was not operating effectively. Which immediate actions should the AML compliance officer consider to address these findings? (Select Two.)

A) Management Should implement a quality assurance program in the private banking unit
B) Private bankers should receive training on AML procedures.
C) All employees should receive refresher AML training.
D) The board should review and approve a revised AML policy to change customer due diligence requirements in private banking.
E) The legal department should conduct a review to assess potential legal consequences.

5. Which statement best describes a key money laundering risk associated with virtual asset service providers (VASPs), cryptoassets, and related products?

A) Cryptoassets can be transferred across borders quickly, but the volatility of their value still makes them less attractive for money laundering compared to traditional assets
B) Mandatory reporting requirements have been implemented for certain types of crypto transactions, but gaps in regulation and enforcement still leave room for money laundering activities.
C) The pseudonymous nature of transactions allows criminals to hide their identities while transferring large sums of money globally, making it difficult to trace the ultimate beneficial owner.
D) The transparency of blockchain technology helps law enforcement trace transactions, but it can also provide criminals with ways to obscure their financial activities through complex layering techniques.

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