ACAMS CAMS Online Practice Questions and Exam Preparation

ACAMS CAMS Online Questions & Answers

• Question 1:

  What are the rules imposed by Office of Foreign Assets Control (OFAC) for legal entities and persons related to the U.S.? (Choose two.)

  A. Any foreign corporation is also penalized if it conducts transactions with sanctioned countries under OFAC rules.
  B. A subsidiary of a legal entity of the U.S., which is formally registered in a foreign country, is exempt from OFAC rules.
  C. A foreign individual visiting the U.S. for a short vacation is obligated to follow OFAC rules.
  D. The head office of a foreign legal entity which has a branch in the U.S. does not need to comply with OFAC rules.
  E. Nationals of the U.S. must comply with OFAC rules, regardless of where they are located in the world.
  C. A foreign individual visiting the U.S. for a short vacation is obligated to follow OFAC rules.
  E. Nationals of the U.S. must comply with OFAC rules, regardless of where they are located in the world.

• Question 2:

  Which product type is subject to U.S. extra-jurisdictional reach over non-U.S. banks and non-U.S. persons under the USA PATRIOT Act?

  A. Commercial lending
  B. Trade finance
  C. Private banking
  D. Correspondent banking
  D. Correspondent banking

• Question 3:

  The USA PATRIOT Act on correspondent banking requires U.S. FIs that onboard new non-U.S. FIs to address which of the following? (Choose two.)

  A. Determine under a risk-based approach if correspondent accounts require enhanced due diligence (EDD) measures.
  B. Close correspondent accounts that the foreign banks allow other FIs to use.
  C. Ascertain the identity of the owners of the accounts that reside in the U.S.
  D. Perform scrutiny for possible money laundering by obtaining information of the foreign bank's AML program.
  E. Implement monitoring activities in a reasonable manner only for inbound transactions.
  A. Determine under a risk-based approach if correspondent accounts require enhanced due diligence (EDD) measures.
  D. Perform scrutiny for possible money laundering by obtaining information of the foreign bank's AML program.

• Question 4:

  Which activities could be considered a potential spear phishing scam? (Choose three.)

  A. Members of a religious organization receive a donation request by email claiming to be from their leader.
  B. Payroll receives an external email from an employee looking to update their bank account information.
  C. A courier delivers a business a duplicate invoice that contains updated payment details of an existing supplier.
  D. An employee receives an email that asks to download an attachment, but the attachment is a malware.
  E. An employee receives a phone call requesting that money be sent to assist someone in trouble.
  F. A business sends its employees an email warning that email passwords must be changed to prevent cyber-fraud.
  A. Members of a religious organization receive a donation request by email claiming to be from their leader.
  B. Payroll receives an external email from an employee looking to update their bank account information.
  C. A courier delivers a business a duplicate invoice that contains updated payment details of an existing supplier.

• Question 5:

  One of the main purposes of FATF-Style Regional Bodies is to:

  A. focus on global fraud typologies.
  B. help jurisdictions implement AML and terrorism financing standards.
  C. determine global watchlist standards and ensure that those lists are maintained accordingly.
  D. set up and maintain a global Politically Exposed Persons (PEPs) database.
  B. help jurisdictions implement AML and terrorism financing standards.

• Question 6:

  What should be proven about the effectiveness of FATF 40 recommendations during a FATF mutual evaluation of a country?

  A. Money laundering and terrorist financial risks are understood by the FIs in the evaluated country.
  B. The evaluated country has implemented compliant AML/CFT laws and regulations.
  C. There is evidence that the defined outcomes of the evaluated country's AML/CFT system are achieved.
  D. The assessed country has created a Financial Intelligence Unit (FIU) to manage suspicious activities.
  C. There is evidence that the defined outcomes of the evaluated country's AML/CFT system are achieved.

• Question 7:

  An existing customer has changed its business scope and jurisdictions it deals with. Which are the steps the bank needs to take to manage sanctions compliance risk for this, customer?

  A. Perform a politically exposed persons and negative media screening
  B. Conduct further sanction screening on the customer's directors and ultimate beneficial owners
  C. Deploy an independent risk-based test to ensure the screening on this customer is effective
  D. Collect further customer reference data and determine what must be screened and at which frequency
  D. Collect further customer reference data and determine what must be screened and at which frequency

• Question 8:

  A company is endorsing the execution of terrorism through different activities, such as the development of content for pro-terrorist TV messages, encouraging the support of terrorist activities via web, advertising the use of cryptocurrencies and paying producers and reporters for the TV and web messaging. What specific action should be considered financing of terrorism?

  A. Funding producers and reporters
  B. Advertisement of cryptocurrencies
  C. Development of content
  D. Supportive web messages
  A. Funding producers and reporters

• Question 9:

  A FI receives a legal request to freeze assets of a client. Which action should be taken?

  A. Immediately freeze the client's assets.
  B. Wait for the approval of the legal department.
  C. Process the latest transactions before freezing the bank account.
  D. Inform the client.
  A. Immediately freeze the client's assets.

• Question 10:

  What are the main components of a FATF mutual evaluation?

  A. Measuring effectiveness and technical compliance
  B. Assessing a country and training
  C. Scoping and on-site visits
  D. Drafting reports and plenary discussions
  A. Measuring effectiveness and technical compliance