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

Question 25

A typical red flag regarding potential money laundering in connection with an art purchase occurs when a customer:

Options:

A.

buys a painting as an anonymous bidder and provides the source of wealth.

B.

asks to pay in installments and pays from two differently named accounts.

C.

asks to pay a large amount in cash without a comprehensible reason.

D.

pays more at an auction for a painting than the estimated maximum price.

Question 26

Which activities could be considered a potential spear phishing scam? (Select Three.)

Options:

A.

An employee receives a phone call requesting that money be sent to assist someone in trouble.

B.

A courier delivers a duplicate invoice to a business that contains updated payment details of an existing supplier.

C.

Payroll receives an external email from an employee looking to update their bank account information.

D.

A business sends its employees an email warning that email passwords must be changed to prevent cyber-fraud.

E.

An employee receives an email that asks to download an attachment, but the attachment is a malware.

F.

Members of a religious organization receive a donation request by email claiming to be from their leader.

Question 27

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 28

AnAML compliance officerreceives anindependent audit reportwith a number offindings.

Anappropriate responseto thereportwould include:

Options:

A.

Reperforming the testing for the controls mentioned in the findings to confirm the results of the audit.

B.

Assigning responsibility for reviewing the action plan to the board of directors.

C.

Drafting detailed action plans for the audit team to execute to close the findings.

D.

Defining remedial actions based on the findings' root cause analysis.

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Total 772 questions