CAMS Exam Dumps - Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition)

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Question # 33

When deciding on the fuzzy matching threshold for sanctions screening, consideration should be given to:

the operational burden of dealing with potential matches.

the value of fines for non-compliance.

the experience of the team dealing with potential matches.

whether the data to be screened is reliable and verified.

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Question # 34

According to the Financial Action Task Force (FATF) methodology, which situations would require a financial institution (FI) to consider filing a suspicious activity report?

A beneficiary of a transaction is a politically exposed person.

A FI is unable to verify the relevant customer due diligence documents.

A FI identifies the payer is a dealer in precious metals or stones.

A transaction involves funds exchanged from crypto to fiat currencies.

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Question # 35

When the Financial Action Task Force (FATF) places a jurisdiction on the list of "jurisdictions under increased monitoring," also known as the "grey list," the jurisdiction:

Accepts to participate in an off-cycle FATF mutual evaluation to be held within the next 12 months.

Must pay a fine to be removed from the list before the next FATF plenary.

Has committed to swiftly resolving the deficiencies identified in a FATF mutual evaluation.

Poses a high money laundering, terrorist financing and proliferation financing risk and must be restricted from accessing the international financial system.

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Question # 36

According to FinCEN, which red flags within a bank account may, taken together, be indications of modern slavery, human trafficking, and exploitation? (Select Two.)

Incoming fund transfers from third-party payment processors, with limited originator information

Transactional activity with a registered virtual currency exchange

Large amounts of cash payments to migrant agricultural workers

Frequent payments for online advertisements or non-local classified ads

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Question # 37

According to the Financial Action Task Force's (FATF's) "Guidance for a Risk-Based Approach Life Insurance Sector," which of the following are money laundering red flags relating to the involvement of a third party in a life insurance product? (Select Two.)

A customer engages an attorney to consult on the issuance of the policy.

A customer transfers the policy to another insurance company unaffiliated with the original policy issuer.

Payments are regularly received from third parties that have no apparent relationship with the policy holder.

A customer names an apparently unrelated third party as a beneficiary.

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Question # 38

Professions such as lawyers, accountants, and trust and company service providers (TCSPs) are sometimes referred to as "gatekeepers" because they:

often do not understand and are not covered by money laundering laws and regulations, unwittingly allowing criminals to enter the legitimate economy.

are an entry point to the financial system and a first line of defense against the infiltration of illicit funds into the legitimate economy.

are required under money laundering laws and regulations in all jurisdictions to stop any criminals from being able to integrate illicit funds into the legitimate economy.

are high-risk actors who can deliberately allow criminals to enter the legitimate economy.

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Question # 39

Which o! the following are considered best practices regarding senior management involvement in a financial crime compliance program? (Select Two.)

Mandatory participation in all regulatory inspections

Mandatory attendance and review of alt financial crime trainings

Setting clear criteria for escalations to senior management

Setting tone from the top

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Question # 40

According to the Financial Action Task Force (FATF) Recommendation 22. when involved in customer transactions that include the buying and selling of real estate, real estate professionals are required to apply which customer due diligence (CDD) measures? (Select Two.)

Obtaining prior senior manager approval for all related transactions

Understanding the purpose of the business relationship

Performing adverse media searches on the customer

Identifying and verifying the customer's identity

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