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ACAMS CAMS (Certified Anti-Money Laundering Specialists) Certification Exam is a globally recognized certification program for professionals seeking to enhance their knowledge and skills in the field of anti-money laundering (AML) and financial crime prevention. Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) certification is offered by the Association of Certified Anti-Money Laundering Specialists (ACAMS), a leading international organization dedicated to the advancement of AML and financial crime prevention. The CAMS Certification is highly respected in the industry and is a mark of excellence for professionals working in AML compliance.

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The Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) (CAMS) certification exam is one of the top-rated career advancement certifications in the market. This CAMS exam dumps have been inspiring beginners and experienced professionals since its beginning. There are several personal and professional benefits that you can gain after passing the CAMS Exam. The validation of expertise, more career opportunities, salary enhancement, instant promotion, and membership of ACAMS certified professional community.

ACAMS Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Sample Questions (Q84-Q89):

NEW QUESTION # 84
A typical red flag regarding potential money laundering in connection with an art purchase occurs when a customer:

A. pays more at an auction for a painting than the estimated maximum price.
B. asks to pay a large amount in cash without a comprehensible reason.
C. asks to pay in installments and pays from two differently named accounts.
D. buys a painting as an anonymous bidder and provides the source of wealth.

Answer: B

Explanation:
Paying a large amount in cash for an art purchase is a typical red flag of potential money laundering, as it may indicate an attempt to avoid traceability and reporting requirements. Cash transactions are often used by criminals to launder illicit funds, as they are difficult to track and verify. According to the FATF guidance on money laundering and terrorist financing risks in the art trade, cash payments above a certain threshold should be subject to enhanced due diligence and reporting obligations by art market participants (AMPs). AMPs should also be wary of customers who provide insufficient or inconsistent information about the source of funds, the purpose of the transaction, or the identity of the beneficial owner.
References:
Money Laundering and Terrorist Financing Risks and Vulnerabilities Associated with Gold, FATF, July 2023, p. 22-23.
Money Laundering and Terrorist Financing Vulnerabilities of Legal Professionals, FATF, June 2023, p. 38-39.
Red Flags Money laundering and terrorist financing risks, Responsible Art Market, 2017, p. 2.

NEW QUESTION # 85
What is the purpose of a Risk Appetite Statement (RAS) and its linkages while implementing organizational controls? (Select Two.)

A. An RAS establishes a desired level of risk exposure in qualitative terms, covering all areas of compliance.
B. An RAS formalizes a risk appetite statement from management and informs the Board of Directors on the risk assessment performed.
C. An RAS sets limits in terms of residual risk and thus is strongly intertwined with the efficacy of the system of internal controls.
D. An RAS sets limits for risk-taking by means of quantitative and qualitative metrics so that the business does not take up risk in excess of the organization's risk tolerance.
E. An RAS establishes a management-approved policy that identifies the organization's risk tolerances with strategic objectives, risk profile, and risk management capabilities.

Answer: D,E

Explanation:
A Risk Appetite Statement (RAS) defines an institution's acceptable level of risk-taking and aligns AML and financial crime controls with organizational strategy.
Option C (Correct): An RAS sets clear limits for acceptable risk-taking, balancing risk and business opportunities.
Option D (Correct): The RAS is a management-approved document that integrates risk tolerance, compliance strategy, and business goals.
Why Other Options Are Incorrect:
Option A (Incorrect): An RAS is not just a reporting document; it actively shapes risk management decisions.
Option B (Incorrect): An RAS includes both qualitative and quantitative factors, but not just qualitative elements.
Option E (Incorrect): An RAS does not only define residual risk-it guides overall risk limits and policies.
How an RAS Strengthens AML Compliance:
Defines acceptable AML risk levels across business units.
Guides compliance teams on risk tolerance for high-risk customers.
Ensures alignment with FATF, regulatory expectations, and internal controls.
Reference:
Basel Committee's Principles for Risk Management
FATF Recommendation 1 (Risk-Based Approach to AML)
Wolfsberg Group Guidance on Risk Appetite and Compliance Frameworks

NEW QUESTION # 86
A money remittance business will most likely attract money launderers because it
1.deals primarily in cash transactions.
2.engages in international transactions.
3. conducts transactions for walk-in customers.
4.does not have to comply with transaction reporting.

A. 2, 3, and 4 only
B. 1, 2, and 4 only
C. 1, 3, and 4 only
D. 1, 2, and 3 only

Answer: D

Explanation:
A money remittance business will most likely attract money launderers because it deals primarily in cash transactions, engages in international transactions, and conducts transactions for walk-in customers. These factors make money remittance businesses vulnerable to money laundering risks, such as:
* Cash transactions: Cash is the preferred medium of exchange for money launderers, as it is anonymous, untraceable, and easily convertible. Money remittance businesses often deal with large amounts of cash, which can be used to place, layer, or integrate illicit funds into the financial system. Cash transactions also pose challenges for customer identification, record keeping, and transaction monitoring.
* International transactions: Money remittance businesses facilitate cross-border transfers of funds, which can be used to move illicit funds from one jurisdiction to another, or to obscure the origin, destination, or purpose of the funds. International transactions also involve exposure to different legal, regulatory, and cultural environments, which may create inconsistencies or gaps in anti-money laundering (AML) and counter-terrorism financing (CTF) standards and practices.
* Walk-in customers: Money remittance businesses often serve walk-in customers, who may not have an established relationship with the business, or who may use false or incomplete identification documents.
Walk-in customers also increase the volume and complexity of transactions, which may make it difficult to detect suspicious or unusual activity, or to apply risk-based due diligence measures.
References:
* ACAMS CAMS Certification Video Training Course1, Module 2: Money Laundering Risks and Methods, Lesson 2.3: Money Laundering Risks and Methods by Sector
* ACAMS CAMS Study Guide, 6th Edition2, Chapter 2: Money Laundering Risks and Methods, Section
2.3: Money Laundering Risks and Methods by Sector, pp. 37-38
* ACAMS CAMS Examination Preparation Seminar, 6th Edition3, Chapter 2: Money Laundering Risks and Methods, Section 2.3: Money Laundering Risks and Methods by Sector, Slide 16

NEW QUESTION # 87
Which three should real estate agents include in the criteria to assess their company's potential money laundering and terrorist financing risks when implementing a reasonable risk-based approach?

A. Transaction Risk
B. Geographic Risk
C. Customer Risk
D. Credit Risk

Answer: A,B,C

Explanation:
According to the Wolfsberg Principles on Correspondent Banking1, an institution should consider the following three elements in its enhanced due diligence process for higher risk respondent bank customers:
* The quality of the respondent's AML and client identification controls: The correspondent should assess the adequacy and effectiveness of the respondent's AML policies, procedures, and systems, as well as its compliance with applicable AML laws and regulations. The correspondent should also verify that the respondent has implemented appropriate customer identification and verification measures, and that it maintains sufficient records of its customers and transactions.
* A risk-based determination as to whether or not the respondent is a shell bank: The correspondent should ensure that the respondent is not a shell bank, which is defined as a bank that has no physical presence in any country and is not affiliated with a regulated financial group. The correspondent should also avoid establishing or maintaining relationships with banks that are known to allow their accounts to be used by shell banks.
* Whether a Politically Exposed Person (PEP) has an interest or management role in the respondent: The correspondent should identify and assess the potential risks associated with any PEPs who have an ownership or management interest in the respondent, or who are customers of the respondent. The correspondent should apply enhanced scrutiny and monitoring to such relationships, and obtain senior management approval before establishing or continuing them.
References:
* Wolfsberg Correspondent Banking Principles 2022 by the Wolfsberg Group, October 2022.
Reference: http://www.fatf-gafi.org/media/fatf/documents/reports/RBA%20Guidance%20for%20Real%
20Estate%20Agents.pdf (page 20, second paragraph)

NEW QUESTION # 88
An anti-money laundering consultant audits a bank's current anti-money laundering policies, procedures and controls. The bank serves high-income, high net-worth clients who include non-residents and offshore businesses. During a review of the customers list, the anti-money laundering consultant determines that he and the bank have mutual clients. The bank's written anti-money laundering program includes a process for the bank to establish the identity of the person with whom they conduct business, but does not address monitoring of customer account activity.
The consultant should recommend the bank:

A. Focus on high-risk customer acceptance procedures.
B. Continue to follow the current written anti-money laundering program.
C. Revise the procedures to better assess ongoing customer activity.
D. Reduce the risk rating on the mutual customers.

Answer: C

NEW QUESTION # 89
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