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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Tools, Technologies and Investigations | 22% | - Remediation and response
|
| Topic 2: Understanding Risks and Methods of Financial Crime | 26% | - Financial crime risks and consequences
|
| Topic 3: Global Anti-Financial Crime Frameworks, Governance and Regulations | 24% | - International standards and bodies
|
| Topic 4: Building and Managing Anti-Financial Crime Compliance Programs | 28% | - Audit, testing and continuous improvement - Customer due diligence and know-your-customer
- Program framework and policies
|
>> Reliable CAMS7 Exam Topics <<
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NEW QUESTION # 215
Which scenario presents the GREATEST risk of trade-based money laundering?
Answer: B
Explanation:
Trade-based money laundering commonly involves manipulation of invoices, shipping documents, and trade values. Inconsistent invoices and unusual import-export patterns may disguise movement of illicit value across borders. Institutions involved in trade finance should review shipping routes, pricing anomalies, and documentation discrepancies carefully.
NEW QUESTION # 216
A credit institution has been served with a preliminary findings report highlighting major deviations from AML obligations and stating that it faces the possible withdrawal of its banking license.
Which authority could have issued the report?
Answer: C
Explanation:
An AML supervisory authority is responsible for overseeing compliance with AML/CFT obligations and has the legal power to conduct inspections, issue findings, impose sanctions, and recommend or enforce license withdrawal.
Supervisory authorities assess whether institutions comply with national AML laws and regulatory standards.
When major deficiencies are identified, they may issue a preliminary findings report outlining violations and potential enforcement actions, including license revocation.
Self-regulatory bodies lack the authority to withdraw banking licenses. Law enforcement agencies investigate criminal activity but do not supervise institutions or issue compliance findings reports. FATF is an international standard-setting body and does not conduct institution-level enforcement or issue sanctions.
Therefore, only an AML supervisory authority could issue such a report.
NEW QUESTION # 217
What areas of laws and regulations have the greatest impact on AML/CFT applications? (Choose three.)
Answer: A,B,D
Explanation:
AML/CFT (Anti-Money Laundering/Countering the Financing of Terrorism) applications are heavily influenced by various laws and regulations. The most impactful areas include:
Information security, data privacy, and cybersecurity - AML/CFT compliance relies on collecting and analyzing financial data. Data protection laws (e.g., GDPR) impact how financial institutions store, share, and protect sensitive customer information while ensuring that AML measures remain effective.
Foreign exchange control, and precious gemstone and metal dealing - Criminals often launder money through foreign currency transactions, gold, diamonds, and other high-value assets. Regulations governing these sectors help prevent financial crime.
Consumer protection, financial inclusion, and ESG - AML/CFT frameworks must balance risk mitigation with ensuring access to financial services (financial inclusion). Additionally, ESG policies play a growing role in identifying illicit financial.
NEW QUESTION # 218
An agent of a wealthy individual residing in Country A, which is on the EU list of high-risk third jurisdictions, approaches a notary in Country B, which is in the EU. The agent wants to complete a disposal of assets recently acquired at auction by the wealthy individual through an offshore company. The agent also has a power of attorney to act on behalf of the offshore company issued by a respectable law firm from Country C, which is also in the EU. The agent asks the notary to proceed with the disposal as quickly as possible without paying any specific attention to related costs or taxes to be paid as a result of this transaction. The notary notices the intended transfer price is significantly lower than the one recorded at auction, but the agent does not want to discuss this matter and claims that it is not covered by the power of attorney.
Which red flags should the notary consider? (Select Two)
Answer: A,B
Explanation:
* A: Selling assets at a significant loss, especially shortly after purchase, is a classic red flag for asset laundering and value manipulation, which can be used to disguise the true nature of proceeds.
* C: Transactions involving individuals from high-risk jurisdictions, as identified by the EU and FATF, warrant heightened scrutiny due to increased ML/TF risk.(CAMS 6th Edition, Red Flags for Complex Asset Transactions; EU List of High-Risk Third Countries)
* B and D may contribute to complexity but are not the primary red flags in this scenario.
References:
CAMS 6th Edition, Red Flags in Notarial and Legal Transactions
EU AML Directives and High-Risk Country Lists
NEW QUESTION # 219
Technology has the potential to increase the efficiency and effectiveness of AML/CFT workflows by: (Select Two.)
Answer: A,D
Explanation:
Technology plays a critical role in strengthening AML/CFT programs by improving efficiency, consistency, and scalability. Regulators encourage the responsible use of technology while maintaining governance and oversight.
One major benefit is processing large volumes of data efficiently, helping institutions eliminate investigative backlogs and manage increasing transaction volumes. Technology also automates repetitive tasks, reducing human error and improving data accuracy, allowing compliance professionals to focus on higher-value investigative work.
Technology does not eliminate privacy concerns, and front-end search tools alone are not sufficient to drive effectiveness. Human oversight remains essential for decision-making, investigations, and regulatory reporting.
NEW QUESTION # 220
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