Free Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Practice Questions

A.  

A limited liability company incorporated in a foreign jurisdiction

B.  

A private company that has no activity in a tax haven jurisdiction

C.  

A company with nominee shareholders and directors in a local jurisdiction

D.  

A company with bearer shares incorporated in a tax haven jurisdiction

E.  

A private investment company incorporated in a tax haven jurisdiction with strict secrecy laws

A.  

integrates seamlessly with existing systems and processes.

B.  

meets budget and cost requirements.

C.  

automates all regulatory reporting requirements.

D.  

replaces manual compliance training for employees.

A.  

The vendor provides services to end users located in an area subject to economic sanctions

B.  

The vendor's sales representative was a refugee from a sanctioned jurisdiction as a child

C.  

The vendor is organized as a privately held company

D.  

The vendor has no individuals that own or control more than 10% of the company

A.  

Understanding why a customer has selected a particular financial institution for banking

B.  

Verifying the identity of a customer with reputable online source documentation

C.  

Limiting the online activities of a new customer during the first two months

D.  

Understanding the nature and purpose behind a new business opening an account at the bank

A.  

Companies operating in cash intense businesses not subject to licensing requirement

B.  

Companies operating hospitals and health-care services

C.  

Companies operating in cash intense businesses subject to licensing requirement

D.  

Companies producing pharmaceutical products and medical devices, companies active in the mining industry

E.  

Companies operating retail shops countrywide

A.  

Eliminating backlogs through the ability to process large volumes of data

B.  

Minimizing privacy concerns through minimized human intervention

C.  

Minimizing human intervention in repetitive tasks, increasing data accuracy

D.  

Allowing for automatic one-stop searches at the front end by analysts

A.  

A lack of professional body oversight or required use of accounting and auditing standards in the country of incorporation of the entity

B.  

Criminals posing as individuals seeking financial advice to place assets out of reach to avoid future liabilities

C.  

Incomplete records being provided during bookkeeping, making them difficult to audit

D.  

Accountants being used as intermediaries to introduce criminals to financial institutions

A.  

The EU AMLD and local AML regulations are separate and unrelated legal frameworks.

B.  

The EU AMLD and local AML regulations must have identical requirements.

C.  

Local AML regulations may impose additional or more stringent requirements than the EU AML

D.  

D.  

The EU AMLD take precedence over local AML regulations.

E.  

Local AML laws and regulations override the requirements of the EU AML

D.  

F.  

The EU AMLD provide a framework that member countries must implement through local AML regulations.

A.  

Analyzing customer sentiment through feedback and surveys

B.  

Identifying individuals or entities linked to criminal activities or sanctions

C.  

Periodically monitoring regulatory updates and enforcement actions for associated entities

D.  

Scanning publicly available news articles and regulatory alerts

E.  

Monitoring changes in credit scores of individuals or entities

A.  

Onsite and offsite reviews, cooperating on an international basis with access to a range of sanctions and outreach

B.  

Onsite and offsite reviews, cooperating on an international and domestic basis with access to a range of sanctions and outreach

C.  

Offsite reviews, cooperating on a domestic basis with access to a range of sanctions and outreach

D.  

Onsite reviews, cooperating on an international and domestic basis with outreach and access to a range of sanctions