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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

The chief compliance officer at a global bank that operates in the US, EU, and other countries is responsible for navigating the US and EU regulations related to anti-money laundering (AML) and sanctions as well as any local regulations in the countries where it operates.

What should be the primary compliance concern of the bank?

Options:

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.

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

D.

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

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Question 2

A prospective client walks into an accounting firm wanting to incorporate a company. The accountant feels uncomfortable after the meeting.

Which two of the accountant's observations warrant escalation to the compliance officer? (Select Two.)

Options:

A.

The principal activities of the proposed company are importing and exporting new furniture

B.

The prospective client presents confusing details about the proposed business and has very little knowledge about the proposed business activity

C.

The prospective client is unable to provide information about the beneficial owners

D.

The prospective client exhibits confidence when speaking to the accountant when providing personal details

E.

The prospective client is able to provide source of funds and source of wealth documents

Question 3

Non-compliance with relevant anti-money laundering laws and regulations can result in: (Select Two.)

Options:

A.

increased reputation risk.

B.

inclusion on the UN Consolidated List.

C.

civil and criminal penalties

D.

delisting of public filing status.

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