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ACAMS Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Sample Questions (Q38-Q43):
NEW QUESTION # 38
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?
Answer: A
Explanation:
In anEnterprise-Wide Risk Assessment (EWRA),residual riskis the level of risk that remains after applying mitigating controls to theinherent risk(the risk present before controls are applied).
In this scenario, theinherent risk is highdue to the nature of private banking-high net worth clients,cross- border transactions,complex ownership structures, andhigh-value financial products. However, the institution has implementedrobust CDD and EDD, as well asadvanced transaction monitoring systems.
According to the CAMS Study Guide - 6th Edition, wheneffective and properly implemented controlsare in place, they cansignificantly reducethe residual risk-even in high-risk business areas like private banking.
However, no control framework caneliminate all riskentirely.
Option Ais correct: Controls can significantly reduce the residual risk when strong, effective systems and procedures are in place.
Option Bis partially true but suggests inadequacy, which is not indicated here.
Option Cincorrectly assumes residual risk cannot be lowered even with controls.
Option Dis incorrect because residual riskcannot be eliminated entirely.
Reference: ACAMS CAMS Study Guide - 6th Edition, Chapter:Enterprise-Wide Risk Assessment (EWRA)- Section:Inherent Risk vs. Residual Risk and the Role of Controls
NEW QUESTION # 39
The law enforcement agency (LEA) of a foreign jurisdiction contacts a financial institution (FI) regarding one of the FI's clients. The LEA advises that the client is currently wanted for prosecution as a result of a series of human trafficking charges.
What should the FI do? (Select Two.)
Answer: C,D
NEW QUESTION # 40
Why is it important to use multiple sanctions lists, such as United Nations (UN), Office of Foreign Assets Control ("OFAC"), and European Union ("EU") lists, in name screening systems?
Answer: C
Explanation:
Using multiple sanctions lists ensures that financial institutions meet international regulatory obligations and can identify sanctions-related risks across different jurisdictions. This comprehensive approach strengthens compliance and reduces the likelihood of exposure to sanctioned individuals or entities.
NEW QUESTION # 41
Which of the following are considered best practices regarding senior management involvement in a financial crime compliance program? (Choose two.)
Answer: B,C
Explanation:
Best practices for senior management involvement include setting the tone from the top to promote a strong compliance culture and establishing clear criteria for escalations, ensuring that significant financial crime issues are promptly brought to their attention for action.
NEW QUESTION # 42
Cryptocurrency-related technologies that can be exploited by money launderers include: (Select Two.)
Answer: B,C
Explanation:
* C: Privacy coins (like Monero, Zcash) are designed to obscure transaction details, making tracing difficult.
* D: Crypto-mixers (or tumblers) mix potentially identifiable cryptocurrency funds with others, obscuring the source.
* "Privacy coins and mixing services are specifically cited as high ML/TF risk tools, enabling greater anonymity."(CAMS 6th Edition, Cryptoassets ML/TF Risks; FATF, Virtual Assets Guidance) References:
CAMS 6th Edition, Virtual Assets, Privacy Coins, and Mixing Services
FATF, Virtual Assets and VASPs Guidance
NEW QUESTION # 43
......
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