CAMS Practice Questions

A.  

governance arrangements

B.  

complexity of the products

C.  

results of the last audit

D.  

financial status of the business

A.  

cross-border purchases

B.  

purchases in the name of a natural person

C.  

paying true market price for a property

D.  

non-financed purchases

A.  

In-person training sessions

B.  

Comprehensive curriculum delivered by senior management

C.  

Comprehensive content with engaging delivery methods

D.  

Generalized content designed to apply to a broad audience

A.  

identify and address the current financial crime trends through the issuance of typologies originating in members outside of their FSRB's Jurisdiction.

B.  

provide AM L/C FT technical assistance needed by members in their FSRB junsdiction.

C.  

coordinate technical assistance for members in their FSRB jurisdiction

D.  

set and amend the FATF 40 Recommendations for members in their FSRB jurisdiction.

E.  

identify and address any gaps in the AML/CFT policies for members outside of their FSRB jurisdiction.

F.  

offer mutual evaluation and follow-up processes for members in their FSRB Jurisdiction.

A.  

Use of cash to purchase property

B.  

Unlicensed real estate agents acting as front companies

C.  

Use of a registered trust for the purchase of property

D.  

Use of a company for the purchase of property

E.  

Manipulation of the value of a property

A.  

wire transfers in different currencies between accounts held at different banks for the same client.

B.  

an incoming third-party wire transfer followed by the purchase of real estate in the client's name.

C.  

an incoming wire transfer followed by the loan payment to a third party that is a business associate of the client.

D.  

multiple wire transfers sent to counterparties associated with the client as per KYC documentation.

A.  

USA PATRIOT Act

B.  

Bank Secrecy Act (BSA)

C.  

Money Laundering Control Act (MLCA)

D.  

Markets in Crypto-Assets Regulation (MiCA)

A.  

The US Federal Reserve and the European Central Bank oversee money laundering and sanctions

B.  

FinCEN and ESMA issue sanctions and combat money laundering

C.  

The SEC and the EBA are the main bodies enforcing AML and sanctions

D.  

The Office of Foreign Assets Control (OFAC) enforces US sanctions, while FinCEN focuses on money laundering. In the EU, the European Commission sets AML/CFT regulations, with enforcement by member states coordinated by the AML Authority

A.  

It is against international laws on data protection to access information from foreign countries

B.  

Sovereignty of nations means that information cannot be accessed from foreign countries

C.  

Any information related to money laundering can be received from any organization at any time regardless of jurisdiction

D.  

Countries that are members of the Egmont Group can request assistance for information from each other

A.  

It is subject to heightened regulatory obligations with strict reporting requirements to safeguard the financial system from illicit fund flows and ensure market stability

B.  

It invests in new technology and systems to ensure effective and timely detection of financial crime

C.  

It offers complex financial products, which can make it easier to obscure the source of funds

D.  

It is frequently engaged with high-risk jurisdictions, which can increase exposure to financial crime or weak regulatory oversight

E.  

It has high transaction volumes, making it difficult to identify suspicious activities and track the origin of funds