CAMS-RM Practice Questions - ACAMS Certified AFC Risk Manager (formerly Advanced CAMS-RM) Exam - CAMS-RM Practice Questions - ACAMS Certified AFC Risk Manager (formerly Advanced CAMS-RM) Exam

Question 1

In the AFC (Anti-Financial Crime) Risk Management framework, what is the primary distinction between AFC and traditional AML?

AFC focuses only on cash transactions while AML covers all transactions AFC is broader, covering AML, sanctions, fraud, and anti-bribery and corruption AFC applies only to non-bank financial institutions AFC replaces all prior AML obligations under the BSA

Correct Answer:

AFC is broader, covering AML, sanctions, fraud, and anti-bribery and corruption

Question 2

Under the Three Lines of Defense model, which line owns and manages risk in the day-to-day business activities?

First line (business and operations) Second line (compliance and risk) Third line (internal audit) Fourth line (external regulators)

Correct Answer:

First line (business and operations)

Question 3

Which of the following best describes the role of the second line of defense in an AFC program?

Conducting independent audits of the AML program Owning customer onboarding and transaction execution Setting risk policy, providing oversight, and challenging the first line Filing SARs directly with FinCEN on behalf of the business

Correct Answer:

Setting risk policy, providing oversight, and challenging the first line

Question 4

The 5th BSA pillar, added by the 2018 FinCEN CDD Final Rule, requires institutions to:

File CTRs for all cash transactions over $5,000 Maintain risk-based CDD procedures including beneficial ownership identification Conduct independent testing every six months Designate a separate sanctions compliance officer

Correct Answer:

Maintain risk-based CDD procedures including beneficial ownership identification

Question 5

What is the key role of the Board of Directors in an AFC risk management program?

Reviewing every SAR before filing Approving the AFC risk appetite, framework, and receiving periodic reports Conducting transaction monitoring alert reviews Managing OFAC screening false positives

Correct Answer:

Approving the AFC risk appetite, framework, and receiving periodic reports

Exam overview

About this Exam

Prepare with the CAMS-RM Practice Questions - ACAMS Certified AFC Risk Manager (formerly Advanced CAMS-RM) Exam practice quiz. This question bank includes 100 questions covering risk, inherent, sanctions, typically, and typical. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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CAMS-RM Practice Questions - ACAMS Certified AFC Risk Manager (formerly Advanced CAMS-RM) Exam

This practice set contains 100 questions from the matching question bank and focuses on risk, inherent, sanctions, typically, and typical. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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About this Exam

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CAMS-RM Practice Questions - ACAMS Certified AFC Risk Manager (formerly Advanced CAMS-RM) Exam

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