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CAMS Exam Dumps : Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition)

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Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Questions and Answers

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Question 1

What is the primary purpose of a risk appetite statement (RAS) in an organization and how should it be effectively communicated and implemented?

Options:

A.

An RAS defines the amount and type of risk an organization is willing to take to achieve its objectives and should be communicated clearly to all stakeholders with corresponding controls implemented

B.

An RAS is a detailed plan for managing operational risks and does not cover strategic or financial risks

C.

An RAS is a formal document meant for regulatory compliance that does not influence day-to-day risk management practices within the organization

D.

An RAS is used to outline the risk tolerance limits to external stakeholders and does not need to be communicated within the organization

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Question 2

A customer frequently deposits large amounts of cash into an online gambling account and requests withdrawals shortly after with minimal gambling activity.

What is the most likely money laundering risk associated with this behavior in the gambling and gaming industry?

Options:

A.

The customer is attempting to convert illicit funds into “clean” withdrawals

B.

The customer is attempting to avoid high fees by minimizing gambling activity

C.

The customer is testing the gaming platform’s payout system for potential fraud

D.

The customer is a high-risk gambler who regularly places large bets

Question 3

A bank has joined a public-private partnership (PPP) to work with law enforcement and regulators on combating financial crime. However, the bank's data protection officer is concerned about sharing sensitive customer data, and the compliance officer is worried about potential delays in receiving useful information from the government.

Which of the following best describes a benefit of PPPs in fighting financial crime?

Options:

A.

PPPs improve financial crime detection and prevention by sharing intelligence between banks and law enforcement.

B.

PPPs help banks reduce compliance costs by automating information sharing.

C.

PPPs allow banks to manage their own suspicious activity report (SAR) filing process without the need to involve the Financial Intelligence Unit (FIU).

D.

PPPs maximize the efficiency of the bank's compliance program by providing real-time intelligence from law enforcement.

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