Acams CAMS Exam Practice Test Instant Access

Question 1

[Risks and Methods of Money Laundering and Terrorist Financing]

An anti-money laundering audit identifies a significant weakness in how transaction monitoring alerts are

cleared. Audit sampling identified potentially suspicious activity that was cleared as not suspicious.

Management accepts the audit finding and develops a remediation plan.

What is the role of the auditor during the correction phase?

ADirecting the remediation of the deficiency in a timely manner

BDeveloping procedures to provide sufficient risk-based documentation for clearing alerts

CProviding training to the alert clearing department on the importance of effective alert clearing

DValidating the successful remediation of the issue once management indicates the issue is resolved

Answer : D

Question 2

[Risks and Methods of Money Laundering and Terrorist Financing]

Gatekeepers, including accountants,can be well-positioned to identify and detectchanges in the type of work or the nature of a client's activities.

In order to do so, they need to understand the risks associated with: (Select Two.)

AThe seasoning of accounting clients.

BCorporate entity customers.

CThe subject matter of requested services.

DShort-term client relationships.

Answer : B, C

Question 3

[Conducting and Responding to Investigations]

A law enforcement agency submits several requests to a financial institution. Which request is legitimate and requires the bank to respond?

AFreeze an account in terms of a court order.

BKeep an account open upon verbal request.

CSeize privileged documents upon written request.

DProduce documents and testimony without a subpoena.

Answer : A

Question 4

[Compliance Standards for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT)]

A credit institution has been served with a preliminary findings report highlighting major deviations from AML obligations in its country and stating that it faces the possibility of withdrawal of its banking license.

Which authorities could have issued the report?

AA banking sector self-regulatory body

BLaw enforcement authority

CFinancial Action Task Force (FATF)

DAML supervisory authority

Answer : D

Question 5

[Risks and Methods of Money Laundering and Terrorist Financing]

A customer's registered business activity is a domestic carpet cleaning company. Besides domestic receipts, there are incoming weekly transactions from an international reputable

auction house starting at 15,000 USD and averaging 30,000 USD. The matching cash outgoings amount to 90% of the incoming deposits to non-related individuals. Which is most

concerning for potential money laundering?

AThe customer is paying 90% of the incoming proceeds to non-related individuals in cash.

BThe customer is a domestic carpet cleaning company.

CThe customer's international incomings are from an international reputable antique auction house.

DThe customer's initial international receipt has increased from 15,000 USD to an average of 30,000 USD per transaction per week.

Answer : A

Question 6

[Compliance Standards for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT)]

A compliance manager at a virtual asset service provider (VASP) is evaluating its business and its impact on AML policies. Which of the following features of the VASP's business would be of greatest concern? (Select Four.)

AAllowing clients lo transact anonymity-enhanced tokens

BOnboardlng of clients who are residents abroad. Including those with politically exposed person (PEP) status

CEnabling transfer of tokens from one blockchain to another

DOffering services to VASPs established in jurisdictions that are not FATF compliant

EOperating a network of crypto ATMs charging high fees

FLack of adequate IP address tracking capabilities

Answer : A, B, D, F

Question 7

[Risks and Methods of Money Laundering and Terrorist Financing]

Whichchanges at a financial institution (FI) should trigger an enterprise-wide reassessment of its inherent AML risk exposure? (Select Three.)

AIntroduction of new products or services.

BRestructuring of the FI's risk and compliance functions.

CChanges in the individuals overseeing the FI's product lines and sales strategies.

DUse of new technologies for delivering existing products.

EMergers or acquisitions.

Answer : A, B, E

ACAMS Certified Anti-Money Laundering Specialist v6 Exam Practice Test