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

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Total 395 questions

A Financial Intelligence Unit (FIU) serves as a national center for the receipt and analysis of suspicious activity reports (SARs) and can obtain additional information from other reporting entities relevant to:

A.

public administration.

B.

legal assessment.

C.

law enforcement.

D.

legal activity.

Which red flag is most relevant to money laundering through capital markets?

A.

A low-priced security sees a sudden spike in investor demand with a rising price

B.

A trading customer maintains a portfolio of securities concentrated in one specific emerging market

C.

A firm sees an unexpected increase in demand for electronically traded funds

D.

A security sees a transactional pattern of a steady decrease in both trading volume and prices

The Basel Committee on Banking Supervision published guidelines on the "Sound management of risks related to money laundering and financing of terrorism."

With regard to identifying and accepting customers, it recommends that banks: (Select Two.)

A.

Establish policies and procedures to ensure due diligence activities are identical for all customers.

B.

Establish policies and procedures to identify and verify customers, beneficial owners, and any individuals that can transact on behalf of their customers.

C.

Establish policies and procedures for customer due diligence that vary based on risk.

D.

Are prohibited from offering numbered accounts to customers, even if procedures are established to gather and maintain due diligence information.

E.

Establish policies and procedures that encourage processing transactions while due diligence information is being established and verified.

Which of the following scenarios warrants enhanced due diligence (EDD)? (Select Three.)

A.

An existing local league footballer trying to open a bank account with a bank in their local jurisdiction

B.

The current prime minister of a country trying to open a bank account in another country

C.

The former personal secretary to the minister of transport in a low-risk country 25 years ago opening a bank account at a bank in a neighboring low-risk country

D.

A bank located in a higher risk country trying to establish a correspondent-respondent banking relationship with a bank in a lower-risk country

E.

An individual with a current bank account who resides in one country becoming the ambassador of another country

Money laundering has social and economic impacts, especially within developing countries. A high volume of money laundering in a country may: (Select Two.)

A.

Dissuade government tax incentive programs

B.

Reduce confidence in the country's financial sector.

C.

Dissuade foreign investment.

D.

Lower the employment rate.

E.

Reduce volatility in exchange and interest rates.

Money laundering can have a profound impact on the global economy that includes:

A.

Declining money supplies

B.

Increased sectoral polarization

C.

Increased inflation and low economic growth

D.

Destabilization of legitimate governments

A legal instrument which is executed between two nations and governs cross-border information sharing Is known as a.

A.

mutual legal assistance treaty.

B.

memorandum of understanding.

C.

request for urgent information.

D.

declaration of understanding.

E.

memorandum of agreement.

Which technologies are commonly used to help financial institutions (FIs) navigate privacy and data protection regulations while securely sharing client information with private third-party entities? (Choose two.)

A.

Blockchain to ensure traceability and security in shared data transactions

B.

Data encryption to protect sensitive information from unauthorized access

C.

Privacy-enhancing technologies (PETs) to enable secure and privacy-compliant data sharing

D.

Artificial intelligence (AI) to automating compliance processes like data anonymization and secure sharing

E.

Cloud storage solutions for efficient data handling and management

Which of the following programs would most likely be considered part of an effective supervision regime for a regulator?

A.

Onsite and offsite reviews, cooperating on an international basis with access to a range of sanctions and outreach

B.

Onsite and offsite reviews, cooperating on an international and domestic basis with access to a range of sanctions and outreach

C.

Offsite reviews, cooperating on a domestic basis with access to a range of sanctions and outreach

D.

Onsite reviews, cooperating on an international and domestic basis with outreach and access to a range of sanctions

What areas of laws and regulations have the greatest impact on AML/CFT applications? (Choose three.)

A.

Information security, data privacy, and cybersecurity

B.

Foreign exchange control, and precious gemstone and metal dealing

C.

Ombudsman and anti-competition authority

D.

Electronic contract and biological signature acceptance

E.

Consumer protection, financial inclusion, and environmental, social and governance