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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 manager of a bank's KYC team discovers that a high-risk customer's activity was not reviewed last quarter as the bank's internal schedule required.

What should the KYC team manager do?

Options:

A.

Submit a referral to file a suspicious activity report (SAR)

B.

Evaluate the KYC review process to understand why the review did not occur as required and take corrective action as necessary

C.

Contact the customer's relationship manager to suspend account access until the periodic KYC review is completed

D.

Remove the customer from the bank's high-risk list

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Question 2

Which statement about the extraterritorial reach of US laws and legislation is accurate?

Options:

A.

The Bank Secrecy Act (BSA) extraterritorial reach requires that the Travel Rule be applied to all financial institutions globally, including all USD transactions

B.

The Anti-Money Laundering Act of 2020 (AML Act) extraterritorial reach covers all USD transactions throughout the global economy

C.

The Office of Foreign Assets Control's (OFAC's) economic and trade sanctions may pose extraterritorial risks for financial institutions and businesses outside of the US

D.

Section 319(b) of the USA PATRIOT Act extraterritorial reach permits the seizure of funds from a correspondent bank account in the US that have been opened and maintained for the foreign bank

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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