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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

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 financial institution is exploring automation to assist investigators in reviewing flagged transactions. Currently, investigators spend a significant amount of time gathering data from multiple sources.

Which of the following automation features would be most effective in improving investigator efficiency?

Options:

A.

Pre-populated templates for SAR filing

B.

Integration of open-source tools to gather real-time intelligence

C.

Automated case prioritization based on risk scoring

D.

AI-powered dashboards summarizing flagged transactions

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.