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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

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

The Financial Intelligence Unit (FIU) in a country has received a suspicious activity report (SAR) which involves significant suspicious fund transfers, not only within its jurisdiction but also in a foreign country. Further information is required from the foreign country to determine whether the matter needs to be referred for prosecution locally.

Which of the following statements is true in this scenario?

Options:

A.

It is against international laws on data protection to access information from foreign countries

B.

Sovereignty of nations means that information cannot be accessed from foreign countries

C.

Any information related to money laundering can be received from any organization at any time regardless of jurisdiction

D.

Countries that are members of the Egmont Group can request assistance for information from each other

Question 3

Which statement best describes a key money laundering risk associated with virtual asset service providers (VASPs), cryptoassets, and related products?

Options:

A.

Cryptoassets can be transferred across borders quickly, but the volatility of their value still makes them less attractive for money laundering compared to traditional assets

B.

Mandatory reporting requirements have been implemented for certain types of crypto transactions, but gaps in regulation and enforcement still leave room for money laundering activities.

C.

The transparency of blockchain technology helps law enforcement trace transactions, but it can also provide criminals with ways to obscure their financial activities through complex layering techniques.

D.

The pseudonymous nature of transactions allows criminals to hide their identities while transferring large sums of money globally, making it difficult to trace the ultimate beneficial owner.