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ACAMS Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Sample Questions (Q127-Q132):

NEW QUESTION # 127
Which risks are specifically associated with the misuse of gaming accounts in financial crime? (Choose three.)

A. Ensuring identity verification is completed prior to the onboarding of new customers
B. Using gaming accounts to transfer illicit funds between players undetected
C. Structuring transactions to avoid reporting thresholds by keeping them under certain limits
D. Providing false personal information to evade regulatory oversight
E. Investing all gaming winnings into high-risk stocks to conceal funds

Answer: B,C,D

Explanation:
Risks tied to the misuse of gaming accounts include transferring illicit funds between players undetected, structuring transactions to avoid reporting thresholds, and providing false personal information to evade KYC and regulatory oversight, all of which can facilitate money laundering and other financial crimes.

NEW QUESTION # 128
Which risk factors are associated with acquiring and servicing the banking activities of customers considered higher risk for financial crime activities? (Select Three.)

A. Reputational risk
B. Operational risk
C. Sanctions risk
D. Lending risk
E. Compliance risk

Answer: A,C,E

NEW QUESTION # 129
Which of the following entities could potentially pose a higher money laundering risk and require additional review prior to onboarding? (Select Two.)

A. A local used car sale lot that allows individuals to pay their monthly bill in cash
B. A virtual asset service provider (VASP), facilitating peer-to-peer cryptocurrency transactions
C. A large multinational corporation with extensive, documented wire transfer activity
D. A local convenience store that replenishes the onsite automated teller machine (ATM) with cash from its till

Answer: A,B

Explanation:
Higher-risk customer profilesoften include businesses that:
Regularly handle large volumes of cash
Operate in sectors withhistorical vulnerabilities to money laundering
Are involved invirtual assets or unregulated financial activities
Option C - A local used car sale lot that allows cash payments:
This business type is consideredcash-intensive, and accepting monthly payments in cash raises concerns about the source of funds, potential structuring, or placement of illicit proceeds.
Option D - A Virtual Asset Service Provider (VASP):
VASPs involved inpeer-to-peer crypto transactionspresent elevated AML risks due to theanonymity, speed, and borderless natureof virtual assets. These institutions are often subject toenhanced due diligence requirements.
Option Ais incorrect: A large multinational with documented transactions and transparency typically poseslower inherent risk, though still subject to review.
Option Bmay be reviewed, buton-site ATM replenishment using store cashis not automatically a red flag without other risk indicators.
Reference: ACAMS CAMS Study Guide - 6th Edition, Chapter:Customer Risk Profiling- Section:Higher- Risk Business Types and Entities

NEW QUESTION # 130
Which of the following is an important factor to consider when setting up an anti-financial crimes (AFC) compliance program governance structure?

A. Ensuring the structure is reviewed by an outside auditor or consultant
B. Establishing a system of internal controls commensurate with the institution's size and complexity
C. Establishing clear roles and responsibilities for AFC risk escalations and issues
D. Designating a qualified board of directors to monitor day-to-day compliance

Answer: C

Explanation:
One of the core components of a strong AFC (Anti-Financial Crimes) compliance program is establishingclear roles, responsibilities, and lines of accountability, especially forescalating and addressing AFC risks and compliance issues. This governance clarity ensures effective implementation, transparency in decision-making, and timely resolution of compliance concerns.
While external audits (option A) and internal controls (option B) are important,defining governance structure and escalation responsibilities (option D)is a foundational element. Additionally, the board of directors (option C) provides oversight-not day-to-day compliance monitoring.
Reference: ACAMS CAMS Study Guide - 6th Edition, Chapter: Compliance Program Structures - Section:
Governance and Oversight Functions

NEW QUESTION # 131
A financial institution's transaction monitoring system flags an unusually high volume of international wire transfers originating from a small business account. The transfers are being sent to multiple jurisdictions known for limited regulatory oversight. Additionally, an employee reports suspicious behavior from the account holder during an in-person visit, where they requested a large cash withdrawal without providing a clear business justification. As part of the investigation, the compliance team must assess whether this activity is suspicious and determine the appropriate next steps.
Which of the following steps should be taken first in the investigation process to properly gather information and assess whether the transactions are suspicious?

A. Notify senior management and suggest account closure due to potential risks
B. Review the transaction history of the account to identify patterns, including the frequency, destination, and purpose of the wire transfers
C. Contact the customer directly to ask for clarification on the reason for the large cash withdrawal
D. Immediately file a suspicious activity report (SAR) based on the employee's report of suspicious behavior

Answer: B

Explanation:
* A: The first step in any suspicious activity investigation is to review the transaction history and other relevant account information to establish context, identify patterns, and determine if the behavior is consistent with known typologies of money laundering.
* "The initial phase of an AML investigation is to review relevant account information and transaction activity to assess whether a SAR filing is warranted."
* This approach ensures that any subsequent decisions, such as escalation, SAR filing, or customer outreach, are based on a comprehensive understanding of the facts.
References:
CAMS 6th Edition, Suspicious Activity Monitoring and Investigation
FFIEC BSA/AML Manual, Suspicious Activity Reporting

NEW QUESTION # 132
......

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