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AML Certification CAMS ACAMS Study Notes

Page: 19 / 23
Total 313 questions
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Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Questions and Answers

Question 73

A customer frequently deposits large amounts of cash into an online gambling account and requests withdrawals shortly after with minimal gambling activity.

What is the most likely money laundering risk associated with this behavior in the gambling and gaming industry?

Options:

A.

The customer is attempting to convert illicit funds into “clean” withdrawals

B.

The customer is attempting to avoid high fees by minimizing gambling activity

C.

The customer is testing the gaming platform’s payout system for potential fraud

D.

The customer is a high-risk gambler who regularly places large bets

Question 74

Which step should financial institutions take when complying with sanctions requirements?

Options:

A.

Change the risk profile to "high-risk" if an existing customer becomes a sanctioned entity and continue monitoring further transactions.

B.

Adopt automatic screening systems to detect designated persons and entities.

C.

Conduct enhanced due diligence for prohibited entities on the sanctions list.

D.

Freeze the funds or assets of designated persons and entities once this decision is approved by the board.

Question 75

Which of the following businesses require enhanced or additional scenarios for identifying anomalous transactions? (Select Two.)

Options:

A.

Companies operating in cash intense businesses not subject to licensing requirement

B.

Companies operating hospitals and health-care services

C.

Companies operating in cash intense businesses subject to licensing requirement

D.

Companies producing pharmaceutical products and medical devices, companies active in the mining industry

E.

Companies operating retail shops countrywide

Question 76

A customer of a financial Institution (Fl) complained that they had received multiple emails appearing to originate from the Fl urging them to click on a link or open a remittance attachment for confirmation. After opening the attachment, the customer later realized that funds had been systematically transferred out of their bank account without their knowledge

Which type of cybercrime is described in this scenario?

Options:

A.

Vishing

B.

Pharming

C.

SMSishing

D.

Spear phishing

Page: 19 / 23
Total 313 questions
Get CAMS Full Access Download CAMS PDF