Certified Anti-Money Laundering Specialist Certification (CAMS) Practice Exam

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Prepare for the Certified Anti-Money Laundering Specialist Certification (CAMS) exam. Study with multiple choice questions, each with hints and explanations. Boost your chances of success!

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What is a common risk associated with online banking and money laundering?

Increased customer satisfaction
Enhanced compliance measures
Difficulty in tracing transactions
Improved transaction oversight

The correct answer is: Difficulty in tracing transactions

A common risk associated with online banking and money laundering is the difficulty in tracing transactions. Online banking provides users with a level of anonymity and can facilitate rapid, cross-border transactions that can obscure the trail of funds. When transactions occur electronically, the physical presence of an individual is not required, making it easier for money launderers to move illicit funds without being directly linked to their activities. Additionally, the speed and volume of online transactions can make it challenging for financial institutions to monitor and detect suspicious patterns effectively. Without robust transaction monitoring systems, the risk of overlooking potentially illicit activities increases, which can enable money laundering to occur without easy detection. Thus, this option highlights a critical vulnerability that financial institutions must address in their compliance and anti-money laundering efforts.