ACAMS Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) - CAMS7 Free Exam Questions

A. Establish a reward program among risk management functions to encourage proactive controls

B. Establish a robust framework for continuous threat intelligence sharing

C. Have senior management accountability for AFC failures

D. Develop cross-functional training programs on AFC risks, management strategies, and related technologies

E. Develop common metrics and key performance indicators

A. Use of stolen bank cards for online purchases

B. E-commerce platforms susceptible to fraud schemes

C. E-commerce platforms exploited to move criminal proceeds

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

A. Frequent incoming transfers immediately withdrawn or forwarded

B. Small recurring grocery purchases

C. Long-term mortgage repayment history

D. Stable salary deposits over several years

A. Applying global AFC and sanctions policies to ensure consistency without the need to adapt to local regulations

B. Ensuring group policies and procedures prioritize adherence to US regulations because they are the most influential worldwide

C. Ensuring sanctions compliance by relying solely on international bodies like the UN because there is no requirement to adhere to local laws

D. Ensuring group policies cater to compliance with each country's specific AML and sanctions regulations

A. US anti-money laundering regulations are stricter than the EU AML Directives, making it easier for the global bank to be compliant in the EU

B. US and EU regulations require the bank to build separate compliance teams, making it necessary to establish completely separate systems for US and EU operations

C. Balancing compliance with the US BSA and OFAC sanctions while ensuring adherence to EU AML directives and the GDPR, which complicates cross-border data sharing

D. The EU's sanctions regime is stricter than that of the US Office of Foreign Assets Control (OFAC), so the bank must prioritize compliance with EU regulations over US laws and train the staff in Europe accordingly

A. Managing trade agreements between the US and foreign countries

B. Designating jurisdictions as primary money laundering concerns

C. Ensuring an effective export control and treaty compliance system

D. Administering and enforcing economic and trade sanctions

A. direct the FIU of Country A to the Fl where the account was opened for further information.

B. provide the requested information only if a memorandum of understanding (MoU) is signed between Country A and Country

C. provide the information available to them because the exchange is between two FlUs that are members of the Egmont Group, and the formal request was made using secure communication channels.

D. deny the request if the FIU of Country B has not received a suspicious activity report (SAR) from the Fl where the account was opened.

A. Political and regulatory

B. Sectoral and jurisdictional

C. Governance and compliance

D. Economic and societal

A. The beneficiary of the wire transfers is a foreign company whose shareholders and director are other companies

B. The wire transfers are for different amounts but with the same beneficiary

C. The beneficiary of the wire transfers is a resident of a foreign country bearing the same family name as the business owner

D. The beneficiary of the wire transfer is a resident of a grey-list country

A. Independent testing

B. Consistency of approach

C. Periodic training of the function

D. Qualification of the team