Acams CAMS Exam Practice Test Instant Access

Question 1

Which are common types of economic sanctions? (Choose three.)

ATargeted sanctions

BTechnological sanctions

CSWIFT network sanctions

DSectoral sanctions

ESupervisory sanctions

FComprehensive sanction

Answer : A, C, F

Question 2

Which methods are typically used to launder money using insurance companies? (Choose two.)

AThe policy holder overpays the policy and moves the funds out of the policy despite paying early withdrawal penalties.

BThe policy holder enters a sibling as a beneficiary of the insurance policy rather than themselves.

CThe policy holder purchases a bond and redeems it at a discount prior to its full term.

DThe policy holder uses an offshore company to pay the insurance installments.

EThe policy holder is strongly interested in how many costs are incurred when taking out an insurance policy.

Answer : A, D

Question 3

After a FATF mutual evaluation process, which are resulting actions for jurisdictions that are determined to have strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing? (Choose two.)

AExpect private statements from FATF regarding the level of compliance of the jurisdiction, when insufficient progress is made.

BAppeal to FATF for a technical compliance re-rating based on the jurisdiction's own experts criteria.

CDemonstrate a high-level commitment to swiftly resolve the identified deficiencies in the FATF mutual evaluation report.

DRequest FATF for an extension of deadlines in order to provide local awareness on the improvements that are necessary to solve the deficiencies.

EReport to FATF on the implementation of their progress under the enhanced follow-up mechanism.

Answer : C, E

Question 4

Which red flag should a compliance officer prioritize first for investigation?

AA loan is paid off in full with cash after the sale of the vehicle that was used as collateral for the loan.

BSeveral cross-border transfers are received and immediately wired to another beneficiary.

CA customer has 20 monthly transactions that are repetitive but less than $500 USD per transaction.

DA convenience store cashes government checks for its customers in amounts less than $1,000 USD per day.

Answer : C

Question 5

One of the red flags of microstructuring is:

Adepositing sequentially numbered checks.

Bcheck deposits followed by ATM withdrawals using debt card in retail store.

Csingle activity in an account immediately following the opening of the account.

Dfrequent visits to make cash deposits of nominal amounts.

Answer : D

Question 6

An accounting firm opened an account at a bank that is intended to be used as the operational account for the business. After a few months, a comprehensive review of the account was triggered due to unusual activity on the account. Which most likely triggered the review?

AThe account receives international payments that are substantially higher than other fees they typically receive.

BThe account sends monthly donations to several charities that operate in the same communities as the accounting firm.

CThe account receives several payments a day from multiple customers who operate in different industries.

DThe account receives international wires from companies in the Middle East where the accounting firm has several branches.

Answer : B

Question 7

One area of responsibility for the Board of Directors when implementing a successful AML program is to:

Aensure the appointment of a qualified chief AML officer.

Bcreate a culture of compliance based on the profit expectation.

Cmanage the day-to-day processes of the compliance program.

Dhire a third-party firm to be responsible for the AML compliance.

Answer : A

Acams Certified Anti-Money Laundering Specialist Exam Practice Test