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ACAMS CAMS - Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition)

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Total 313 questions

How can public-private partnerships (PPPs) foster collaboration in the fight against financial crime? (Choose two.)

A.

Developing a culture of compliance

B.

Improving governance in the public sector by requesting feedback from financial institutions

C.

Reducing transaction monitoring false positives for all financial institutions

D.

Improving the quality and quantity of data available for analysis by sharing information

A customer of a financial Institution (Fl) complained that they had received multiple emails appearing to originate from the Fl urging them to click on a link or open a remittance attachment for confirmation. After opening the attachment, the customer later realized that funds had been systematically transferred out of their bank account without their knowledge

Which type of cybercrime is described in this scenario?

A.

Vishing

B.

Pharming

C.

SMSishing

D.

Spear phishing

To provide aid in investigating a cross-border money laundering case, a Financial Intelligence Unit (PIU) that is a member of the Egmont Group can:

A.

directly contact financial institutions in another country and share information pertinent to the investigation.

B.

directly contact other FlUs in another country and share information pertinent to the investigation.

C.

deputize its law enforcement investigators to assist in a material ongoing investigation in another country

D.

assist law enforcement in another country with a material ongoing investigation.

An international bank is headquartered in Madrid, Spain with an office in New York City (NYC), US. The Madrid office is investigating a transaction originating from a customer of the NYC office and inquires whether the NYC office can share any relevant further information on the individual. Upon further research, the NYC office finds that they have filed a suspicious activity report (SAR) on the individual in the previous year.

Which factors need to be considered before sharing the requested information? (Select Two.)

A.

The foreign bank must always request approval by its national anti-financial crime authority to share any information cross-border.

B.

The bank should report this to the Financial Crimes Enforcement Network (FinCEN) and receive formal guidance before sharing the information.

C.

The bank should consider jurisdictional privacy requirements and its own policies and procedures to determine what information to share.

D.

The information should only be shared on a need-to-know basis.

Financial crime risk related to the use of "hawalas" can stem from: (Select Two.)

A.

difficulty in tracking the originator, recipient, and source of transactions.

B.

remote verification of identity by third-party program managers.

C.

heavy usage by senior political figures.

D.

informal networks used for cross-border transactions outside of the formal banking system.

E.

heightened risks of returned transactions.

An AML/CFT unit often compiles information about customer activity and product usage that might be of interest to other parts of the organization.

Before allowing the unit to communicate such information internally, the organization must review:

A.

Enterprise-wide risk assessments and the employee handbook for any limitations on sharing commercially sensitive customer data

B.

The risk rating of the customers to avoid sharing data relating to higher risk customers

C.

The organization's AML compliance policies to ensure that customer data can be easily shared internally and internationally

D.

Applicable data privacy laws in relevant jurisdictions and the organization's data security and privacy policies for any limitations

Which attributes are typically used to assess the vulnerability to money laundering risk of products offered by an insurer? (Choose three.)

A.

Purpose and intended use

B.

Liquidity

C.

Age of the beneficiary

D.

Customer anonymity or third-party transactions

E.

Length of waiting period

Which risks are specifically associated with the misuse of gaming accounts in financial crime? (Choose three.)

A.

Using gaming accounts to transfer illicit funds between players undetected

B.

Structuring transactions to avoid reporting thresholds by keeping them under certain limits

C.

Providing false personal information to evade regulatory oversight

D.

Ensuring identity verification is completed prior to the onboarding of new customers

E.

Investing all gaming winnings into high-risk stocks to conceal funds

Which of the following are important AML controls for a compliance manager of a regulated asset management company in the European Union to implement? (Select Two.)

A.

Inviting prospective customers for an onboarding interview

B.

Rejecting any politically exposed persons (PEPs) as customers

C.

Understanding the source and origin of assets

D.

Performing negative news checks of prospective customers

E.

Producing financial stability reports on interesting customers

Which of the following statements is true regarding the 2012 Financial Action Task Force (FATF) 40 Recommendations and'or 11 Immediate Outcomes?

A.

The 40 Recommendations have not been updated to reflect the impact of new technology

B.

Each jurisdiction can reach out to the FATF for private access to the interpretive notes to the 40 Recommendations

C.

The 11 Immediate Outcomes are recommendations specific to high-risk jurisdictions requiring enhanced monitoring.

D.

The cornerstone of the 40 Recommendations is the adoption of a risk-based approach by each jurisdiction