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

What is the purpose of an Account Monitoring Order?

1. To monitor market trends in real-time

2. To track financial audit results

3. To provide transaction information from suspect accounts

4. To provide summary reports of financial transactions

The correct answer is: To provide transaction information from suspect accounts

An Account Monitoring Order is primarily used to gather transaction information from suspect accounts in order to identify any unusual or potentially illicit activities. When a law enforcement agency or regulatory body suspects that certain transactions may be involved in money laundering, terrorist financing, or other financial crimes, they can request an Account Monitoring Order. This allows them to keep track of the account's activity over a set period, enabling them to gather the necessary evidence for further investigation. This purpose directly supports anti-money laundering (AML) efforts by ensuring that financial institutions and authorities can observe and analyze the behaviors associated with suspect accounts. By understanding the specific transactions that occur, investigators can piece together a clearer picture of any unlawful activity and take appropriate action. Other options do not align with the scope and intent of an Account Monitoring Order. For instance, market trends monitoring, tracking financial audits, or summarizing broader financial transaction reports do not specifically target the examination of suspect accounts and their transactions, which is the crucial function of an Account Monitoring Order in the context of AML.