Practice Test Geeks(ACAMS) Association of Certified Anti-Money Laundering Specialists Practice Test
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Basic Flashcards

7 cards from real ACAMS practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

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  1. What are the four pillars of a BSA/AML compliance program as required by U.S. regulators?

    Answer: Internal controls, a designated compliance officer, training, and independent testing

    U.S. regulators require AML programs to have written internal controls, a BSA/AML officer, ongoing training, and independent audits.

  2. What is the primary function of a transaction monitoring system (TMS) in AML compliance?

    Answer: To identify patterns or anomalies in customer activity that may indicate suspicious behavior

    A TMS uses rules, thresholds, and sometimes AI to flag unusual activity for human review and potential SAR filing.

  3. What does OFAC stand for, and what is its primary AML-related role?

    Answer: Office of Foreign Assets Control; it administers economic sanctions programs

    OFAC administers U.S. economic and trade sanctions and maintains the SDN list, which financial institutions must screen customers against.

  4. What is a 'look-back review' in the AML context?

    Answer: A retrospective analysis of historical transactions after a compliance gap is identified

    A look-back review examines past transaction activity—often mandated by regulators—to identify suspicious transactions that may have been missed.

  5. What is 'de-risking' and why has it drawn criticism from regulators?

    Answer: Terminating relationships with entire categories of customers perceived as high-risk, rather than managing risk appropriately

    De-risking involves blanket exit of customer segments (e.g., money service businesses) which can push transactions underground and is viewed as a failure to manage rather than avoid risk.

  6. Which of the following best describes the role of the Money Laundering Reporting Officer (MLRO) or BSA/AML Compliance Officer?

    Answer: Serving as the primary point of accountability for the institution's AML program and SAR decisions

    The MLRO/BSA officer is the designated senior individual responsible for oversight of the AML compliance program and for making SAR filing decisions.

  7. Why is ongoing AML training important for all staff, not just compliance personnel?

    Answer: Front-line staff often first encounter suspicious activity and must recognize and escalate red flags

    Tellers, relationship managers, and other customer-facing staff are the first line of defense and must be able to identify and report suspicious behavior.