Quiz CAMS7 - Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition)–Efficient Valid Dump

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ACAMS CAMS7 Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: Tools and Technologies to Fight Financial Crime
Topic 2: Understanding Risks and Methods of Financial Crime	30%	- Financial Crime Risks related to insurance products - Financial Crime Risks related to real estate - Financial Crime Risks related to Politically Exposed Persons (PEPs) and high-risk customers - Financial Crime Risks related to gatekeepers - Financial Crime Risks related to products within other financial sectors - Financial Crime Risks related to VASPs, cryptoassets, and related products - Financial Crime Risks related to trusts and company service providers - Financial Crime Risks related to gaming and gambling - Financial Crime Risks related to MSBs, PSPs, and ecommerce platforms
Topic 3: Building an AFC Compliance Program
Topic 4: Global AFC Frameworks, Governance and Regulations		- AML Regulatory Framework (Elective options: Canada, EU, UK, USA)

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ACAMS Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Sample Questions (Q61-Q66):

NEW QUESTION # 61
In order to prevent financial crime risk, the implemented policies, controls, and procedures must:

A. be completed by the business and validated by an external firm (for example, an auditing or consulting firm)
B. be created approved, and owned only by the First Line of Defense business team, and reviewed annually
C. be proportionate with regard to the size and nature of the firm, approved by senior management, and regularly reviewed
D. include sophisticated and automated controls that use the newest types of technology available (for example, artificial intelligence (Al) and machine learning).

Answer: C

Explanation:
Policies, controls, and procedures must be proportionate to the size and nature of the firm, approved by senior management, and regularly reviewed to ensure they remain effective in preventing and mitigating financial crime risk while aligning with regulatory expectations.

NEW QUESTION # 62
Which obliged entities or gatekeepers may be required to perform customer due diligence (CDD)? (Select Four.)

A. Dealers in precious metals and stones
B. Accountants and auditors
C. Casino security guards
D. City court judges
E. Real estate agents
F. Notaries involved in real estate transactions

Answer: A,B,E,F

Explanation:
FATF standards identify several designated non-financial businesses and professions (DNFBPs) as obliged entities due to their exposure to money laundering risks. These gatekeepers are required to perform customer due diligence (CDD).
Notaries involved in real estate transactions play a critical role in property transfers and are required to identify parties and beneficial owners. Dealers in precious metals and stones handle high-value, portable assets attractive to criminals. Real estate agents facilitate property purchases often used to launder large sums of money. Accountants and auditors may assist in financial structuring, tax planning, or company formation and must conduct CDD when providing covered services.
Casino security guards and judges are not obliged entities under AML/CFT frameworks.

NEW QUESTION # 63
Which of the following ate efficient approaches lo performing horizon scanning? (Select Two.)

A. Subscribing lo a regulators' newsletter
B. Regularly contacting the regulator to inquire about updates and future developments
C. Using a specific provider for regulatory horizon scanning
D. Relying on information and insights from peers and working groups

Answer: A,C

NEW QUESTION # 64
What are the roles of a government Financial Intelligence Unit (FIU)? (Select Three.)

A. Disseminate analysis of suspicious transaction and suspicious activity reports to foreign judicial systems to enhance their anti-money laundering and terrorist financing investigations and prosecutions
B. Disseminate the analysis of suspicious transaction and suspicious activity reports to local law enforcement agencies and foreign FIUs to combat money laundering
C. Analyze all suspicious transaction and suspicious activity reports received from reporting institutions or obliged institutions
D. Receive reports of suspicious transactions and suspicious activities from reporting institutions or obliged institutions
E. Investigate and where appropriate prosecute all suspicious transaction and suspicious activity reports received from reporting institutions or obliged institutions

Answer: B,C,D

NEW QUESTION # 65
What are the primary sources of reference besides AML laws and regulations when developing and maintaining the AML policies, standards, and procedures of a bank? (Choose three.)

A. Regulatory guidance or publications
B. National Risk Assessment
C. Guidance issued by international bodies
D. Policies and procedures developed by other banks
E. Government or state-run newspapers

Answer: A,B,C

Explanation:
When developing and maintaining AML policies, standards, and procedures, banks should rely on the National Risk Assessment, regulatory guidance or publications, and guidance issued by international bodies to ensure their frameworks align with both domestic and global best practices and risk considerations.

NEW QUESTION # 66
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