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CAMS Exam Practice QuestionsAnd Answers Latest Update
How do drug traffickers and other criminals use the fine art industry to
disguise illicit proceeds?
A. They use forged or fraudulent invoicing of priceless works of art by auction
houses B. They commingle legitimate and illicit proceeds by principals for
payment of fine art C. They immediately resell priceless works of art after
purchase from a foreign auction house D. They use anonymous agents to buy
the art and have the payment wired from offshore havens Answer: D
An anti-money laundering specialist at a large institution is responsible for
informing senior management about the status of the anti-money laundering
program across the organization. Which report is the most useful?
A. The total credit exposure for non-cooperative countries and territories B.
Results of related audits and examinations C. Details on inquiries received
from law enforcement D. Notification of management changes in the different
major divisions Answer: B
What is most valuable when using the internet as an investigative source?
A. A team of AML investigators B. A reference list of websites known to yield
credible information C. A combination of independent thinking and technical
skills D. A powerful search engine Answer: B
What should senior management do in order to promote a culture of anti-
money laundering compliance?
,A. They should include compliance with AML procedures as condition of
employment B. They should attend all training sessions with front-line
employment C. They should have close ties with the independent auditors of
the AML program D. They should base employee compensation on the amount
of suspicious activity they detect Answer: A
What is the result of an increased awareness of the potential for gatekeepers to
assist in money laundering in recent years?
A. The IMF has raised the profile of gatekeepers, requiring that countries
regulate them B. Lawyers who represent money launderers can more easily be
prosecuted C. Accountants are no longer considered gatekeepers, since they
are not permitted to set up companies or trusts D. The FATF recommendations
cover lawyers performing financial transactions Answer: B
Which three are principles found in the document "Principles of information
Exchange between Financial Intelligence Units (FIUs)"?
A. The exchange of information between FIUs should take place as informally
and as rapidly as possible and with no prerequisites, while guaranteeing
protection of privacy and confidentiality of the shared data B. Differences in
the definition of offenses that fall under the competence of FIUs should be
before free exchange of information takes place C. The Egmont principle of
free exchange of information at the FIU level should be possible on the basis of
reciprocity, including spontaneous exchange D. It should be possible for
communication between FIUs to take place directly and without
intermediaries Answer: A,C,D
What are three risk factors a financial institution should examine with regard
to a proposed new product? A. The complexity of the product B. The need to
verify the identification of the customer C. Whether the product is easily
,transferable D. Whether other financial institutions are marketing the product
Answer: A,B,C
In some instances, a financial institution may receive a warrant from law
enforcement authorities to search its premises. A search warrant is a grant of
permission from a court for a law enforcement agency to search certain
designated premises and seize specific categories of items or information.
Generally, what is the required threshold for the requesting agency to establish
in order to obtain a search warrant of a financial institution?
A. Reasonable belief B. Probable cause C. A preponderance of the evidence D.
Clear and Convincing proof Answer: A
Which three characteristics make non-profit organizations vulnerable to
misuse for terrorist financing? A. Enjoying the public trust B. Having access to
a considerable sources of funds C. Being listed as government nonprofit
organization D. Having a global presence for national and international
operations and financial transactions Answer: A, B, D
An anti-money laundering specialist at a financial institution has received a
legal request to provide all transaction records for a specific individual since
2004. Which three items should be delivered?
A. Monthly statements and transaction activities for that individual since 2004
B. All wire transfer for that individual since 2004 C. All security trading
activities for that individual since 2004 D. Signature cards from accounts
opened by that individual since 2004 Answer: A,B,C
How do payable through accounts (PTAs) differ from normal foreign
correspondent accounts? A. The customers do not have to worry about
sanctions list screening such as OFAC B. The customers have the ability to
directly control funds at the correspondent bank C. The customers can contact
, the correspondent bank directly to send wire transfers D. The customers can
hide their identity through the use of cover payments in U.S. dollars Answer:
A
What is the term for trading through multiple accounts, where an individual
generates offsetting profits and losses and transfers of positions through
accounts that do not appear to be commonly controlled?
A. Ponzi scheme B. Market Manipulation C. Net Trading D. Wash Trading
Answer: D
The Wolfsberg Principles for Private Banking list circumstances that would
require additional due diligence, including activities that involve which three
of these choices? A. Foreign jurisdictions B. High Risk Countries, including
those identified by credible sources as having inadequate Anti-Money
Laundering standards C. High Risk activities, involving clients and beneficial
owners whose source of wealth originates from activities known to be
vulnerable to money laundering D. Public officials, including those individuals
who have or had positions of public trust Answer: B,C,D
Which three are examples of best practices terms of ensuring an adequate
AML program? A. Engage an independent party to perform a periodic review
of the program B. Review applicable domestic and international AML guidance
C. Perform a risk analysis on a regular basis and compare it to the coverage of
the AML program D. Review the accuracy of account opening applications
Answer: B,C,D
Which three statements are true regarding the extraterritorial reach of laws
and legislation of the U.S.? A. The criminal anti-money laundering law can
apply to transactions that occur partially overseas B. Economic and trade
sanctions by OFAC may pose extraterritorial risks for financial institutions and
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