Certified Anti-Money Laundering Specialist (CAMS)

Question 1

What are the four pillars of a Bank Secrecy Act (BSA) compliance program?

Internal controls, independent testing, designated compliance officer, training Policies, procedures, audits, reporting KYC, CDD, EDD, transaction monitoring Risk assessment, governance, technology, staffing

Correct Answer:

Internal controls, independent testing, designated compliance officer, training

Question 2

Which U.S. law is the cornerstone of the anti-money laundering regulatory framework and requires financial institutions to maintain records and file reports?

USA PATRIOT Act Bank Secrecy Act (BSA) Dodd-Frank Act Foreign Corrupt Practices Act

Correct Answer:

Bank Secrecy Act (BSA)

Question 3

What is the primary purpose of an independent AML audit function?

To generate revenue for the compliance department To train new employees on AML procedures To objectively assess the effectiveness of the AML compliance program To file Suspicious Activity Reports on behalf of the institution

Correct Answer:

To objectively assess the effectiveness of the AML compliance program

Question 4

Under the USA PATRIOT Act, which section requires financial institutions to establish a Customer Identification Program (CIP)?

Section 312 Section 314 Section 326 Section 352

Correct Answer:

Section 326

Question 5

What does a risk-based approach to AML compliance primarily mean?

Applying the same level of scrutiny to all customers regardless of risk Allocating compliance resources proportional to the identified level of money laundering risk Focusing AML efforts exclusively on high-net-worth customers Eliminating lower-risk customers from the customer base

Correct Answer:

Allocating compliance resources proportional to the identified level of money laundering risk

Question 1

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About this Exam

Prepare with the Certified Anti-Money Laundering Specialist (CAMS) practice quiz. This question bank includes 99 questions covering money, laundering, risk, financial, and compliance. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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Certified Anti-Money Laundering Specialist (CAMS)

This practice set contains 99 questions from the matching question bank and focuses on money, laundering, risk, financial, and compliance. 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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Certified Anti-Money Laundering Specialist (CAMS)

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