AML Test Questions, CAMS - Chapter
3: Anti-Money Laundering/Counter-
Terrorist Financing Compliance
Programs, CAMS - Chapter 2:
International AML/CFT Standards
1. Material false statement
2. Knowledge that statement is false
3. Reliance on false statement
4. Financial loss - ANS ✔✔What are the four elements of fraud?
Financial loss - ANS ✔✔What is the distinct difference between a fraud and an attempted
fraud?
Money laundering - ANS ✔✔What is the process of making illegally obtained proceeds appear
legal?
Balance sheet & Income statement - ANS ✔✔What two financial statements are usually
provided by a business to a financial institution when trying to secure a business loan?
Balance sheet - ANS ✔✔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?
Income statement - ANS ✔✔What is a financial statement that reports a company's revenue
and expenses and profit/loss over a specific period of time?
, FINCEN (Financial Crimes Enforcement Network) - ANS ✔✔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?
CTR (Currency Transaction Report) - ANS ✔✔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?
SAR (Suspicious Activity Report) - ANS ✔✔What is a report that financial institutions must file
following a suspected incident of money laundering, fraud or other violation of the law?
Form 8300 - ANS ✔✔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?
The Federal Reserve - ANS ✔✔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?
Bernie Madoff - ANS ✔✔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?
ACFE (Association of Certified Fraud Examiners) - ANS ✔✔Name the worlds largest anti-fraud
organization and premier provider of anti-fraud training and education.
ACAMS (Association of Certified Anti-Money Laundering Specialists) - ANS ✔✔Name the largest
international membership organization dedicated to enhancing the knowledge, skills and
expertise of AML/CTF and financial crime detection and prevention professionals.
1. NCUA (National Credit Union Administration)
2. FDIC (Federal Deposit Insurance Corporation)
3. The Federal Reserve
3: Anti-Money Laundering/Counter-
Terrorist Financing Compliance
Programs, CAMS - Chapter 2:
International AML/CFT Standards
1. Material false statement
2. Knowledge that statement is false
3. Reliance on false statement
4. Financial loss - ANS ✔✔What are the four elements of fraud?
Financial loss - ANS ✔✔What is the distinct difference between a fraud and an attempted
fraud?
Money laundering - ANS ✔✔What is the process of making illegally obtained proceeds appear
legal?
Balance sheet & Income statement - ANS ✔✔What two financial statements are usually
provided by a business to a financial institution when trying to secure a business loan?
Balance sheet - ANS ✔✔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?
Income statement - ANS ✔✔What is a financial statement that reports a company's revenue
and expenses and profit/loss over a specific period of time?
, FINCEN (Financial Crimes Enforcement Network) - ANS ✔✔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?
CTR (Currency Transaction Report) - ANS ✔✔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?
SAR (Suspicious Activity Report) - ANS ✔✔What is a report that financial institutions must file
following a suspected incident of money laundering, fraud or other violation of the law?
Form 8300 - ANS ✔✔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?
The Federal Reserve - ANS ✔✔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?
Bernie Madoff - ANS ✔✔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?
ACFE (Association of Certified Fraud Examiners) - ANS ✔✔Name the worlds largest anti-fraud
organization and premier provider of anti-fraud training and education.
ACAMS (Association of Certified Anti-Money Laundering Specialists) - ANS ✔✔Name the largest
international membership organization dedicated to enhancing the knowledge, skills and
expertise of AML/CTF and financial crime detection and prevention professionals.
1. NCUA (National Credit Union Administration)
2. FDIC (Federal Deposit Insurance Corporation)
3. The Federal Reserve
