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

Free ACAMS CAMS7 Real Questions (page: 38)

CAMS7 PDF — 469 Questions

What are the regulatory risks to a bank employee who willfully violates anti-money laundering laws?

  1. Investigation and reputational damage
  2. Fines and suspension from the industry
  3. Criminal investigation and imprisonment
  4. Enforcement actions including fines against the financial institution

Answer(s): C


Reference:

https://books.google.com.pk/books?id=qKLr7IdWCqsC&pg=PA9&lpg=PA9&dq=What+are+the
+regulatory+risks+to+a+bank+employee+who+willfully+violates+anti-money+laundering+laws&source=bl&ots=gZzA0Ey5nB&sig=ACfU3U29fq8lwYh08XqdR1X7sWSISySPZw&hl=en&sa=X&ved=2ahUKEwiHwKHTjIvmAhWqwzgGHfW_AToQ6AEwC3oECAkQAQ#v=onepage&q=What%20are%20the%20regulatory%20risks%20to%20a%20bank%20employee%20who%20willfully%20violates%20anti-money%20laundering%20laws&f=false



What are two requirements with respect to supporting documentation that is used to identify potentially suspicious activity, according to Financial Action Task Force? (Choose two.)

  1. It must be retained for at least five years
  2. It must be retained for at least seven years
  3. It must be kept in a manner so that it can be provided promptly
  4. It must only be released to the government through a subpoena process

Answer(s): A,C


Reference:

https://www.fatf-gafi.org/media/fatf/documents/recommendations/pdfs/FATF%20Recommendations
%202012.pdf



What are two reasons physical certificates present a money laundering risk to broker-dealers? (Choose two.)

  1. The trade information on a physical certificate can be easily altered
  2. Physical certificates do not expire and may be held by the owner for perpetuity
  3. There is little information readily available to the broker confirming the source of the funds
  4. Physical certificates may be provided to nominees for deposit or settled in off-market transactions

Answer(s): C,D



An automotive parts company in South America sends multiple $500, 000 wire transfers per week to ABC Holdings Ltd. in Asia referencing payment for silk flower shipments. Research reveals Sunrise Holdings, Ltd is registered in the British Virgin Islands with no available ownership information.

What are two red flags that indicate how trade-based money laundering could be occurring in this instance? (Choose two.)

  1. The transaction involves the use of front (or shell) companies
  2. The packaging is inconsistent with the commodity or shipping method
  3. Significant discrepancies appear between the description of the commodity on the bill of lading and the invoice
  4. The type of commodity being shipped appears inconsistent with the exporter or importer’s regular business activities

Answer(s): A,D



The branch manager calls the compliance officer and informs her that a law enforcement officer has just left the branch and was asking a lot of questions and left a business card.

What should the compliance officer do?

  1. File a suspicious transaction report
  2. Follow up to verify that the officer received all necessary information
  3. Verify that the reported officer was an actual authorized representative
  4. Require the branch manager to write a detailed memo about the request

Answer(s): C



What is a major economic consequence of money laundering through the use of front companies?

  1. Placing more emphasis on manufacturing
  2. Weakening of the legitimate private sector
  3. Creating a more competitive pricing environment
  4. Aligning management principles between criminal enterprises and legitimate businesses

Answer(s): B


Reference:

http://people.exeter.ac.uk/watupman/undergrad/rtb/effects2.htm



An institution is about to release a new peer to peer (P2P) funds transfer product to provide much needed remittance services to an under-banked population segment in the country.

The service allows customers to transfer funds through a mobile banking application to individuals worldwide entering only a name and mobile number. The new service charges less than comparable market solutions and offers real time transfer of funds. The customer onboarding process is conducted at branch locations with identity verification.

Which three present the highest anti-money laundering or sanctions risk and will require controls prior to launch? (Choose three.)

  1. Customer onboarding
  2. Cross-border functionality
  3. Real time transfer of funds
  4. Servicing the under-banked population
  5. Limited access to counterparty information

Answer(s): A,C,E



What is true regarding disclosure to a law enforcement agency by a financial institution of the supporting documentation for a suspicious transaction report?

  1. Documentation must be provided as quickly as possible using email
  2. The financial institution may notify the account holder of the request
  3. Confirm that the request originated from a representative of the law enforcement agency
  4. A copy of all the documentation released must also be provided to the account holder’s attorney

Answer(s): C


Reference:

https://www.sec.gov/about/offices/ocie/aml2007/fin-2007-g003.pdf



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