CAMS Certification Practice Test Questions

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Share some CAMS Certification CAMS exam questions and answers below.
What is an example of the integration stage of money laundering involving a bank or another deposit-taking institution?
A. Depositing illicit funds into an account set up for a front company
B. Directing third parties to exchange illicit cash for negotiable instruments
C. Wiring illicit funds from an account at one bank to an account at another bank
D. Using illicit funds that had previously been deposited to purchase a luxury vehicle
Answer: D

A bank has maintained an account for a European charity for several years. The charity provides clothing to persons in need in various countries with active terrorists’ cells.
Which action by the charity indicates possible terrorist financing?
A. The charity frequently withdraws cash from the bank
B. The charity has branch locations located in various countries
C. The charity receives cash donations primarily from European countries
D. The charity maintains a bank account for non-business-related expenses
Answer: A

Which two statements in the Wolfsberg Group’s “Suppression of the Financing of Terrorism” define the role financial institutions should play in the fight against terrorism? (Choose two.)
A. Financial institutions need to assist competent authorities in fighting terrorist financing through prevention, detection and information sharing.
B. Financial institutions need to continuously analyze the types of activity related to terrorist financing and develop models that in the long term will drive down terrorism.
C. Financial institutions should have financial intelligence units dedicated to the investigation of activity that would lead to the detection of terrorist financing as a means to decrease global terrorism.
D. Financial institutions should apply extra due diligence whenever they see suspicious or irregular activities, especially when customers are engaged in sectors or activities that have been identified by competent authorities as being used for the financing of terrorism.
Answer: AD

What are two sources for maintaining up-to-date sanctions information? (Choose two.)
A. U.S. Federal Bureau of Investigation’s National Security Letters
B. U.S. Department of the Treasury Office of Foreign Assets Control
C. U.S. Department of the Treasury – Section 311 – Special Measures
D. Financial Action Task Force’s list of High Risk and Non-Cooperative Jurisdictions
Answer: BC

A customer opens a corporate account with a broker-dealer on behalf of several beneficial owners, with a stated long-term investment goal. The customer deposits $25.5 million into the account and three days later transfers $5 million to an overseas bank. Shortly thereafter, the customer begins making numerous purchases of pesos. The compliance officer receives a query regarding the movement of funds. Within a month of account opening, the customer depletes the account.
Which two red flags should prompt the firm’s compliance officer to take action? (Choose two.)
A. The new account deposit is $25.5 million
B. A corporate account is opened on behalf of several beneficial owners
C. The compliance officer receives the query regarding the movement of funds
D. The customer’s stated investment goal is not reflective of account activity
Answer: CD

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