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

A.  

buy in-game items with virtual in-game currencies.

B.  

exchange in-game items with other players.

C.  

trade in-game items with other players that can be exchanged for fiat currency

D.  

obtain in-game materials by performing in-game activities.

A.  

Declining money supplies

B.  

Increased sectoral polarization

C.  

Increased inflation and low economic growth

D.  

Destabilization of legitimate governments

A.  

Trade-based money laundering

B.  

Corruption

C.  

Illicit resource trade

D.  

Environmental crime

A.  

Statistical data regarding SARs filed during the reported period

B.  

All possible details of SARs filed during the reported period

C.  

Copies of all SARs filed during the reported period

D.  

Names of all customers subject to SARs filed during the reported period

A.  

triggers identifying static data changes and data based on client's behaviors in real time.

B.  

periodic refreshing at one-, three- and five-year cycles.

C.  

ability to prioritize better based on client data rather than driven by schedules alone.

D.  

classification of clients into categories of risk.

A.  

Ensure the jurisdiction risks and other relevant factors have been taken into consideration in the EWRA and the residual risks are within the corporation's risk appetite

B.  

Partnering with established local businesses to leverage their knowledge and connections while sharing risks

C.  

Ensuring the company has strong ties with local government officials to influence policy and avoid negative scrutiny

D.  

Committing to open communication, ethical practices, and community engagement to build trust with stakeholders

E.  

Minimizing the company's direct presence in the country to reduce exposure to potential risks

A.  

The principal activities of the proposed company are importing and exporting new furniture

B.  

The prospective client presents confusing details about the proposed business and has very little knowledge about the proposed business activity

C.  

The prospective client is unable to provide information about the beneficial owners

D.  

The prospective client exhibits confidence when speaking to the accountant when providing personal details

E.  

The prospective client is able to provide source of funds and source of wealth documents

A.  

Providing clear procedures to ensure compliance with local tax regulations

B.  

Using trusts to obscure the identity of beneficial owners

C.  

Promoting the use of complex corporate structures

D.  

Maintaining accurate and updated beneficial ownership details for all customers registered for their services

E.  

Establishing shell companies for holding financial assets

A.  

red notice

B.  

white list

C.  

yellow notice

D.  

grey list

A.  

Establishing dual controls and quality assurance practices when processing transactions for the client

B.  

Considering what additional safeguards may be required when client instructions are given through another TCSP located in another jurisdiction

C.  

Requiring the client to complete and submit an AML risk self-assessment to the jurisdiction’s Financial Intelligence Unit (FIU)

D.  

Gathering and recording information from clients to understand the purpose of the legal entity, as well as the identity of managers and ultimate beneficial owners

E.  

Establishing procedures to document the basis on which the TCSP will act as a registered officer for the client and retaining records of that involvement

F.  

Conducting an onsite evaluation of the client to assess internal controls