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

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Total 313 questions

The primary objectives of the Financial Action Task Force (FATF) are to: (Choose two.)

A.

evaluate and monitor compliance with the FATF standards and provide recommendations for improvement.

B.

assist countries in implementing EU, UN, and regional sanctions regimes.

C.

develop and promote international standards to prevent money laundering and terrorist financing.

D.

conduct investigations on countries legislations and laws to prevent them from being used for money laundering and terrorist financing.

E.

ensure that countries follow its laws to maintain financial stability.

A financial crimes risk appetite statement describes:

A.

how an organization defines Its risk-based approach.

B.

how an organization determines its key risk and performance indicators.

C.

the level and type of risk the organization is willing to take to meet its objectives

D.

the purpose of an organization's financial crimes compliance program.

Which financial crime risks are inherent to e-commerce platforms? (Select Four.)

A.

E-commerce platforms exploited to move criminal proceeds

B.

Use of stolen bank cards for online purchases

C.

E-commerce platforms susceptible to fraud schemes

D.

E-commerce platforms used as a front for illicit transactions

E.

E-commerce platforms encouraging unregulated peer-to-peer lending

F.

Use of foreign currency to mask criminal proceeds

According to the Financial Action Task Force (FATF) methodology, which situations would require a financial institution (FI) to consider filing a suspicious activity report?

A.

A beneficiary of a transaction is a politically exposed person.

B.

A FI is unable to verify the relevant customer due diligence documents.

C.

A FI identifies the payer is a dealer in precious metals or stones.

D.

A transaction involves funds exchanged from crypto to fiat currencies.

When making an independent determination on whether to close an account based on an internal Investigation, a financial institution (F1) should consider. (Select Five.)

A.

reputational risk.

B.

the customers personal relationships.

C.

the frequency of account activity

D.

the Fl's policies and procedures.

E.

the seriousness of the underlying conduct.

F.

correspondence with law enforcement

G.

the legal basis for closing the account.

Public-private partnerships (PPPs) that involve the sharing of information between law enforcement authorities, Financial Intelligence Units (FIUs), and the private sector are established to: (Select Two.)

A.

Exchange operational information between public authorities and obliged entities

B.

Exchange strategic information between FIUs and obliged entities

C.

Exchange strategic information between financial institutions

D.

Create a common database of key information and share analysis of suspicious activities with FATF

According to Basel Committee guidelines, which level of the organization should determine whether or not to enter business relationships with higher risk customers?

A.

Account opening staff

B.

Middle management

C.

Senior management

D.

First-level management

A high volume of incoming wire transfers generates an alert about a client. The funds are immediately debited by cash withdrawals and outgoing wire transfers.

Which information should be reviewed first to investigate this alert/case?

A.

Open source information

B.

Customer profile

C.

Adverse media search

D.

Account activity

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

A.

remote verification of identity by third-party program managers

B.

heavy usage by senior political figures.

C.

heightened risks of returned transactions.

D.

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

E.

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

An EU Trust and Company Service Provider analyst notices some unusual activity while looking through a customer's financial statements and detailed general ledger. The customer is in the business of importing and exporting machineries.

Which transaction indicator warrants further escalation to the compliance officer?

A.

The payment of company secretarial retainer fees to a foreign company in a tax-efficient jurisdiction

B.

The payment of virtual offices services overseas

C.

Inter-company loans from the holding company to the subsidiary company to finance the shipment of machinery

D.

The payment of consultancy fees to unrelated companies and service providers established in a foreign jurisdiction