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Complete CAMS ACAMS Materials

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Total 772 questions

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

Question 37

Which action does the Financial Action Task Force call on member countries to take in the most serious cases when countries have significant strategic AML deficiencies?

Options:

A.

Contribute to mutual evaluations

B.

Apply countermeasures

C.

Eliminate all financial dealings

D.

Report high-risk transactions

Question 38

Whichred flags could indicate increased terrorist financing and money laundering risksrelated tocultural objects and high-value art? (Select Three.)

Options:

A.

Use of art storage facilities located in tax-free zones.

B.

Paying fair market value or premium prices for valuable art, gems, or precious metals at auction.

C.

Engagement of third-party art advisors as representatives at art auctions.

D.

High-quality single pieces of significant value sold on social media platforms.

E.

Use of art and antiquity experts to verify an item’s authenticity.

Question 39

A financial institution is conducting an enterprise-wide risk assessment (EWRA) and has identified a high inherent risk of money laundering associated with its private banking division due to the clientele's high net worth and complex financial structures. However, the institution has implemented robust customer due diligence (CDD) and enhanced due diligence (EDD) procedures, along with sophisticated transaction monitoring systems.

How would these controls impact the assessment of residual risk?

Options:

A.

The residual risk would be significantly reduced due to the effectiveness of the controls in place

B.

The residual risk would be moderately reduced, but further controls may be necessary to achieve an acceptable level

C.

The residual risk would remain high due to the inherent nature of the private banking business

D.

The residual risk would be eliminated entirely because the controls are sufficient to mitigate all potential risks

Question 40

Which statement regardingdata privacy in AML investigationsis the most accurate?

Options:

A.

Financial Intelligence Units (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 a suspicious report filing has 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).

Page: 10 / 58
Total 772 questions