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Changed CAMS Exam Questions

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Total 313 questions
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Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Questions and Answers

Question 81

Which strategies are most effective for prioritizing resources within an anti-financial crime (AFC) program using a risk-based approach (RBA)? (Choose two.)

Options:

A.

Prioritizing resources towards lower-risk areas to reduce workload

B.

Regularly reassessing risks to adjust resource allocation

C.

Allocating more resources to areas with higher financial crime risk

D.

Providing equal resources to all departments to maintain consistency

E.

Using a fixed resource allocation plan without adjustments

Question 82

News published in Country A reports that a politically exposed person (PEP) had received a bribe from a transnational company headquartered in a developing country of approximately USS1.5 million deposited into on account at a financial institution (Fl> located in Country B Both countries are members of the Egmont Group The account where the money was deposited belongs to the PEP's immediate family member. To corroborate the facts, the PIU of Country A sent a formal request via secure communication channels for further information from its counterpart FIU in Country B.

According to Egmont principles, the FIU of Country B can:

Options:

A.

provide the information available to them because the exchange is between two FlUs that are members of the Egmont Group, and the formal request was made using secure communication channels.

B.

provide the requested information only if a memorandum of understanding (MoU) is signed between Country A and Country

C.

direct the FIU of Country A to the Fl where the account was opened for further information.

D.

deny the request if the FIU of Country B has not received a suspicious activity report (SAR) from the Fl where the account was opened.

Question 83

What are the rules imposed by the Office of Foreign Assets Control (OFAC) for legal entities and persons related to the US? (Select Two.)

Options:

A.

The head office of a foreign legal entity which has a branch in the US does not need to comply with OFAC rules.

B.

A foreign individual visiting the US for a short vacation is obligated to follow OFAC rules.

C.

Nationals of the US must comply with OFAC rules, regardless of where they are located in the world.

D.

Any foreign corporation is also penalized if it conducts transactions with sanctioned countries under OFAC rules.

E.

A subsidiary of a legal entity of the US, which is formally registered in a foreign country, is exempt from OFAC rules.

Question 84

At a high level, the risk assessment process involves identifying and rating the inherent risks associated with customers, products, countries, and delivery channels, and then:

Options:

A.

comparing these risks with industry benchmarks to determine the residual risk.

B.

implementing new controls to eliminate all risks

C.

rating the effectiveness of the related controls in order to calculate the residual risk.

D.

documenting the historical risk incidents for future reference.

Page: 21 / 23
Total 313 questions
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