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

Which professionals can be classified as VSPs?

1. Only lawyers

2. Art dealers exclusively

3. Attorneys, accountants, and bankers

4. Only financial auditors

The correct answer is: Attorneys, accountants, and bankers

The classification of designated professionals as VSPs, or 'Virtual Service Providers,' encompasses a range of individuals who provide specialized services that can be susceptible to money laundering risks. This group typically includes attorneys, accountants, and bankers, as they engage in activities that may involve managing or facilitating financial transactions and assets for clients. Attorneys, for instance, can handle client funds, trust accounts, and the structuring of financial transactions, making them vulnerable to exploitation in money laundering schemes. Accountants often deal with financial statements, tax matters, and the management of funds, and are thus also positioned within the realm of financial oversight and risk. Bankers, who manage the financial industry’s transactions and customer accounts, have a front-line role in monitoring for suspicious activities related to money laundering. By including all three professional categories, this classification recognizes the breadth of expertise and the potential for these professionals to be exploited in anti-money laundering contexts.