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ACAMS Certified Anti-Money Laundering Specialist (the 7th edition) CAMS7 Dumps in PDF

Free ACAMS CAMS7 Real Questions (page: 2)

CAMS7 PDF — 469 Questions

The USA PATRIOT Act requires United States (U.S.) financial institutions to collect certain information from non-U.S. banks that hold a correspondent account.

Which two pieces of information must a non-U.S. bank provide to its U.S. correspondent to enable them to comply with this requirement? (Choose two.)

  1. The name and address of all shell banks the bank maintains accounts for
  2. The name and address of all beneficial owners who own 25% or more of the bank
  3. Prompt notice of any suspicious activity it detects on any customer who uses the correspondent account
  4. The name and address of a U.S. person who is authorized to receive service of legal process for the bank

Answer(s): B,C


Reference:

https://www.sec.gov/about/offices/ocie/amlsourcetool.htm



What are two legal risks of having inadequate privacy policies and procedures? (Choose two.)

  1. Diminished reputation
  2. Industry of regulatory sanctions
  3. Charges of deceptive business practices
  4. Higher marketing and public relations costs

Answer(s): A,B



The vice president of the foreign correspondent banking department at a large United States bank has been notified that a foreign bank with an offshore license wants to open a correspondent account.

Which two things must the vice president acquire under the USA PATRIOT Act? (Choose two.)

  1. A list of all the customers of the correspondent bank
  2. A list of the types of businesses served by the correspondent bank
  3. Information relating to the foreign bank’s anti-money laundering program
  4. The identity of 10% owners of the correspondent bank, unless it is publicly traded

Answer(s): C,D



What is an example of the integration stage of money laundering involving a bank or another deposit-taking institution?

  1. Depositing illicit funds into an account set up for a front company
  2. Directing third parties to exchange illicit cash for negotiable instruments
  3. Wiring illicit funds from an account at one bank to an account at another bank
  4. Using illicit funds that had previously been deposited to purchase a luxury vehicle

Answer(s): D


Reference:

https://www.moneylaundering.ca/public/law/3_stages_ML.php



Which aspect of the USA PATRIOT Act impacts foreign financial institutions?

  1. Requiring enhanced due diligence for foreign shell banks
  2. Expanding sanctions requirements to a U.S. financial institution’s foreign branches
  3. Expanding the anti-money laundering program requirements to all foreign financial institutions
  4. Providing authority to impose special measures on institutions that are of primary money-laundering concern

Answer(s): D


Reference:

https://www.imf.org/external/np/leg/sem/2002/cdmfl/eng/tompki.pdf (8)



The compliance officer at a crowdfunding website is in charge of monitoring new crowdfunding projects. Recently, the number of crowdfunding projects has significantly increased.

Which red flag indicates the highest anti-money laundering risk?

  1. Those with the largest number of donors
  2. Projects that get funding within days of their start
  3. Projects with the highest monetary success threshold
  4. Projects that start and close and are fully funded within a very short period

Answer(s): D



Which two statements in the Wolfsberg Group’s “Suppression of the Financing of Terrorism” define the role financial institutions should play in the fight against terrorism? (Choose two.)

  1. Financial institutions need to assist competent authorities in fighting terrorist financing through prevention, detection and information sharing.
  2. Financial institutions need to continuously analyze the types of activity related to terrorist financing and develop models that in the long term will drive down terrorism.
  3. Financial institutions should have financial intelligence units dedicated to the investigation of activity that would lead to the detection of terrorist financing as a means to decrease global terrorism.
  4. Financial institutions should apply extra due diligence whenever they see suspicious or irregular activities, especially when customers are engaged in sectors or activities that have been identified by competent authorities as being used for the financing of terrorism.

Answer(s): A,D


Reference:

https://www.wolfsberg-principles.com/sites/default/files/wb/pdfs/The-Wolfsberg-Group.pdf



What is the appropriate compliance control for identifying politically exposed persons (PEPs) according to the Basel Committee’s paper on Customer Due Diligence for Banks?

  1. Determining that a local figure is a PEP
  2. Reviewing when a relationship is established
  3. Reviewing relationships at account opening and on a periodic basis
  4. Requiring that the customer discloses that they are a PEP or an associate of a PEP

Answer(s): C


Reference:

http://www.menafatf.org/sites/default/files/Newsletter/PEPs_in_relat_on_to_AMLCFT.pdf



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