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

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Question # 49

What are the primary advantages of using open-source tools in financial crime investigations? (Choose two.)

A.

Partial automation of data collection and analysis

B.

Cost-effective access to a wide range of data

C.

Real-time monitoring of selected transactions and data sources

D.

Ability to conduct investigations with minimal human oversight

E.

Enhanced ability to identity connections across various data sets

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Question # 50

Which of the following are considered best practices regarding senior management involvement in a financial crime compliance program? (Choose two.)

A.

Setting tone from the top

B.

Mandatory participation in all regulatory inspections

C.

Mandatory attendance and review of all financial crime trainings

D.

Setting clear criteria for escalations to senior management

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Question # 51

When a multinational organization develops its anti-financial crime (AFC) program, what is the most important consideration for ensuring compliance across different jurisdictions?

A.

Ensuring sanctions coy on international bodies like the UN because there is no requirement to adhere to local laws.

B.

Ensuring group policies and procedures prioritize adherence to US regulations because they are the most influential worldwide.

C.

Applying global AFC and sanctions policies to ensure consistency without the need to adapt to local regulations.

D.

Ensuring group policies cater to compliance with each country's specific AML and sanctions regulations.

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Question # 52

Which of the following is an important factor to consider when setting up an anti-financial crimes (AFC) compliance program governance structure?

A.

Ensuring the structure is reviewed by an outside auditor or consultant

B.

Establishing a system of internal controls commensurate with the institution’s size and complexity

C.

Designating a qualified board of directors to monitor day-to-day compliance

D.

Establishing clear roles and responsibilities for AFC risk escalations and issues

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Question # 53

When a government imposes economic sanctions on a target the purpose is to:

A.

protect the rights of the citizens of the state target against their own government and improve financial stability in the region.

B.

indicate that the use of military force is likely unless the state or non-state target complies with the government's

C.

interests encourage non-governmental organizations to increase the provision of humanitarian and charitable aid to the target

D.

alter the behavior of the state or non-state target that threatens the interests of that government or violates international norms

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Question # 54

How does the Financial Action Task Force (FATF) measure the effectiveness of a country's efforts to combat money laundering and terrorist financing?

A.

FATF Evaluation Committee

B.

Series of internal audits followed by reporting to FATF

C.

Basel Committee

D.

Mutual evaluation

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Question # 55

A financial institution's (FI's) policy is to apply enhanced due diligence (EDD) for every new client to ensure the effectiveness of the program.

How should a consultant advise the FI's management team?

A.

Suggest the FI needs to implement a risk-based approach for EDD.

B.

Suggest the management team select the clients that are chosen for EDD.

C.

Suggest the management team ask the regulator for advice on EDD measures.

D.

Suggest EDD for 50% of the clients is appropriate.

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Question # 56

An AML compliance officer for a large bank has recently received an internal audit report on the private banking unit. The report revealed that the unit staff were not following risk-based due diligence procedures, so that the unit was not operating effectively.

Which immediate actions should the AML compliance officer consider to address these findings? (Select Two.)

Management Should implement a quality assurance program in the private banking unit

A.

Private bankers should receive training on AML procedures.

B.

All employees should receive refresher AML training.

C.

The board should review and approve a revised AML policy to change customer due diligence requirements in private banking.

D.

The legal department should conduct a review to assess potential legal consequences.

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