CAMS – (Chapter 3: Anti-Money Laundering/Counter-
Terrorist Financing Compliance Programs & Chapter 2:
International AML/CFT Standards) with all Correct &
100% Verified Answers
What are the four elements of fraud? ✔Correct Answer-1. Material false statement
2. Knowledge that statement is false
3. Reliance on false statement
4. Financial loss
What is the distinct difference between a fraud and an attempted fraud? ✔Correct Answer-
Financial loss
What is the process of making illegally obtained proceeds appear legal? ✔Correct Answer-Money
laundering
What two financial statements are usually provided by a business to a financial institution when
trying to secure a business loan? ✔Correct Answer-Balance sheet & Income statement
What is a financial statement that summarizes a company's assets, liabilities (what you own and
what you owe) plus the net worth at a specific point in time? ✔Correct Answer-Balance sheet
What is a financial statement that reports a company's revenue and expenses and profit/loss over a
specific period of time? ✔Correct Answer-Income statement
What is a division of the United States Treasury Department whose goal is to prevent and punish
criminals and criminal networks that participate in money laundering? ✔Correct Answer-FINCEN
(Financial Crimes Enforcement Network)
What is a report that US financial institutions are required to file for each deposit, withdrawal or
exchange of currency in excess of $10,000? ✔Correct Answer-CTR (Currency Transaction Report)
What is a report that financial institutions must file following a suspected incident of money
laundering, fraud or other violation of the law? ✔Correct Answer-SAR (Suspicious Activity Report)
What is a form that needs to be filed by any person in a trade or business who receives more than
$10,000 in cash in a single transaction or related transactions? ✔Correct Answer-Form 8300
What is the central bank of the United States, founded in 1913 to provide the nation with a safe,
flexible and stable monetary and financial system? ✔Correct Answer-The Federal Reserve
Who was the New York City hedge fund manager who was arrested in 2008 and subsequently plead
guilty and sentenced to 150 years in prison for operating the largest Ponzi scheme in financial
history? ✔Correct Answer-Bernie Madoff
Name the worlds largest anti-fraud organization and premier provider of anti-fraud training and
education. ✔Correct Answer-ACFE (Association of Certified Fraud Examiners)
, Name the largest international membership organization dedicated to enhancing the knowledge,
skills and expertise of AML/CTF and financial crime detection and prevention professionals.
✔Correct Answer-ACAMS (Association of Certified Anti-Money Laundering Specialists)
The 4 primary institution regulators are: ✔Correct Answer-1. NCUA (National Credit Union
Administration)
2. FDIC (Federal Deposit Insurance Corporation)
3. The Federal Reserve
4. OCC (Office of the Comptroller of Currency)
The 2 primary regulators for Wall street are: ✔Correct Answer-1. SEC (Securities and Exchange
Commission)
2. FINRA (Financial Industry Regulatory Authority)
Name the 4 largest banks in the United States. ✔Correct Answer-1. Wells Fargo
2. Bank of America
3. JP Morgan Chase
4. Citi Group
Name the three lawful ways in which law enforcement may obtain evidence such as financial
records: ✔Correct Answer-1. Consent
2. Subpoena
3. Search Warrant
If your firm files a Suspicious Activity Report (SAR) about a client's suspicious activities should an
employee alert the customer that an SAR was filed? ✔Correct Answer-No, because it is illegal
Name the seven countries that have been recently identified by the U.S.A. as having affiliations with
terrorist organizations and are under close scrutiny by financial institutions. ✔Correct Answer-1.
Iraq
2. Iran
3. Libya
4. Sudan
5. Somalia
6. Syria
7. Yemen
Name the three elements of The Fraud
Triangle. ✔Correct Answer-1. Perceived Pressure
2. Perceived Opportunity
3. Rationalization
Name the unemployed longshoreman in Philadelphia who, in February 1981 found $1.2 million in
the street, after it had fallen out of the back of an armored car, and kept it. ✔Correct Answer-Joey
Coyle
What is a legal term used by financial regulators to describe businesses that transmit or convert
money? ✔Correct Answer-MSB (Money Service Business)
Terrorist Financing Compliance Programs & Chapter 2:
International AML/CFT Standards) with all Correct &
100% Verified Answers
What are the four elements of fraud? ✔Correct Answer-1. Material false statement
2. Knowledge that statement is false
3. Reliance on false statement
4. Financial loss
What is the distinct difference between a fraud and an attempted fraud? ✔Correct Answer-
Financial loss
What is the process of making illegally obtained proceeds appear legal? ✔Correct Answer-Money
laundering
What two financial statements are usually provided by a business to a financial institution when
trying to secure a business loan? ✔Correct Answer-Balance sheet & Income statement
What is a financial statement that summarizes a company's assets, liabilities (what you own and
what you owe) plus the net worth at a specific point in time? ✔Correct Answer-Balance sheet
What is a financial statement that reports a company's revenue and expenses and profit/loss over a
specific period of time? ✔Correct Answer-Income statement
What is a division of the United States Treasury Department whose goal is to prevent and punish
criminals and criminal networks that participate in money laundering? ✔Correct Answer-FINCEN
(Financial Crimes Enforcement Network)
What is a report that US financial institutions are required to file for each deposit, withdrawal or
exchange of currency in excess of $10,000? ✔Correct Answer-CTR (Currency Transaction Report)
What is a report that financial institutions must file following a suspected incident of money
laundering, fraud or other violation of the law? ✔Correct Answer-SAR (Suspicious Activity Report)
What is a form that needs to be filed by any person in a trade or business who receives more than
$10,000 in cash in a single transaction or related transactions? ✔Correct Answer-Form 8300
What is the central bank of the United States, founded in 1913 to provide the nation with a safe,
flexible and stable monetary and financial system? ✔Correct Answer-The Federal Reserve
Who was the New York City hedge fund manager who was arrested in 2008 and subsequently plead
guilty and sentenced to 150 years in prison for operating the largest Ponzi scheme in financial
history? ✔Correct Answer-Bernie Madoff
Name the worlds largest anti-fraud organization and premier provider of anti-fraud training and
education. ✔Correct Answer-ACFE (Association of Certified Fraud Examiners)
, Name the largest international membership organization dedicated to enhancing the knowledge,
skills and expertise of AML/CTF and financial crime detection and prevention professionals.
✔Correct Answer-ACAMS (Association of Certified Anti-Money Laundering Specialists)
The 4 primary institution regulators are: ✔Correct Answer-1. NCUA (National Credit Union
Administration)
2. FDIC (Federal Deposit Insurance Corporation)
3. The Federal Reserve
4. OCC (Office of the Comptroller of Currency)
The 2 primary regulators for Wall street are: ✔Correct Answer-1. SEC (Securities and Exchange
Commission)
2. FINRA (Financial Industry Regulatory Authority)
Name the 4 largest banks in the United States. ✔Correct Answer-1. Wells Fargo
2. Bank of America
3. JP Morgan Chase
4. Citi Group
Name the three lawful ways in which law enforcement may obtain evidence such as financial
records: ✔Correct Answer-1. Consent
2. Subpoena
3. Search Warrant
If your firm files a Suspicious Activity Report (SAR) about a client's suspicious activities should an
employee alert the customer that an SAR was filed? ✔Correct Answer-No, because it is illegal
Name the seven countries that have been recently identified by the U.S.A. as having affiliations with
terrorist organizations and are under close scrutiny by financial institutions. ✔Correct Answer-1.
Iraq
2. Iran
3. Libya
4. Sudan
5. Somalia
6. Syria
7. Yemen
Name the three elements of The Fraud
Triangle. ✔Correct Answer-1. Perceived Pressure
2. Perceived Opportunity
3. Rationalization
Name the unemployed longshoreman in Philadelphia who, in February 1981 found $1.2 million in
the street, after it had fallen out of the back of an armored car, and kept it. ✔Correct Answer-Joey
Coyle
What is a legal term used by financial regulators to describe businesses that transmit or convert
money? ✔Correct Answer-MSB (Money Service Business)
