Online Access Free CAMS7 Practice Test

An AML compliance officer is drafting plans to address deficiencies identified in an independent audit.
Which approach is the best option?

• A.Only commit to action plans that can be implemented and closed within the three-month management reporting cycle
• B.Draft action plans in consultation with the jurisdiction's FIU to remain aligned with other similar companies
• C.Only commit to action plans that require no new investment to maximize shareholder value
• D.Draft action plans to address the root cause of the deficiencies, regardless of how long they will take to fully implement

Which of the following statements is true regarding the 2012 Financial Action Task Force (FATF) 40 Recommendations and'or 11 Immediate Outcomes?

• A.The cornerstone of the 40 Recommendations is the adoption of a risk-based approach by each jurisdiction
• B.The 40 Recommendations have not been updated to reflect the impact of new technology
• C.The 11 Immediate Outcomes are recommendations specific to high-risk jurisdictions requiring enhanced monitoring.
• D.Each jurisdiction can reach out to the FATF for private access to the interpretive notes to the 40 Recommendations

Which ML/TF risks are associated with cryptoassets? (Select Three.)

• A.High transaction fees
• B.Use to layer illicit funds
• C.Smart contract vulnerabilities
• D.Devaluation
• E.Global reach
• F.Potential for anonymity

Which of the following best describes the use of fuzzy logic in customer screening systems?

• A.It is a new technique for enhancing the quality of alerts for review
• B.It is an advanced analytics tool widely used to implement AFC controls
• C.It allows for a greater number of exact matches, reducing the need for manual review
• D.It produces outputs that include a range of intermediate possibilities between "Yes" and "No"

In order to prevent financial crime risk, the implemented policies, controls, and procedures must:

• A.include sophisticated and automated controls that use the newest types of technology available (for example, artificial intelligence (Al) and machine learning).
• B.be proportionate with regard to the size and nature of the firm, approved by senior management, and regularly reviewed
• C.be created approved, and owned only by the First Line of Defense business team, and reviewed annually
• D.be completed by the business and validated by an external firm (for example, an auditing or consulting firm)