CAMS Study Practice Exam – Marked for Review AML Certification Questions &
Prep
What are the six areas of emphasis listed in FinCEN's Advisory to U.S. Financial Institutions on
Promoting a Culture of Compliance, published in 2014? - correct answer ✔✔1. Leadership must
actively support and understand compliance efforts
2. Efforts to manage and mitigate AML CFT deficiencies and risk must not be compromised by
revenue interest
3. Relevant information from various departments within the organization must be shared with
compliance staff to further AML CFT efforts
4. The institution must devote adequate resources to its compliance function
5. The compliance program must be effective. One way to ensure this is by using an
independent and competent party to test the program
6. Leadership and staff must understand the purpose of its AML CFT efforts and how its STR
reporting is used
Which should a national legislature consider when criminalizing money laundering in line with
the CFATF 19 Recommendations? - correct answer ✔✔
The Egmont Training Group published FIUs in Action: 100 Sanitized Cases. What is listed in the
report as the six most frequent indicators of money laundering? - correct answer ✔✔1. Large-
scale cash transactions
2. Atypical or uneconomical fund transfers to/from foreign jurisdiction
3. Unusual business activity or transaction
4. Large and rapid movement of funds
5. Unrealistic wealth compared to client profile
6. Defensive stance to questioning
, What is a payable through account, and why is it vulnerable to money laundering? - correct
answer ✔✔
How is online gambling vulnerable to money laundering? - correct answer ✔✔+ Transactions
are conducted principally from credit/debit cards
+ Site operators are typically unregulated offshore firms, and can use offshore banks who use
reputable domestic correspondent bank
+ Tracing the source and ownership of illegal money that moves through these accounts can be
difficult for enforcement and regulatory agencies
+ Due to inconsistent regulatory environment and susceptibility to cyber criminals, some credit
card issuers no longer allow the use of their cards for online gambling; FIs screen merchant
codes that identify the type of business accepting the transaction for card not present
What are controls that would minimize the need to correct failures to collect required customer
information in the account opening process? - correct answer ✔✔An automated account-
opening platform that requires data entry prior to allowing the account to be opened
What public source documents can aid an investigator? (Exam Practice #53) - correct answer
✔✔
What are some specific sources of funds for financing terrorism? - correct answer ✔✔+ Forging
links with drug and criminal syndicates
+ Abusing charities and tricking others to contribute
+ Exploiting oil trade
+ Extortion
+ Undetected cash couriers
Prep
What are the six areas of emphasis listed in FinCEN's Advisory to U.S. Financial Institutions on
Promoting a Culture of Compliance, published in 2014? - correct answer ✔✔1. Leadership must
actively support and understand compliance efforts
2. Efforts to manage and mitigate AML CFT deficiencies and risk must not be compromised by
revenue interest
3. Relevant information from various departments within the organization must be shared with
compliance staff to further AML CFT efforts
4. The institution must devote adequate resources to its compliance function
5. The compliance program must be effective. One way to ensure this is by using an
independent and competent party to test the program
6. Leadership and staff must understand the purpose of its AML CFT efforts and how its STR
reporting is used
Which should a national legislature consider when criminalizing money laundering in line with
the CFATF 19 Recommendations? - correct answer ✔✔
The Egmont Training Group published FIUs in Action: 100 Sanitized Cases. What is listed in the
report as the six most frequent indicators of money laundering? - correct answer ✔✔1. Large-
scale cash transactions
2. Atypical or uneconomical fund transfers to/from foreign jurisdiction
3. Unusual business activity or transaction
4. Large and rapid movement of funds
5. Unrealistic wealth compared to client profile
6. Defensive stance to questioning
, What is a payable through account, and why is it vulnerable to money laundering? - correct
answer ✔✔
How is online gambling vulnerable to money laundering? - correct answer ✔✔+ Transactions
are conducted principally from credit/debit cards
+ Site operators are typically unregulated offshore firms, and can use offshore banks who use
reputable domestic correspondent bank
+ Tracing the source and ownership of illegal money that moves through these accounts can be
difficult for enforcement and regulatory agencies
+ Due to inconsistent regulatory environment and susceptibility to cyber criminals, some credit
card issuers no longer allow the use of their cards for online gambling; FIs screen merchant
codes that identify the type of business accepting the transaction for card not present
What are controls that would minimize the need to correct failures to collect required customer
information in the account opening process? - correct answer ✔✔An automated account-
opening platform that requires data entry prior to allowing the account to be opened
What public source documents can aid an investigator? (Exam Practice #53) - correct answer
✔✔
What are some specific sources of funds for financing terrorism? - correct answer ✔✔+ Forging
links with drug and criminal syndicates
+ Abusing charities and tricking others to contribute
+ Exploiting oil trade
+ Extortion
+ Undetected cash couriers
