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CAMS7 Exam Simulator Online | Interactive CAMS7 Course

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ACAMS Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Sample Questions (Q54-Q59):

NEW QUESTION # 54
Which of the following are common indicators of possible money laundering within the securities industry?
(Choose two.)

A. Using brokerage accounts like deposit accounts
B. Engaging in transactions involving nominees or third parties
C. Receiving securities into an existing brokerage account following the death of a spouse
D. Allowing fixed income securities to mature

Answer: A,B

Explanation:
Using brokerage accounts like deposit accounts (e.g., frequent cash deposits or withdrawals) and conducting transactions through nominees or third parties are common red flags in the securities industry. These behaviors can obscure the origin or ownership of funds and are often used to facilitate money laundering.

NEW QUESTION # 55
Which activities would be considered money laundering red flags when reviewing the business operations of a money services business (MSB)? (Select Two.)

A. Cash-intensive businesses, such as convenience stores or restaurants, making large cash deposits
B. A customer being hesitant to provide beneficiary name or address information when sending international wire transfers
C. A customer exchanging foreign currency from a higher-risk jurisdiction for domestic currency under the reporting threshold
D. A customer completing frequent small-dollar international money transfers to their native country
E. A customer using multiple accounts under different names to conduct transactions

Answer: B,E

Explanation:
When reviewing business operations of a Money Services Business (MSB), it is critical to identify behaviors that indicate potential money laundering activity. TheCAMS Study Guide - 6th Editionoutlines severalred flagscommonly associated with MSBs.
Option Ais correct:
A customer beinghesitant to provide beneficiary information, such as the name or address, is a red flag. It may indicate attempts to hide the true purpose or recipient of the funds and could suggeststructuring or layering activity.
Option Dis correct:
A customer usingmultiple accounts under different namesto conduct transactions is a strong red flag. This could indicate efforts toobscure ownership, avoid detection, or conductsuspicious structuringbehavior to stay below reporting thresholds.
Option Bis incorrect:
While large cash deposits from cash-intensive businesses may require further review, they are not inherently suspicious unlessinconsistent with the nature of the business or transaction volume.
Option Cis incorrect:
Currency exchanges under the reporting threshold, even from high-risk jurisdictions, are not in themselves red flags unless they show a pattern ofstructuringor are part oflarger suspicious behavior.
Option Eis incorrect:
Frequent small-dollar transfers to a native country may benormal remittance behaviorand only become suspicious if tied to additional indicators such asstructuring or third-party involvement.
Reference: ACAMS CAMS Study Guide - 6th Edition, Chapter:Recognizing and Reporting Suspicious Activity- Section:Red Flags for Money Services Businesses

NEW QUESTION # 56
How can public-private partnerships (PPPs) foster collaboration in the fight against financial crime? (Choose two.)

A. Improving governance in the public sector by requesting feedback from financial institutions
B. Improving the quality and quantity of data available for analysis by sharing information
C. Developing a culture of compliance
D. Reducing transaction monitoring false positives for all financial institutions

Answer: B,C

Explanation:
Public-private partnerships help develop a culture of compliance across sectors and improve the quality and quantity of data through information sharing, enhancing the collective ability to detect and prevent financial crime.

NEW QUESTION # 57
From an international standards perspective both the EU and Financial Action Task Force (FATF) consider data sharing a crucial component of effective anti-money laundenng measures because data sharing:

A. needs to be approved by the Financial Intelligence Unit (FIU) before sharing between financial institutions
B. helps financial institutions to be more effective in fighting crime with data analysis
C. allows Financial Intelligence Units (FlUs) to enact sanctions against perpetrators of financial crime
D. promotes financial transparency and protects the integrity of the financial systems

Answer: D

NEW QUESTION # 58
Which of the following statements describe the strengths associated with public-private partnerships (PPPs)?
(Choose two.)

A. Public organizations can belter understand what the private sector experiences and inform policy and the enactment of laws
B. Data-protection privacy policies provide an opportunity to develop information sharing protocols to prevent unauthorized access to information
C. Data-protection privacy policies prohibit the evolution of PPPs due to restrictions based on legacy government legislation
D. Small business owners can choose third-party providers or financial institutions to keep their private data safe which can easily be shared within a PPP

Answer: A,B

Explanation:
Public-private partnerships allow public organizations to gain insights from the private sector to shape effective policies and legislation. Additionally, strong data protection and privacy frameworks help create secure information-sharing protocols within PPPs, enhancing collaboration while preventing unauthorized access.

NEW QUESTION # 59
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