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New CAMS7 Test Testking Free PDF | Efficient CAMS7 Valid Exam Notes: Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition)

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ACAMS Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Sample Questions (Q104-Q109):

NEW QUESTION # 104
Which payment type presents the highest financial crime risk?

A. A regular standing order to a high-interest savings account
B. A bill payment made to a friend after splitting a dinner bill
C. A check returning a mortgage overpayment made in error
D. A payment made to a mixer platform

Answer: D

NEW QUESTION # 105
The compliance officer at an EU bank is investigating one of the customer accounts maintained with the bank for the last two years. According to bank records, the company's primary economic activity is import and export of petrochemical products Over a period of one year, the account transactions have exceeded US$500 million with various high-value inward wire transfers received from suppliers in Yemen followed by outward wire transfers to counterparties in Azerbaijan.
Which factor should give the compliance officer the greatest concern If observed in the investigation?

A. Media searches reveal a report that the customer was accused of misconduct three years ago.
B. The EU bank considers the origin and destination countries Involved in the transactions to be high-risk.
C. The EU bank received no originator or beneficiary information for the wire transfers.
D. The customer specializes in the import and export of petrochemical products.
E. The customer's activity includes multiple cross-border transactions involving various counterparties.

Answer: C

NEW QUESTION # 106
Ateam overseeing the governance and effectiveness of a bank's transaction monitoring approachshould implement which strategies? (Select Two.)

A. Periodic and ad hoc cooperation with the legal team to appropriately investigate and monitor the transactions of subjects of subpoenas or government inquiries.
B. Periodic review of suspicious activity reports (SARs) filed with FinCEN to determine whether any should be withdrawn.
C. Periodic review of the transaction monitoring scenarios and their productivity to ensure that appropriate AML typologies are reflected.
D. Periodic review of client profiles to ensure that the most up-to-date information is on file for high-risk clients in line with the bank's internal policies and procedures.

Answer: A,C

Explanation:
Transaction monitoring governanceinvolves ensuring thatAML detection systems are effective, aligned with regulatory standards, and capable of identifying evolving threats.
Option B (Correct):Legal cooperation is essential for responding to subpoenas and law enforcement inquiries.
Option D (Correct):Regularly updating transaction monitoring scenarios ensures that the system adapts to emerging financial crime trends.
Why Other Options Are Incorrect:
Option A (Incorrect):SARs cannot be withdrawn unless an error was made-once filed, SARs remain confidential and must be retained.
Option C (Incorrect):Client profile updates are a CDD/KYC function, not directly related to transaction monitoring governance.
Best Practices for Transaction Monitoring Governance:
Regularly review system effectiveness through validation tests.
Collaborate with legal and compliance teams for risk mitigation.
Use AI and data analytics to refine detection accuracy.
Reference:
FATF Recommendation 10 (Customer Due Diligence & Ongoing Monitoring)
Wolfsberg Group Guidance on Transaction Monitoring Effectiveness
Basel Committee's Guidelines on AML Technology and Data Analytics

NEW QUESTION # 107
A financial crimes risk appetite statement describes:

A. how an organization defines Its risk-based approach.
B. the purpose of an organization's financial crimes compliance program.
C. the level and type of risk the organization is willing to take to meet its objectives
D. how an organization determines its key risk and performance indicators.

Answer: C

NEW QUESTION # 108
Which of the following AML/CFT arrangements should a bank have in place at minimum before opening for business? (Choose three.)

A. Written policy and procedures
B. Third-party screening software
C. Qualified and knowledgeable staff
D. An automated monitoring system
E. Independent compliance testing

Answer: A,C,E

Explanation:
Before opening for business, a bank must have independent compliance testing to ensure controls are functioning, qualified staff who understand AML/CFT requirements, and documented policies and procedures to guide day-to-day compliance. These are foundational elements of an effective AML/CFT framework.

NEW QUESTION # 109
......

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