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

Question 9

Which of the following actions is specifically permitted or required under FinCEN section 314(b) for financial institutions (FIs) to enhance their efforts in combating money laundering and terrorist financing?

Options:

A.

FIs may disclose customer information to any third party

B.

FIs may provide information about their internal compliance programs to law enforcement agencies without any limitations

C.

FIs are required to report all transactions involving foreign entities to FinCEN so that FinCEN can share this information with other financial institutions

D.

FIs may share information about suspected money laundering activities with other FIs to aid in identifying and reporting suspicious transactions

Question 10

The chief compliance officer at a global bank that operates in the US, EU, and other countries is responsible for navigating the US and EU regulations related to anti-money laundering (AML) and sanctions as well as any local regulations in the countries where it operates.

What should be the primary compliance concern of the bank?

Options:

A.

US anti-money laundering regulations are stricter than the EU AML Directives, making it easier for the global bank to be compliant in the EU

B.

US and EU regulations require the bank to build separate compliance teams, making it necessary to establish completely separate systems for US and EU operations

C.

The EU's sanctions regime is stricter than that of the US Office of Foreign Assets Control (OFAC), so the bank must prioritize compliance with EU regulations over US laws and train the staff in Europe accordingly

D.

Balancing compliance with the US BSA and OFAC sanctions while ensuring adherence to EU AML directives and the GDPR, which complicates cross-border data sharing

Question 11

The new KYC lead at a bank is particularly focused on enhancing the risk management component of its KYC program and refers to the Basel Committee's customer due diligence (CDD) principles.

Which of the following describe key improvements to a KYC program established in the Basel Committee's CDD principles? (Select Two.)

Options:

A.

Implementation of a blacklist of correspondent customers with previously detected and investigated suspicious activity

B.

Enhancement of a customer acceptance policy to more clearly identify high-risk customers

C.

Increased frequency of training provided to front office employees

D.

Enhancement of customer identification procedures to appropriately identify trust, nominee, and fiduciary accounts

Question 12

A client advisor at a bank contacts a member of the compliance team for guidance on how to proceed with a client who wants to transfer US$250,000 from the sale of cryptoassets into their savings account at the bank.

What guidance should the compliance team provide?

Options:

A.

Advise further clarification is necessary, including which coins or tokens were sold and whether the crypto exchange conducts due diligence on its clients

B.

Advise that the transaction should be stopped because cryptoassets in general are not regulated and by definition pose an unacceptable AML risk for the bank

C.

Confirm to the advisor that the customer can proceed with the transaction if the client's KYC is up to date and a search on a public blockchain explorer does not provide any adverse media hits

D.

Confirm to the advisor that the customer can proceed with the transaction because clients are already correctly onboarded KYC is complete and the source of funds is transparent

Page: 3 / 17
Total 229 questions
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