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Pass the ACAMS AML Certifications CAMS Questions and answers with Dumpstech

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Questions # 21:

Non-compliance with relevant anti-money laundering laws and regulations can result in: (Select Two.)

Options:

increased reputation risk.

inclusion on the UN Consolidated List.

civil and criminal penalties

delisting of public filing status.

Questions # 22:

Financial crime risk related to the use of "hawalas" can stem from: (Choose two.)

Options:

remote verification of identity by third-party program managers

heavy usage by senior political figures.

heightened risks of returned transactions.

informal networks used for cross-border transactions outside of the formal banking system

difficulty in tracking the originator recipient, and source of transactions.

Questions # 23:

According to Basel Committee guidelines, which level of the organization should determine whether or not to enter business relationships with higher risk customers?

Options:

Account opening staff

Middle management

Senior management

First-level management

Questions # 24:

When assessing and managing money laundering risks while operating in foreign jurisdictions different from that of the head office, an effective AML monitoring program should:

Options:

Be consistent with the head office audits

Be tailored to the higher of standards between the jurisdictions.

Conform to the foreign jurisdiction policies to align with the head office policies.

Provide all foreign jurisdiction reports to the head office for approval.

Questions # 25:

Which strategies are most effective for prioritizing resources within an anti-financial crime (AFC) program using a risk-based approach (RBA)? (Choose two.)

Options:

Prioritizing resources towards lower-risk areas to reduce workload

Regularly reassessing risks to adjust resource allocation

Allocating more resources to areas with higher financial crime risk

Providing equal resources to all departments to maintain consistency

Using a fixed resource allocation plan without adjustments

Questions # 26:

Which of the following are best practices to raise awareness and train staff regarding the risks related to financial crime? (Select Three.)

Options:

Tailor training and offer regular training to all employees

Train outside of daily operations and promote awareness of Compliance

Train core AML topics once per year, at a minimum, to relevant employees

Use a variety of training methods and provide necessary resources to employees

Communicate regularly and measure effectiveness of training

Questions # 27:

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.)

Options:

Whether the vendor has documented appropriate internal controls for designing system and data integration schema

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

Whether the monitoring system is adequate with respect to the bank's size, activities, complexity, and risks

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

Questions # 28:

Upon learning of a potential weakness through an organization's enterprise-wide sanctions risk assessment relating to a low number of sanctions screening alerts generated compared to the business size and operations identified, which action would best ensure the risk area is properly managed and remediated to the best possible extent?

Options:

Reviewing the enterprise-wide risk assessment methodology

Enhancing staff training on the documentation of justification on closed alerts

Revisiting the post-transaction monitoring system parameters and thresholds

Reviewing the fuzzy logic currently adopted in the screening system

Questions # 29:

Which statement regarding data privacy is the most accurate in the context of AML investigations?

Options:

Organizations are required to demonstrate that customers have opted into information sharing before submitting suspicious activity reports to relevant financial intelligence units (FIUs)

Any customer that is the subject of a suspicious report filing has the right to request redaction of their personal data

FIUs should document purposes for which personal data included on suspicious activity reports may be shared with other agencies

Data privacy laws prohibit information sharing between financial institutions for the purposes of AML investigations in all jurisdictions

Questions # 30:

Which technologies are commonly used to help financial institutions (FIs) navigate privacy and data protection regulations while securely sharing client information with private third-party entities? (Choose two.)

Options:

Blockchain to ensure traceability and security in shared data transactions

Data encryption to protect sensitive information from unauthorized access

Privacy-enhancing technologies (PETs) to enable secure and privacy-compliant data sharing

Artificial intelligence (AI) to automating compliance processes like data anonymization and secure sharing

Cloud storage solutions for efficient data handling and management

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