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STUDY GUIDE CAMS CERTIFICATION EXAM A PUBLICATION OF acams.org STUDY GUIDE CAMS CERTIFICATION EXAM A PUBLICATION OF acams.org STUDY GUIDE SIXTH EDITION Executive Vice President John J. Byrne, CAMS Project Manager Catalina Martinez We would like to thank the following individuals for their significant contribution in the development of the CAMS Examination and Study Guide through the work of the CAMS Examination Task Force. Bob Pasley, CAMS—Task Force Chair Kevin Anderson, CAMS—Task Force Chair Brian Stoeckert, CAMS—Task Force Chair Paul Osborne, CAMS—Task Force Chair Peter Wild, CAMS-Audit—Task Force Vice Chair Barbara Keller, CAMS—Task Force Vice Chair Hue Dang, CAMS-Audit (ACAMS Asia) Samantha Sheen, CAMS (ACAMS Europe) Rick Small, CAMS—ACAMS Advisory Board Nancy Saur, CAMS—ACAMS Advisory Board David Clark, CAMS—ACAMS Advisory Board Vasilios Chrisos, CAMS—ACAMS Advisory Board Anna Rentschler, CAMS—ACAMS Advisory Board Dennis Lormel, CAMS—ACAMS Advisory Board Abbas Bou Diab, CAMS Angel Nguyen, CAMS Brian Vitale, CAMS-Audit Brigette K. Miller, CAMS Christopher Bagnall, CAMS Christopher Randle, CAMS-Audit, CAMS-FCI Dave Dekkers, CAMS-Audit Deborah Hitzeroth, CAMS-FCI Donna Davidek, CAMS-Audit Ed Beemer, CAMS-FCI Eric Wathen, CAMS Gary Bagliebter, CAMS Iris Smith, CAMS-Audit Iwona Skornicka Castro, CAMS Jack Sonnenschein, CAMS-Audit Jeremy Brierley, CAMS Jim Vilker, CAMS Joel Conaty Jurgen Egberink, CAMS Kenneth Simmons, CAMS-Audit Kok Cheong Leong, CAMS-Audit Lauren Kohr, CAMS-Audit Lindsay Dastrup, CAMS-Audit Margaret Silvers, CAMS Martin Dilly, CAMS-Audit Nancy Lake, CAMS-Audit, CAMS-FCI Peter Warrack, CAMS Rachele Byrne, CAMS Sean McCrossan, CAMS-FCI Sharon McCullough, CAMS Steve Gurdak, CAMS Susan Cannon, CAMS-Audit Susanne Wai Yin Ong, CAMS Tatiana Turculet, CAMS Venus Edano, CAMS William Aubrey Chapman, CAMS-Audit Yevgeniya Balyasna-Hooghiemstra, CAMS Zachary Miller, CAMS-FCI ACAMS would also like to thank the ACAMS Chapters worldwide for their contribution in the development of the CAMS Examination. Special Contributor: Gina Storelli, CAMS-Audit Copyright © 2012-2016 by the Association of Certified Anti-Money Laundering Specialists (ACAMS). Miami, USA. All rights reserved. No part of this publication may be reproduced or distributed, and may not be made available in any electronic format, without the prior written permission of ACAMS. ISBN: 978-0-9777495-2-2 TABLE OF CONTENTS Table of Contents Introduction About ACAMS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . x —. ABOUT THE CAMS DESIGNATION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . x Chapter 1 Risks and Methods of Money Laundering and Terrorist Financing.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 •. What is Money Laundering?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 •. Three Stages in the Money Laundering Cycle. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 The Economic and Social Consequences of Money Laundering . . . . . . . . . . . . . . . . . . . . . . . . . 4 AML/CFT Compliance Programs and Individual Accountability . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Methods of Money Laundering. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Banks and Other Depository Institutions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 —. ELECTRO