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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

An international bank is headquartered in Madrid, Spain with an office in New York City (NYC), US. The Madrid office is investigating a transaction originating from a customer of the NYC office and inquires whether the NYC office can share any relevant further information on the individual. Upon further research, the NYC office finds that they have filed a suspicious activity report (SAR) on the individual in the previous year.

Which factors need to be considered before sharing the requested information? (Select Two.)

Options:

A.

The foreign bank must always request approval by its national anti-financial crime authority to share any information cross-border.

B.

The bank should report this to the Financial Crimes Enforcement Network (FinCEN) and receive formal guidance before sharing the information.

C.

The bank should consider jurisdictional privacy requirements and its own policies and procedures to determine what information to share.

D.

The information should only be shared on a need-to-know basis.

Question 3

A large financial institution (FI) is considering expanding business to an area of the world with weak AML laws. The risk-based assessment indicates that the location will increase the FI's risk appetite beyond the stated acceptable amount.

Which risk factors should be used to identify the priority of the FI?

Options:

A.

Cash-intensive businesses risks

B.

Unknown third-party risks

C.

Geographic risks

D.

Anonymous transactions risks

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