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ACAMS Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Sample Questions (Q144-Q149):

NEW QUESTION # 144
Which of the following are common indicators of possible money laundering within the securities industry?
(Select Two.)

A. Engaging in transactions involving nominees or third parties
B. Using brokerage accounts like deposit accounts
C. Receiving securities into an existing brokerage account following the death of a spouse
D. Allowing fixed income securities to mature

Answer: A,B

NEW QUESTION # 145
An internal audit team is reviewing the anti-financial crime (AFC) program of its firm.
Which of the following attributes of the third line of defense would be most critical to ensure unbiased and effective oversight?

A. Consistency of approach
B. Qualification of the team
C. Periodic training of the function
D. Independent testing

Answer: D

Explanation:
Independent testing is critical for the third line of defense to provide unbiased and effective oversight, ensuring that reviews and audits are objective and free from influence by the first or second lines of defense.

NEW QUESTION # 146
Assessing the money laundering risk related to a product within the financial sector includes assessing the:
(Select Two.)

A. governance arrangements
B. results of the last audit
C. financial status of the business
D. complexity of the products

Answer: A,D

Explanation:
* Governance arrangements (A):"Sound governance and risk management arrangements are fundamental to assessing and managing ML/TF risk in products and services."(CAMS 6th Edition, Risk-Based Approach for Products and Services)
* Complexity of the products (B):"Complexity increases risk-products that are highly complex, opaque, or allow for multiple layers or jurisdictions are more vulnerable to misuse for ML/TF."(CAMS 6th Edition, Product Risk Assessment) Incorrect Options:
* C: Last audit results inform program effectiveness, not inherent product risk.
* D: Business financial status is considered in customer risk assessment, not product risk.
References:
CAMS 6th Edition, Product and Service Risk Assessment
FATF Guidance on Risk-Based Approach for Financial Institutions

NEW QUESTION # 147
Which of the following are considered best practices regarding senior management involvement in a financial crime compliance program? (Choose two.)

A. Mandatory participation in all regulatory inspections
B. Setting clear criteria for escalations to senior management
C. Mandatory attendance and review of all financial crime trainings
D. Setting tone from the top

Answer: B,D

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 # 148
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. KYC challenges arise because e-commerce platforms face global customers making customer due diligence complex and resource intensive
B. 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
C. Criminals can make use of identify fraud to fulfill KYC processes for layering purposes
D. The settlement systems of these businesses are not sophisticated enough to cope with the high transaction volume
E. These businesses are all cash intensive, increasing the risk of financial crime

Answer: A,C

Explanation:
E-commerce platforms face KYC challenges due to a global and diverse customer base, making due diligence complex, while criminals may exploit identity fraud to pass KYC checks and facilitate layering in money laundering schemes. These factors increase the financial crime risks for such businesses.

NEW QUESTION # 149
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