ACAMS ACAMS Certifications CAMS Questions & Answers

• Question 201:

  Upon filing a suspicious transaction report, which of th following elements should be the highest anti- money laundering priority in making the decision to keep the account open?

  A. Financial impact on the institution if the account is closed.

  B. Procedures to ascertain the potential risk to the organization.

  C. Additional Administrative costs of monitoring the account.

  D. Total number of accounts the institution closed in the last month.

  Correct Answer: B

• Question 202:

  To what extent should senior management and the Board of Directors be involved in the filing of any STR?

  A. They should be informed of all significant STRs and the numbers and trends of the filings

  B. They should be given copies of all STRs filed by the institution

  C. They should review and approve the filing of all STRs

  D. They should be the only designated individuals to communicate with law enforcement

  Correct Answer: A

• Question 203:

  Which of the following customers require the most enhanced due diligence?

  A. A resident of a non-cooperative jurisdiction.

  B. An international business corporation.

  C. A politically exposed person.

  D. An established customer.

  Correct Answer: C

• Question 204:

  What indicates potential money laundering activity by a lawyer?

  A. A lawyer's trust account regularly receives wire transfers from unknown remitters in a high risk country and immediately redirects the same funds to the same remitters account in a low risk country

  B. A lawyer's trust account receives a large value wire transfer from a publicly listed life insurance company and then immediately transfers the same funds out to an unknown individual in a low risk country

  C. A lawyer's account in a low risk country receives a bank draft from another lawyer firm in a high risk country

  D. A lawyer's account in a high risk country receives a cash deposit of an amount that is considerable below the reporting threshold

  Correct Answer: A

• Question 205:

  Which event occurs most frequently in money laundering in the insurance industry?

  A. Getting a reimbursement from an overfunded policy

  B. Purchasing full-term insurance bonds

  C. Failing to take advantage of the free-look period

  D. Redeeming a policy at the end of its term

  Correct Answer: A

• Question 206:

  Which three stages of money laundering are on-line banking vulnerable to?

  A. Placement

  B. Layering

  C. Integration

  D. Structuring

  Correct Answer: ABC

• Question 207:

  An offshore company is owned by four equal partners that reside in separate jurisdictions. One partner presents an authenticated power of attorney apparently executed by the remaining three partners in his favor and requests that a bank account be opened on behalf of all partners. He needs this done quickly because there is a large deposit pending. The account-opening officer contacts the bank's anti-money laundering officer for advice.

  Which of the following should the anti-money laundering officer advise as an initial step?

  A. Verify the identity of all the partners.

  B. Verify the source of the deposit.

  C. File a suspicious transaction report with the appropriate Financial Intelligence Unit.

  D. File a suspicious transaction report with the Egmont Group.

  Correct Answer: C

• Question 208:

  Which of the following is the financial stage of money laundering?

  A. integration

  B. structuring

  C. off shoring

  D. placement

  Correct Answer: A

• Question 209:

  When creating an anti-money laundering program for a foreign bank with branches in the United States, which of the following are included among the four minimum elements required under the USA PATRIOT Act?

  1.

  The development of a Know Your Customer program.

  2.

  An ongoing employee training program.

  3.

  The designation of a compliance officer.

  4.

  An independent audit function to test the program.

  A. 1, 2, and 3 only

  B. 1, 2, and 4 only

  C. 1, 3, and 4 only

  D. 2, 3, and 4 only

  Correct Answer: B

• Question 210:

  An anti-money laundering expert is hired by a new Internet bank to assess the money laundering threat to the bank. Because it is an o line bank the most important recommendation for the expert to make is that the bank:

  A. limit the amount which can be processed per transaction.

  B. ensure that prospective new customers can be properly identified.

  C. set up automated programs to analyze transaction for money laundering activity.

  D. ensure that a firewall is set up to protect the transactions.

  Correct Answer: A