ACAMS ACAMS Certifications CAMS Questions & Answers

• Question 401:

  A compliance officer is reviewing the activity of the wire transfer department for the previous month and identifies an unusual wire transfer from a customer's account.

  Which information should be included in the review of the customer's activity?

  A. Records of the recent deposit activity

  B. Wire transfer requests initiated by phone and internet

  C. Total number of wires processed each month over the previous year

  D. Whether the bank processes wire transfers through a correspondent bank

  Correct Answer: A

• Question 402:

  A New York-based lawyer is interested in purchasing a luxury condo in Manhattan listed at $30 million for a client based in the Caribbean.

  The client does not want to be named on the deed and wants the purchase to be made under the name of a limited liability company (LLC). The client states that the reason for this arrangement is that he is a high level government official who is concerned about his privacy if the purchase were to be made in his name.

  The funds for the purchase are to be wired from several accounts in various countries.

  Which two facts lead to gathering more information about this potential client before moving forward with the transaction? (Choose two.)

  A. The client is from a Caribbean country

  B. The use of an LLC to make the purchase

  C. The client is a high level government official

  D. The funds are coming from several accounts in various countries.

  Correct Answer: CD

• Question 403:

  A bank maintains a number of United States (U.S.) dollar correspondent accounts for foreign financial institutions. Upon a routine review of a U.S. dollar correspondent account owned by Foreign Bank A, a number of transactions appear to have been originated by Foreign Bank B outside the expected activity for this account. These transactions appear suspicious and a suspicious transaction report was filed by the compliance officer.

  Which step should the compliance officer take?

  A. File a report with the appropriate tax authorities in the jurisdictions of Foreign Bank A and Foreign Bank B

  B. Notify senior management of the money laundering risks by allowing Foreign Bank A to maintain its U.S. dollar correspondent account

  C. Notify Foreign Bank A of the discovery and seek documentation supporting Foreign Bank A was collusive and a willing partner with Foreign Bank B in the activity

  D. Notify other U.S. financial institutions who maintain U.S. dollar correspondent accounts for Foreign Bank A and Foreign Bank B in an effort to shut down the activity

  Correct Answer: B

• Question 404:

  What can a compliance officer do in the absence of automated software to conduct U.S. Department of the Treasury Office of Foreign Assets Control (OFAC) sanction screens?

  A. Rely on a credit report from OFAC

  B. Conduct a key-word search on the Internet

  C. Use the consolidated Sanctions List Search screen on the OFAC website

  D. Obtain up-to-date copies of the OFAC's Specially Designated Nationals list

  Correct Answer: C

• Question 405:

  Which two actions should Financial Intelligence Units (FIUs) take when submitting a request to another FIU? (Choose two.)

  A. Send the same request to all FIUs

  B. Disclose the reason and purpose for the request

  C. Provide feedback on how the information was used

  D. Make best efforts to provide complete and factual information

  Correct Answer: BD

• Question 406:

  What is a tool governments and multi-national bodies can use to prevent the proliferation of weapons of mass destruction?

  A. Economic Sanctions

  B. Commission Rogatoire

  C. Account Monitoring Order

  D. Mutual Legal Assistance Treaties

  Correct Answer: A

• Question 407:

  Which three measures are contained in Financial Action Task Force 40 Recommendations for reporting suspicious activity? (Choose three.)

  A. The activity should be reported promptly to the country's financial intelligence unit.

  B. The financial institution has been contracted by law enforcement regarding the activity.

  C. The financial institution has grounds to believe the activity is related to terrorist financing.

  D. The financial institution has contacted the account holder to determine the activity of the account.

  E. The financial institution has reasonable grounds to suspect the funds are proceeds of criminal activity.

  Correct Answer: ACE

• Question 408:

  Which two methods can be used to structure casino-related transactions? (Choose two.)

  A. Playing at the same game

  B. Purchase of chips at multiple gaming tables

  C. Use of third parties to conduct transactions

  D. One time deposit of cash at a single gaming machine

  Correct Answer: BC

• Question 409:

  The local manager of a remote mortgage origination department of a financial institution has just discovered that sanctions screening of new customers is not being performed. Which action should the local manager take in this situation?

  A. Start screening new customers

  B. Immediately inform the regulators

  C. Immediately inform senior management

  D. Do nothing because the department only handles a very small number of mortgages

  Correct Answer: C

• Question 410:

  An anti-money laundering officer is conducting employee reviews. Which employee action warrants enhanced due diligence?

  A. The teller reviews customer profiles and makes notations of personal information to reportedly become familiar with bank customers.

  B. The private banker has recently taken long vacations which caused staff members to fall behind in their work to help cover bank duties.

  C. The branch manager reviews the daily hold report and releases holds on non-cash items once the bank receives credit from the paying bank.

  D. The bank chief executive officer lives in a lavish home and has requested the board to approve a membership payment at an exclusive country club.

  Correct Answer: A