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The CAMS certification is highly respected in the industry and is recognized by employers, regulators, and law enforcement agencies worldwide. It is a comprehensive and rigorous exam that covers a broad range of topics related to anti-money laundering (AML), including risk assessment, customer due diligence, transaction monitoring, and regulatory compliance. CAMS Exam is designed for professionals who work in various roles in the financial industry, including compliance officers, risk managers, auditors, and law enforcement professionals.

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q402-Q407):

NEW QUESTION # 402
Which scenario best justifies why a customer's account might be closed by a financial institution?

A. The account has transactions that triggered multiple suspicious activity reports.
B. The customer uses a shipping company dealing with specially designated nationals.
C. The account shows periodic fixed amount remittances for tuition fees.
D. The customer is the object of a civil subpoena.

Answer: A

Explanation:
Financial institutions closely monitor customer accounts for suspicious activity related to money laundering, terrorist financing, or other illicit activities. If an account consistently triggers multiple suspicious activity reports (SARs), it raises red flags. These reports indicate unusual or potentially illegal transactions, such as large cash deposits, frequent transfers to high-risk jurisdictions, or patterns inconsistent with the customer's profile. To mitigate risk and comply with anti-money laundering (AML) regulations, the financial institution may decide to close the account. Regular SAR filings are essential for maintaining the integrity of the financial system and preventing illicit financial flows12.
Reference:
1. ACAMS: Suspicious Activity Reports (SARs)
2. MoneyLaundering.com: Suspicious Activity Reports

NEW QUESTION # 403
The anti-money laundering compliance officer for a small money transmitter has several agent locations in the same geographic area in the United States. The customers are immigrants from Country A and the majority of the funds are remitted to Country A.
In a meeting with one of the agents, it is recently discovered that two new customers have been coming in three times a week and sending funds to the same recipient in Country
B. Each cash transaction always totals exactly
$8,000.
What should alert the agent to possible money laundering activity by the two customers?

A. They remit funds to the same person
B. They have been coming in three times a week
C. Each of their transactions is just below the cash reporting threshold
D. It is unusual for customers to remit to Country B

Answer: A

NEW QUESTION # 404
According to the Financial Action Task Force (FATF) methodology, which situations would require a financial institution (FI) to consider filing a Suspicious Activity Report (SAR)?

A. A transaction involves funds exchanged from crypto to fiat currencies.
B. A FI is unable to verify the relevant customer due diligence (CDD) documents.
C. A beneficiary of a transaction is a politically exposed person (PEP).
D. A FI identifies the payer as a dealer in precious metals or stones.

Answer: B

Explanation:
A Suspicious Activity Report (SAR) is required when a financial institution detects activity that raises suspicion of money laundering, terrorist financing, or fraud.
Option A (Correct): Inability to verify customer identification documents is a red flag for potential financial crime and may require reporting to the Financial Intelligence Unit (FIU).
Option B (Incorrect): PEPs require enhanced due diligence (EDD), but their involvement alone does not automatically trigger a SAR.
Option C (Incorrect): Dealers in precious metals/stones are high-risk, but being in this industry alone does not warrant an automatic SAR.
Option D (Incorrect): Crypto-to-fiat transactions are not inherently suspicious, but they require monitoring for unusual activity.
Key SAR Filing Triggers:
Transactions that do not match the customer's expected activity.
Incomplete, fraudulent, or unverifiable customer identification.
Use of shell companies or unusual intermediaries.
Large or structured transactions with no apparent legitimate purpose.
Best Practices for SAR Compliance:
Implement robust customer due diligence (CDD) processes.
Monitor transaction behavior against expected patterns.
Follow jurisdictional SAR filing deadlines to avoid penalties.
Reference:
FATF Recommendation 20 (Reporting Suspicious Transactions)
6th EU AML Directive (6AMLD) on Suspicious Transactions Reporting
FinCEN SAR Filing Guidelines

NEW QUESTION # 405
Gatekeepers, including accountants, can be well-positioned to identify and detect changes in the type of work or the nature of a client's activities.
In order to do so, they need to understand the risks associated with: (Select Two.)

A. The seasoning of accounting clients.
B. Corporate entity customers.
C. Short-term client relationships.
D. The subject matter of requested services.

Answer: B,D

Explanation:
Gatekeepers (e.g., accountants, auditors, lawyers) play a critical role in detecting financial crime.
Option B (Correct): Corporate clients pose higher money laundering risks due to complex ownership structures and cross-border financial activities.
Option C (Correct): The nature of requested services (e.g., offshore structuring, large cash transactions) can indicate potential money laundering attempts.
Why Other Options Are Incorrect:
Option A (Incorrect): The length of time a client has been with an accounting firm does not necessarily indicate financial crime risk.
Option D (Incorrect): Short-term relationships may be high-risk, but understanding the business type and services requested is more critical.
Red Flags for Money Laundering in Professional Services:
Clients requesting offshore structures for no apparent business reason.
Use of complex trusts or nominee directors to obscure ownership.
Unexplained large transactions moving through legal or accounting firms.
Best Practices for Gatekeepers to Prevent Money Laundering:
Perform Enhanced Due Diligence (EDD) on high-risk clients.
Report unusual financial activity to FIUs.
Follow FATF's DNFBP (Designated Non-Financial Businesses and Professions) AML guidelines.
Reference:
FATF Recommendation 22 (AML Compliance for Accountants and Lawyers)
Wolfsberg Group Guidance on DNFBP AML Risks
EU 6th AML Directive (6AMLD) on DNFBP Risk Management
Final Thoughts:
FIUs play a central role in financial intelligence collection and sharing.
The Egmont Group enables cross-border AML cooperation among FIUs.
Gatekeepers, such as accountants and lawyers, must monitor corporate clients for money laundering risks.

NEW QUESTION # 406
According to the Financial Action Task Force Special Recommendations on Terrorist Financing, which of the following should an anti-money laundering specialist do if the specialist has reasonable grounds to suspect funds are linked or related to terrorist acts?

A. Inform the institution's managing Board.
B. Contact the institution's legal advisor.
C. Promptly report to the competent authority.
D. Conduct a full due diligence review of the client.

Answer: C

Explanation:
According to the Financial Action Task Force (FATF) Special Recommendation IV, if financial institutions, or other businesses or entities subject to anti-money laundering obligations, suspect or have reasonable grounds to suspect that funds are linked or related to, or are to be used for terrorism, terrorist acts or by terrorist organisations, they should be required to report promptly their suspicions to the competent authorities1. This is consistent with the FATF Recommendation 20, which requires the same reporting obligation for money laundering and the financing of proliferation of weapons of mass destruction2.
Reporting suspicious transactions related to terrorism is a key measure to detect, prevent and suppress the financing of terrorism and terrorist acts, and to facilitate international cooperation and information exchange.
:
1: The FATF Recommendations - Financial Action Task Force
2: IX Special Recommendations - Financial Action Task Force

NEW QUESTION # 407
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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q402-Q407):

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