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Exam CAMS7 Topic 1 Question 290 Discussion

Actual exam question for ACAMS's CAMS7 exam
Question #: 290
Topic #: 1
Which regulation permits financial institutions, upon providing notice to the US Department of the Treasury, to share information with one another in order to identify and report activities that may involve money laundering or terrorist activity to the federal government?

Suggested Answer: D Vote an answer

USA PATRIOT Act Section 314(b)allows financial institutions tovoluntarily share information with one another, after notifying the U.S. Treasury, toidentify and report possible money laundering or terrorist financing activities.
Key elements include:
Voluntary participation
Prior notice to FinCEN (part of the U.S. Treasury)
Protection from liability when acting in good faith
Enhanced collaborative detection across institutions
Section 314(a)refers toinformation sharing between law enforcement and financial institutions, not peer-to- peer sharing.
COSMICis an initiative in certain jurisdictions like Singapore, not U.S. regulation.
Regulation (EU) 2024/1624is part of the EU AML framework, not relevant to U.S. institutions.
Reference: ACAMS CAMS Study Guide - 6th Edition, Chapter:U.S. Regulatory Framework- Section:USA PATRIOT Act - Information Sharing under Section 314(b)

by Prima at Jan 18, 2026, 02:29 AM

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