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AML Certification CAMS Reddit Questions

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Total 860 questions
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Certified Anti-Money Laundering Specialist (the 6th edition) Questions and Answers

Question 13

It Is important for financial institutions (FIs) to be aware of anti-financial crime (AFC) and sanctions regulatory regimes in other jurisdictions in order to.

Options:

A.

maintain compliance with the AFC and sanctions requirements of all countries where the F1 operates or has business relationships and to avoid penalties for violations in foreign jurisdictions.

B.

ensure that sanctions regimes are applied selectively based on the regulatory standards of the countries where business activities occur, focusing primarily on aligned jurisdictions

C.

compensate for the limited applicability of AFC and sanctions regulations on cross-border transactions and their reduced relevance for domestic operations in other jurisdictions.

D.

ensure the F1 can manage business relationships in jurisdictions with stricter or more lenient regulations than their home country, allowing for operational flexibility

Question 14

Which statement regardingdata privacyis the most accurate in the context ofAML investigations?

Options:

A.

FIUs should document purposes for which personal data included on Suspicious Activity Reports (SARs) may be shared with other agencies.

B.

Any customer that is the subject of asuspicious report filinghas the right to request redaction of their personal data.

C.

Data privacy laws prohibit information sharing between financial institutions for the purposes of AML investigations in all jurisdictions.

D.

Organizations are required to demonstrate that customers have opted into information sharing before submitting SARs to relevant Financial Intelligence Units (FIUs).

Question 15

Which method do terrorist financiers use to move funds without leaving an audit trail?

Options:

A.

Extortion

B.

Cash couriers

C.

Casa de cambio

D.

Virtual currency

Question 16

Which of the following poses the greatest money laundering risk for a financial institution offering on-line services to customers?

Options:

A.

There is greater difficulty in matching the customer with the provided identification doc-umentation.

B.

There is no human scrutinizing the customer's transactions, thus increasing the potential for large transactions.

C.

Institutions offering on-line services have no possibility to properly verify the identity of their customers.

D.

Customers can directly access their accounts without being detected.

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Total 860 questions
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