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Quiz 2025 ACAMS Fantastic CAMS: Test Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Engine Version

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ACAMS Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Sample Questions (Q162-Q167):

NEW QUESTION # 162
How can a financial institution verify the nature and purpose of a business and its legitimacy?

A. By reviewing the company's website
B. By undertaking a company search or other commercial inquires to see that the institution has not been, or is not in the process of being dissolved of terminated
C. By using an independent information verification process, such as by accessing public and private databases
D. By reviewing a copy of the corporation's latest audited reports and accounts

Answer: B

NEW QUESTION # 163
An anti-money laundering specialist has just developed and implemented an anti-money laundering program.
What is the most effective resource to evaluate the effectiveness of the program?

A. A qualified independent party/auditor
B. A member of senior management
C. The anti-money laundering specialist
D. The regulator authorities

Answer: A

Explanation:
A qualified independent party/auditor is the most effective resource to evaluate the effectiveness of an anti- money laundering program. This is because an independent auditor can provide an objective and unbiased assessment of the program, identify any weaknesses or gaps, and make recommendations for improvement.
An independent auditor can also verify the compliance of the program with the relevant regulations and best practices, and test the adequacy and functionality of the internal controls, customer due diligence processes, and transaction monitoring systems. An independent auditor can also help an organization prepare for regulatory examinations and audits, and avoid potential penalties or sanctions.
References: = The main references for this question are the following sources:
* The document titled "Frequently Asked Questions Conducting Independent Reviews of Money Services Business Anti-Money Laundering Programs" published by the Financial Crimes Enforcement Network (FinCEN) in July 2010. You can access it by clicking here.
* The document titled "AML Audit: How to Effectively Assess Your Compliance Program" published by Alessa in May 2023. You can access it by clicking here.
* The document titled "Mutual Evaluations" published by the Financial Action Task Force (FATF). You can access it by clicking here.

NEW QUESTION # 164
A suspicious transaction report has been filed on an account owned by the wife of the bank's ChiefExecutive Officer. Which of the following is the most important consideration when deciding whether to recommend closing the account?

A. Customer relations
B. The institution's anti-money laundering policy
C. Chief Executive's reputational risk
D. Requests from the competent authority

Answer: B

Explanation:
The most important consideration when deciding whether to recommend closing the account is the institution' s anti-money laundering policy. This is because the policy should provide clear and consistent criteria for account closure decisions, based on the risk assessment, the nature and severity of the suspicious activity, the customer due diligence information, and the legal and regulatory obligations of the institution. The policy should also ensure that the account closure process is independent, objective, and transparent, and that it does not compromise the confidentiality of the suspicious transaction report or the investigation.
ACAMS Study Guide for the CAMS Certification Examination, 6th Edition, Chapter 5, Section 5.4.2, page
1971
ACAMS CAMS Certification Video Training Course, Module 5, Lesson 5.4, video time 9:00-10:302 ACAMS CAMS Certification Practice Exam, Question 145, page 2863

NEW QUESTION # 165
Which of the following reflect money laundering risk indicators in relation to a securities account?
1. A high level of activity in that securities account immediately followed by a high volume of securities transactions.
2. Frequent wire transfers into an account immediately followed by debit card transactions.
3. Frequent wire transfers into an account immediately followed by checks (cheques) or other payment instruments drawn on the account.

A. 1, 2, and 3
B. 2 and 3 only
C. 1 and 3 only
D. 1 and 2 only

Answer: A

Explanation:
All of the three options reflect money laundering risk indicators in relation to a securities account, as they could suggest attempts to conceal the source or destination of illicit funds, or to avoid detection or reporting by authorities. According to the FATF Guidance for a Risk-Based Approach for the Securities Sector1, some of the common indicators of money laundering in securities transactions include:
* A high level of activity in securities accounts inconsistent with the customer's profile or investment objectives
* Frequent or large movements of funds between accounts or institutions, especially involving high-risk jurisdictions or offshore locations
* Use of debit cards or other payment instruments to access funds from securities accounts
* Use of complex or unusual transactions or structures without apparent economic or legal purpose: 1 FATF Guidance for a Risk-Based Approach for the Securities Sector, pages 43-44.

NEW QUESTION # 166
An anti-money laundering specialist is concerned that several suspicious transaction reports will discuss potential illegal activity of bank employees. In this situation, which of the following is the immediate concern for the institution?

A. Ensuring no delay in informing the Board.
B. The type of form to be used when reporting to the Board.
C. The timing of the presentation of suspicious transaction reports to the competent authority.
D. Prohibiting distribution of suspicious transaction report copies to the Board.

Answer: A

NEW QUESTION # 167
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