Free Acams CAMS Exam Practice Questions & Explanations
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It is essential to identify any "family members" or "close associates" of politically exposed persons (PEPs) as part of the KYC/CDD process because they could be:
D: ''Family members and close associates of PEPs are often used as intermediaries to launder the proceeds of corruption or conceal illicit assets.''(CAMS 6th Edition, Enhanced Due Diligence for PEPs; FATF Guidance on PEPs)
CAMS 6th Edition, PEP Risk and EDD
FATF Guidance: PEPs
Which of the following businesses require enhanced or additional scenarios for identifying anomalous transactions? (Select Two.)
Open-source intelligence (OSINT) is the practice of gathering, analyzing, and disseminating information from publicly available sources to address specific intelligence requirements.
What is considered the most effective method for ensuring the reliability of open-source information?
Open-source intelligence (OSINT) is widely used in AML/CFT investigations to support customer due diligence, adverse media screening, and financial crime analysis. However, because OSINT sources vary widely in quality and reliability, regulators and investigative best practices emphasize verification and corroboration.
The most effective way to ensure the reliability of open-source information is cross-checking information across multiple independent sources. Corroboration helps confirm accuracy, reduce the risk of misinformation, and identify inconsistencies or bias. This approach is especially important when using online media, public records, blogs, or social media content.
Excluding entire categories of sources---such as the dark web or social media---may result in missed intelligence and does not ensure reliability. Similarly, relying only on international news agencies limits coverage and may overlook relevant local or niche reporting.
Therefore, triangulation through multiple sources is the most effective and regulator-aligned method for validating OSINT.
Which of the following processes or tools contribute to AML compliance despite being seemingly unrelated? (Choose two.)
Customer loyalty program tracking and product usage analysis can uncover unusual patterns or behaviors that deviate from expected norms. These insights may help detect suspicious activity or hidden risks, making them valuable tools for supporting AML compliance even if not directly linked to traditional monitoring systems.
A financial institution's US Branch receives a subpoena from law enforcement requesting detailed records of a customer's account activity. The customer is part of an ongoing investigation into a money laundering operation. At the same time, the institution has received a FinCEN 314(b) information-sharing request from another bank seeking details on transactions linked to the same customer. The compliance team is tasked with responding to both the subpoena and the FinCEN 314(b) request.
What should the compliance officer prioritize in responding to these requests while ensuring that all legal and regulatory obligations are met?
B: When a subpoena is received, the institution should first consult with legal counsel to ensure the validity and scope of the subpoena. Compliance with law enforcement requests is mandatory and subject to strict legal obligations. All documentation and responses should be properly recorded.
''A subpoena requires a legal response; consult legal counsel to validate the request and respond as required by law.''
FinCEN 314(b) information-sharing requests are voluntary and can proceed only after fulfilling required legal steps, such as verifying membership in the program and ensuring information-sharing agreements are in place.
CAMS 6th Edition clarifies that ''under no circumstances should a customer be notified of a law enforcement inquiry or subpoena.''
CAMS 6th Edition, Law Enforcement Inquiries and Subpoenas
FFIEC BSA/AML Manual, Information Sharing (Sections 314(a) & 314(b))