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The CAMS exam covers a wide range of topics related to AML compliance, including money laundering methods and techniques, regulatory requirements, risk assessments, and due diligence procedures. CAMS exam is divided into four parts, each of which tests different aspects of AML knowledge and expertise. The test is administered online and consists of 120 multiple-choice questions, which must be completed in four hours.

The CAMS exam covers a broad range of topics, including money laundering and terrorist financing methods, regulatory frameworks, risk assessment, due diligence, and sanctions compliance. CAMS exam consists of 120 multiple-choice questions that must be completed within a 3.5-hour time limit. Candidates must achieve a passing score of 75% or higher to earn the CAMS Certification. Certified Anti-Money Laundering Specialists certification must be renewed every three years by completing continuing education courses and demonstrating ongoing professional development in the AML field. Overall, the CAMS certification is an essential credential for professionals working in the financial industry who want to enhance their knowledge and expertise in the fight against money laundering and terrorist financing.

What is the duration of the CAMS Exam

Format: Multiple choices, multiple answersLength of Examination: 3 1/2 hours

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q79-Q84):

NEW QUESTION # 79
Combating the Financing of Terrorism (CFT)]
According to the Financial Action Task Force 40 Recommendations, simplified customer due diligence or reduced measures could be acceptable for which of the following types of products or transactions?
1. Life insurance policies where the annual premium is no more than USD/EUR 1,000 or a single premium of no more than USD/EUR 2,500.
2. Insurance policies for pension schemes if there is no surrender clause and the policy cannot be used as collateral.
3. A ptfiisiui i Ll idL pr uviJcfb lelir emei it bei lefils Lu employees.
4. Trusts where the settlor, trustee and beneficiaries are identified and the shares are in bearer form.

A. 1, 2, and 4 only
B. 1, 2, and 3 only
C. 1, 3, and 4 only
D. 2, 3, and 4 only

Answer: B

Explanation:
According to the Financial Action Task Force (FATF) 40 Recommendations, simplified customer due diligence (CDD) or reduced measures could be acceptable for certain types of products or transactions that have a low risk of money laundering or terrorist financing, based on a reasonable assessment of the risk by countries or by financial institutions. These include:
* Life insurance policies where the annual premium is no more than USD/EUR 1,000 or a single premium of no more than USD/EUR 2,500. This is because the amount of money involved is relatively small and the payout is usually contingent on a specific event, such as death or disability, which reduces the likelihood of abuse by criminals.
* Insurance policies for pension schemes if there is no surrender clause and the policy cannot be used as collateral. This is because the beneficiaries of these policies are usually predetermined and the funds are locked in until retirement age, which limits the possibility of transferring or withdrawing the money for illicit purposes.
* A pension, superannuation or similar scheme that provides retirement benefits to employees, where contributions are made by way of deduction from wages and the scheme rules do not permit the assignment of a member's interest under the scheme. This is because the source of funds is known and verified by the employer and the scheme is regulated and supervised by competent authorities, which reduces the risk of money laundering or terrorist financing.
The other option, trusts where the settlor, trustee and beneficiaries are identified and the shares are in bearer form, is not eligible for simplified CDD or reduced measures, because the use of bearer shares poses a high risk of anonymity and concealment of beneficial ownership, which could facilitate money laundering or terrorist financing.
:
FATF 40 Recommendations, Recommendation 10 and Interpretive Note to Recommendation 10, paragraphs
17-18.

NEW QUESTION # 80
Which action should an FIU consider taking when it has information that might be useful to another FIU?

A. Supply the information to the other FIU spontaneously as soon as the relevance of sharing the information is identified
B. Take no action until contacted by the other FIU
C. In accordance with Wolfsberg guidelines, submit the information to the other FIU in written form
D. Request approval from the Egmont Group prior to sharing the information with the other FIU

Answer: A

Explanation:
According to the Egmont Group of Financial Intelligence Units, which is a network of over 160 FIUs that promotes international cooperation and information exchange, FIUs should share information with foreign FIUs spontaneously, without prior request, when they have reasonable grounds to believe that the information is relevant for the receiving FIU1. This principle is also reflected in the FATF Recommendation 40, which states that FIUs should exchange information with other FIUs, especially when this information concerns money laundering, predicate offences, or terrorist financing2. Spontaneous information sharing can enhance the effectiveness of FIUs, as it can help to identify new leads, trends, patterns, or typologies, as well as to prevent or disrupt criminal activities1.
The other options are not consistent with the best practices of FIU information sharing. For example:
In accordance with Wolfsberg guidelines, submit the information to the other FIU in written form. The Wolfsberg Group is an association of 13 global banks that issues guidance and standards on anti-money laundering and counter-terrorist financing. However, the Wolfsberg guidelines are not binding for FIUs, and they do not specify the format or channel of information exchange between FIUs3. Moreover, submitting information in written form may not be the most efficient or secure way of communication, as it may cause delays, errors, or breaches of confidentiality.
Take no action until contacted by the other FIU. This option contradicts the principle of spontaneous information sharing, as it implies that the FIU with the relevant information will wait for a formal request from the other FIU, instead of proactively sharing the information. This may result in missed opportunities, inefficiencies, or failures in detecting or preventing money laundering or terrorist financing.
Request approval from the Egmont Group prior to sharing the information with the other FIU. This option is unnecessary and impractical, as the Egmont Group does not have the authority or the capacity to approve or deny individual information requests or exchanges between FIUs. The Egmont Group provides a platform and a framework for FIU cooperation, but it does not interfere with the operational autonomy or the bilateral relations of its members4.
Reference:
FATF Recommendation 40: Other Forms of International Co-operation
Egmont Group of Financial Intelligence Units Principles for Information Exchange Between Financial Intelligence Units Wolfsberg Group Egmont Group

NEW QUESTION # 81
Which online gambling scheme involves placing bets with deposited funds and colluding with other players to obscure the money's origin?

A. Player-to-player transfers
B. Coordinated betting
C. Concealment
D. Chip dumping

Answer: D

Explanation:
Chip dumpingis a commonmoney laundering techniquein online gambling.
* Option D (Correct):Chip dumpingoccurs whenplayers colludetotransfer fundsvia staged betting, making illicit funds appear as gambling winnings.
* Option A (Incorrect):Concealmentis a broad term, not a specific technique.
* Option B (Incorrect):Coordinated bettingrefers tomatch-fixing, not money laundering.
* Option C (Incorrect):Player-to-player transfersare used in money laundering but arenot specific to online gambling.
Reference:FATF Report on Virtual Assets and Online Gambling (2021), Wolfsberg Group Gaming AML Guidelines.

NEW QUESTION # 82
Which risk factors are considered when assessing risk rating of customers? (Select Three.)

A. Product risk
B. Geographic risk
C. Credit risk
D. Customer risk
E. Fraud risk
F. Employment risk

Answer: A,B,D

Explanation:
When assessing the risk rating of customers, financial institutions should consider various factors that may indicate the potential for money laundering, terrorist financing, or other illicit activities. According to the ACAMS Study Guide for the CAMS Certification Examination1, some of the key risk factors are:
Customer risk: This refers to the characteristics of the customer that may affect their risk profile, such as their identity, occupation, source of funds, business activities, reputation, and political exposure. For example, customers who are politically exposed persons (PEPs), cash-intensive businesses, non-resident customers, or customers with complex ownership structures may pose a higher risk of money laundering or terrorist financing.
Geographic risk: This refers to the location of the customer, their business, or their transactions, and the level of risk associated with that location. For example, customers who are based in, operate in, or transact with jurisdictions that have weak anti-money laundering (AML) regulations, high levels of corruption, or are subject to sanctions or embargoes may pose a higher risk of money laundering or terrorist financing.
Product risk: This refers to the type of products or services that the customer uses or offers, and the level of risk associated with those products or services. For example, customers who use or offer products or services that are anonymous, complex, or facilitate cross-border transactions may pose a higher risk of money laundering or terrorist financing.
Other risk factors that may be considered include transaction risk, delivery channel risk, and industry risk2.
However, these are not among the options given in the question.
References: = Some of the references that support this answer are:
ACAMS Study Guide for the CAMS Certification Examination, Chapter 4, Section 4.1, pages 97-99:
"Customer Risk Factors", "Geographic Risk Factors", "Product Risk Factors".
Customer Risk Rating: Connecting Customer Risk Rating With Due Diligence, Section "Customer Risk Rating Factors": "Transaction Risk Factors", "Delivery Channel Risk Factors", "Industry Risk Factors".

NEW QUESTION # 83
Which of the following best describes one of the principal threats of proliferation financing?

A. Networks of individuals and entities exploiting financial systems to move funds that will be used to acquire weapons of mass destruction or their components
B. Transnational criminal organizations expanding their engagement into more varied types of illicit activities, including human trafficking and corruption
C. Networks of individuals and entities raising funds to further proliferate their ideological goals wholly or in part through unlawful acts of force or violence
D. Adversary governments using sophisticated attacks to threaten critical infrastructure and sectors, including finance, health care and energy

Answer: A

Explanation:
Proliferation financingrefers to the act of providing financial services or funds for thedevelopment, acquisition, or delivery of nuclear, chemical, or biological weapons. The core threat involvesnetworks of individuals and entities using the financial systemto obtain sensitive technologies, materials, or knowledge forweapons of mass destruction (WMDs).
TheFinancial Action Task Force (FATF)identifies this as a major international security threat and requires institutions to assess and mitigate such risks.
Reference: ACAMS CAMS Study Guide - 6th Edition, Chapter:Sanctions and Proliferation Financing- Section:Understanding and Identifying Proliferation Risks

NEW QUESTION # 84
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