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

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Question # 41

Arecruitment manager in the human resources departmentof a bank hasshortlisted a candidate for the position of relationship manager in its private banking division.

Thebank’s compliance policyrequiresproper background checksto protect againstfraud and money laundering risks.

Whichresourceswould bemost usefulfor identifying potential negative information regarding the shortlisted candidate? (Select Three.)

A.

Past employment records.

B.

Personal references from close associates.

C.

Personal resume.

D.

Internet and public media searches.

E.

Criminal history searches.

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Question # 42

Using artificial intelligence (Al) and machine learning-based techniques tn adverse media screening can: (Choose three.)

A.

ensure that all adverse media sources are comprehensively analyzed without the need for human review.

B.

significantly reduce human errors arising from repetitive tasks by delivering consistent and highly accurate analysis.

C.

instantly identify intent behind media articles, allowing for more effective risk scoring.

D.

automate the process of identifying new information and distinguishing it from previously encountered data.

E.

cover multiple languages and scripts, surpassing the limitations of human linguistics.

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Question # 43

According to PinCEN. when a financial institution (PI) identities a suspicious activity that necessitates suspicious activity report (SAR) filing, the SAR supporting documentation should (Select Two.)

A.

include all documents or records that assisted the Fl in making the determination that the activity required a filing.

B.

always be limited to account name, account details, and transaction records.

C.

have written policies and procedures to maintain supporting documentation.

D.

be saved in a single separate file with hard copies stored in a fireproof cabinet.

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Question # 44

Which control would be most effective as part of a risk-based approach (RBA) to managing AML/CFT risk for a bank established in the EU that also has a branch in a high-risk third country outside of the EU?

A.

Fully rely on central beneficial owner registry records in the high-risk third country to determine the ultimate beneficial owners of all customers

B.

Apply tailored due diligence measures, based on the level of risk posed by each customer following risk assessment

C.

Monitor every cross-border transaction in real time, flagging all for enhanced scrutiny due to the country risk level

D.

Automatically apply enhanced customer due diligence measures to all customers in the high-risk third-country branch regardless of risk level

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Question # 45

A high volume of incoming wire transfers generates an alert about a client. The funds are immediately debited by cash withdrawals and outgoing wire transfers.

Which information should be reviewed first to investigate this alert/case?

A.

Open source information

B.

Customer profile

C.

Adverse media search

D.

Account activity

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Question # 46

A bank has joined a public-private partnership (PPP) to work with law enforcement and regulators on combating financial crime. However, the bank's data protection officer is concerned about sharing sensitive customer data, and the compliance officer is worried about potential delays in receiving useful information from the government.

Which of the following best describes a benefit of PPPs in fighting financial crime?

A.

PPPs improve financial crime detection and prevention by sharing intelligence between banks and law enforcement.

B.

PPPs help banks reduce compliance costs by automating information sharing.

C.

PPPs allow banks to manage their own suspicious activity report (SAR) filing process without the need to involve the Financial Intelligence Unit (FIU).

D.

PPPs maximize the efficiency of the bank's compliance program by providing real-time intelligence from law enforcement.

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Question # 47

The first line of defense is responsible for:

A.

collecting complete customer information.

B.

ongoing screening of customers.

C.

suspicious activity and sanctions reporting.

D.

evaluating the effectiveness of compliance controls.

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Question # 48

Money services businesses (MSBs), payment service providers, and e-commerce platforms usually have a high volume of daily transactions.

What are the risks associated with these types of businesses? (Choose two.)

A.

These businesses are all cash intensive, increasing the risk of financial crime

B.

KYC challenges arise because e-commerce platforms face global customers making customer due diligence complex and resource intensive

C.

These businesses are highly regulated and therefore have no reason to be non-compliant as this would put them at risk of sanctions and fines

D.

Criminals can make use of identify fraud to fulfill KYC processes for layering purposes

E.

The settlement systems of these businesses are not sophisticated enough to cope with the high transaction volume

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