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

Who issues an Account Monitoring Order?

1. A financial institution

2. A government authority

3. Any local law enforcement agency

4. A private investigator

The correct answer is: A government authority

An Account Monitoring Order is typically issued by a government authority. This is because such orders are part of a legal process involving the oversight of transactions within specified accounts to detect suspicious or potentially illegal activity. The authority responsible for issuing these orders often has the necessary legal powers and jurisdiction to monitor financial activities, which enables them to work effectively in the enforcement of anti-money laundering and other financial regulations. Financial institutions, local law enforcement agencies, and private investigators may engage with account monitoring or report suspicious activities, but they lack the formal authority to issue an order for monitoring accounts. Instead, they may report their findings to the appropriate government authority, which can then determine if an order is warranted based on the evidence provided. This process ensures that the monitoring is conducted in a manner that is compliant with the law and protects the integrity of financial systems.