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Prepare for the Acams Certified Anti-Money Laundering Specialist v7 exam with our extensive collection of questions and answers. These practice Q&A are updated according to the latest syllabus, providing you with the tools needed to review and test your knowledge.

QA4Exam focus on the latest syllabus and exam objectives, our practice Q&A are designed to help you identify key topics and solidify your understanding. By focusing on the core curriculum, These Questions & Answers helps you cover all the essential topics, ensuring you're well-prepared for every section of the exam. Each question comes with a detailed explanation, offering valuable insights and helping you to learn from your mistakes. Whether you're looking to assess your progress or dive deeper into complex topics, our updated Q&A will provide the support you need to confidently approach the Acams CAMS exam and achieve success.

The questions for CAMS were last updated on Apr 21, 2026.

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Question No. 1

In which of the following scenarios should the customer be deemed to have an overly complex ownership structure?

AA privately held company owned by two individuals whose interests are held by a series of trusts and foundations

BA trust set up with two co-trustees, one of whom is the grantor and the other is a corporate service provider

CA customer that is owned by two families with the involvement of over a dozen owners within the families

DA multinational correspondent bank that has three layers of ownership between it and a publicly traded bank holding company

Show Answer

Correct Answer: A

AML/CFT guidance from FATF emphasizes that overly complex ownership structures are a key red flag when they appear unnecessary for legitimate business purposes and may be designed to obscure beneficial ownership.

A privately held company owned by two individuals whose interests are held through multiple layers of trusts and foundations represents an unnecessarily complex structure. Trusts and foundations are frequently identified in AML typologies as vehicles that can be misused to conceal the true beneficial owners, especially when layered without clear commercial rationale. This complexity increases the risk of money laundering and necessitates enhanced due diligence.

By contrast, a trust with two co-trustees, including the grantor and a professional service provider, is common and not inherently complex. Similarly, family-owned businesses with many shareholders may be complex but are not automatically deemed ''overly complex'' if ownership is transparent. Multinational banks with layered ownership tied to a publicly traded holding company are also common and subject to regulatory oversight.

Therefore, the use of multiple trusts and foundations without clear justification is the clearest indicator of an overly complex ownership structure.

Question No. 2

Why is it important to use multiple sanctions lists, such as United Nations (UN), Office of Foreign Assets Control ("OFAC"), and European Union ("EU") lists, in name screening systems?

ATo avoid sanctions breach related to payments

BTo avoid onboarding customers previously exited due to true match

CTo meet international regulatory requirements and identify risks across jurisdictions

DTo be in line with the risk appetite statement

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Correct Answer: C

Using multiple sanctions lists ensures that financial institutions meet international regulatory obligations and can identify sanctions-related risks across different jurisdictions. This comprehensive approach strengthens compliance and reduces the likelihood of exposure to sanctioned individuals or entities.

Question No. 3

While gaming platforms are typically used for recreational purposes, they can potentially be used for terrorist financing through games in which players can:

Abuy in-game items with virtual in-game currencies.

Bexchange in-game items with other players.

Ctrade in-game items with other players that can be exchanged for fiat currency

Dobtain in-game materials by performing in-game activities.

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Correct Answer: C

Terrorist financing can be facilitated on gaming platforms particularly through the trading of in-game items for fiat currency. This mechanism allows for the movement of value outside the formal financial system, potentially evading detection and reporting requirements.

''One of the key ML/TF risks in online gaming is the ability to convert virtual assets or in-game items into real-world (fiat) currency, thereby providing a channel for laundering money or funding terrorist activities.''

(CAMS 6th Edition, Chapter: Risks and Methods of Money Laundering and Terrorist Financing; FATF, Virtual Assets Guidance 2019)

Incorrect Options:

A: Buying in-game items with in-game currency does not in itself facilitate terrorist financing.

B: Exchanging items between players may be a step in layering but is not direct TF unless items are traded for fiat.

D: Obtaining items by in-game activity is standard gameplay and not a TF method.

CAMS Study Guide 6th Edition, Risks in Gaming and Virtual Worlds

FATF Guidance for a Risk-Based Approach to Virtual Assets (2019)

Question No. 4

Which characteristic of accountants is most attractive to those looking to launder funds using an accountant or accountancy firm?

AAccountants can prepare ledgers and spreadsheets, draft annual returns and make payments to government offices

BAccountants can advise on the structuring of companies as well as ensure compliance with local tax regulations

CAccountants are knowledgeable about financial management, including what to record over the course of the accounting year

DAccountants are able to create and structure companies, falsify accounts and manipulate financial statements

Show Answer

Correct Answer: D

Criminals may target accountants because they have the capability to create and structure companies, falsify accounts, and manipulate financial statements, which can be exploited to disguise illicit funds and facilitate money laundering.

Question No. 5

What is the first step that an investigator should take when beginning a financial investigation into a potential suspicious activity?

ADetermining whether the potential suspicious activity is consistent with the customer's transactional behavior, nature of business, and occupation

BContacting the country's financial intelligence unit's (FIU's) officers to seek advice on whether the potential suspicious activity is indeed a suspicious activity

CGathering and assessing internal sources of information, including information obtained from the customer, transactions, and value and volume

DIdentifying and reviewing external information, including online presence, customer-related entities, and relevant media

Show Answer

Correct Answer: C

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