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Free CAMS7 Exam Braindumps
Certified Anti-Money Laundering Specialist (the 7th edition) Questions 61–65 (page: 14)

Updated On: 9-Feb-2026
Page 14 of 63
PDF with 469 Questions

The branch manager calls the compliance officer and informs her that a law enforcement officer has just left the branch and was asking a lot of questions and left a business card.

What should the compliance officer do?

  1. File a suspicious transaction report
  2. Follow up to verify that the officer received all necessary information
  3. Verify that the reported officer was an actual authorized representative
  4. Require the branch manager to write a detailed memo about the request

Answer(s): C



What is a major economic consequence of money laundering through the use of front companies?

  1. Placing more emphasis on manufacturing
  2. Weakening of the legitimate private sector
  3. Creating a more competitive pricing environment
  4. Aligning management principles between criminal enterprises and legitimate businesses

Answer(s): B


Reference:

http://people.exeter.ac.uk/watupman/undergrad/rtb/effects2.htm



An institution is about to release a new peer to peer (P2P) funds transfer product to provide much needed remittance services to an under-banked population segment in the country.

The service allows customers to transfer funds through a mobile banking application to individuals worldwide entering only a name and mobile number. The new service charges less than comparable market solutions and offers real time transfer of funds. The customer onboarding process is conducted at branch locations with identity verification.

Which three present the highest anti-money laundering or sanctions risk and will require controls prior to launch? (Choose three.)

  1. Customer onboarding
  2. Cross-border functionality
  3. Real time transfer of funds
  4. Servicing the under-banked population
  5. Limited access to counterparty information

Answer(s): A,C,E



What is true regarding disclosure to a law enforcement agency by a financial institution of the supporting documentation for a suspicious transaction report?

  1. Documentation must be provided as quickly as possible using email
  2. The financial institution may notify the account holder of the request
  3. Confirm that the request originated from a representative of the law enforcement agency
  4. A copy of all the documentation released must also be provided to the account holder’s attorney

Answer(s): C


Reference:

https://www.sec.gov/about/offices/ocie/aml2007/fin-2007-g003.pdf



As a result of an audit, a policy exception was identified that had been approved by the compliance officer. The auditor determined that the policy exception is a violation of a regulatory requirement.

What should the auditor do?

  1. Advise the compliance officer on how to appropriately respond to policy exceptions.
  2. Include the regulatory violation in the audit report and report it to the board of directors.
  3. Consult with legal counsel to determine if the approval of the policy exception was acceptable.
  4. Include the regulatory violation in the audit report and recommend the compliance officer be subject to disciplinary action by the board of directors.

Answer(s): B



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