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

Which of the following can often be a feature of an Open System Stored Value Card?

1. Restricted to domestic transactions

2. Non-customers can purchase them

3. Can only be loaded once

4. Requires a bank account to operate

The correct answer is: Non-customers can purchase them

An Open System Stored Value Card is characterized by its ability to be utilized for a variety of transactions without strict limitations often associated with bank accounts or specific service providers. The fact that non-customers can purchase these cards indicates their accessibility and widespread use in multiple locations, allowing customers to load funds onto them and use them for transactions like purchases at merchants or online. This feature enhances financial inclusion, as it allows individuals who may not have access to traditional banking services to engage in electronic transactions. In contrast, the other options do not align with the typical characteristics of Open System Stored Value Cards. For instance, being restricted to domestic transactions might limit versatility; similarly, if a card can only be loaded once, it would reduce its functionality significantly. Lastly, requiring a bank account to operate would contradict the primary purpose of such cards, which is to serve as an alternative payment method for those without traditional banking options. Therefore, the ability for non-customers to purchase these cards highlights their essential feature of providing access to financial services for a broader audience.