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

1. The recently appointed senior money laundering reporting officer (MLRO) at a newly opened small digital bank has been instructed by the group chief compliance officer to implement an effective AML transaction monitoring system that can identify unusual and suspicious transactions. What are important considerations for the project to select and implement the AML transaction monitoring system at the digital bank? (Select Two.)

A) Whether the monitoring system is adequate with respect to the bank's size, activities, complexity, and risks
B) Whether the vendor has documented appropriate internal controls for designing system and data integration schema
C) Whether the permissions and user access settings for reviewing, investigating, and reporting details of alerts generated by the system are commensurate with those in use at other banks
D) Whether the monitoring system can be configured to enable the bank to execute trend analysis of transaction activity and to identify unusual business relationships and transactions

2. A long-term client of an insurance company makes changes to a policy that require payment of an additional lump sum. The amount payable is high, though within the client's means based on the KYC information collected. The payment is made via a company in another jurisdiction that is known to have lax AML controls. Which indicator of suspicious activity is present?

A) The payment was made via a company in a jurisdiction known to have lax AML controls
B) The payment was made via a company that appears to be owned and controlled by the client being insured
C) The additional premium payable appears to be within the client's means based on the KYC information collected
D) A long-term client wants a change to a policy that is already in force

3. Which principles of the Egmont Group of Financial Intelligence Units (FIUs) are aimed at maximizing cooperation between FIUs to more effectively combat money laundering? (Select Two.)

A) It is within an FIU's authority to sign Memorandums of Understanding independently
B) Formal Egmont Group membership requirements ensure a high commitment of the eligible FIUs
C) Eliminating spontaneous information sharing between FIUs to reduce the burden of excess investigative work
D) Information exchange should take place informally, without too many formal prerequisites
E) FIU cooperation should always be channeled through designated intermediaries

4. Which techniques would be most efficient for a complex investigation of unusual patterns of activity involving multiple businesses, triggered by an automated monitoring system alert? (Select Two.)

A) Contact local law enforcement and request that they assist in the analysis and investigation
B) Contact the account manager and ask for the reasons behind the patterns of activity highlighted in the AML alerts
C) Review the information presented in the automated monitoring system's alert description and decline any future transactions
D) Use social media platforms to connect with the businesses and request details about the account activity
E) Perform a control and ownership assessment of the businesses involved, using the information available in the client files

5. During which process must a country demonstrate to the Financial Action Task Force (FATF) that it has an effective framework to protect the financial system from abuse?

A) Technical analysis
B) Mutual evaluation
C) Regulatory overview
D) Formal assessment

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