CAMS Questions Bank

Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Questions and Answers

Question 5

Why is it important to use multiple sanctions lists, such as United Nations (UN), Office of Foreign Assets Control ("OFAC"), and European Union ("EU") lists, in name screening systems?

Options:

To avoid sanctions breach related to payments

To avoid onboarding customers previously exited due to true match

To meet international regulatory requirements and identify risks across jurisdictions

To be in line with the risk appetite statement

Question 6

Which action could be taken by an organization to better understand the threats faced from proliferation financing?

Options:

Work with the front-line to understand their strategic growth targets specifically aimed at increasing their market share around military technology and dual-use products

Review the organization's sanction risk assessment to better understand the potential for exposure to Russia and the Democratic People's Republic of Korea

Read and analyze the most recent National Proliferation Financing Risk Assessment produced by the relevant body of the organization's jurisdiction

Undertake a detailed review of all payment-related transactions to any clients identified as defense contractors, paying special attention to the beneficial owners of those clients

Question 7

The recently appointed senior money laundering reporting officer (MLRO) at a newly opened small digital bank has been instructed by the group chief compliance officer to implement an effective AML transaction monitoring system that can identify unusual and suspicious transactions.

What are important considerations for the project to select and implement the AML transaction monitoring system at the digital bank? (Select Two.)

Options:

Whether the vendor has documented appropriate internal controls for designing system and data integration schema

Whether the permissions and user access settings for reviewing, investigating, and reporting details of alerts generated by the system are commensurate with those in use at other banks

Whether the monitoring system is adequate with respect to the bank's size, activities, complexity, and risks

Whether the monitoring system can be configured to enable the bank to execute trend analysis of transaction activity and to identify unusual business relationships and transactions

Question 8

The relationship manager in the corporate banking department at a bank is required to take specialized AML training tailored to the risks the department is most likely to encounter.

Which types of content are most appropriate for this training? (Select Two.)

Options:

Money laundering typologies applicable to monetary instrument reporting

Applicable AML laws and regulations

Regulatory exam best practices

Money laundering typologies applicable to corporate loans

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Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Questions and Answers

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CompTIA

Fortinet

Microsoft

Salesforce