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ACAMS CAMS7 Exam Practice Questions (P. 1)

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Question #1
The financial industry relies heavily on rules-based approaches to transaction monitoring to detect suspicious activities.
Scenario-based systems use technology and algorithms to identify: (Choose three.)
  1. A
    fraudulent identities involving stolen or manufactured identification.
  2. B
    suspicious behavior involving a transaction that occurs at an unusual time of day.
  3. C
    hidden beneficial owners.
  4. D
    transaction patterns involving transactions that exceed a certain dollar amount.
  5. E
    anomalies involving a transaction that occurs in a location far away from the customer's usual spending patterns.

Correct Answer: BDE ?️

Question #2
A financial institution plans to implement adverse media screening with Artificial Intelligence (AI)/Machine Learning (ML) capabilities During testing, the system produces high volumes of irrelevant news articles for review.
What is the best way to address this issue?
  1. A
    Narrow the media sources to avoid unrelated articles
  2. B
    Rely on manual filtering by investigators
  3. C
    Increase the frequency of updates to media sources
  4. D
    Adjust AI/ML models to focus on high-risk keywords/phrases from reputable media sources

Correct Answer: D ?️

Question #3
When services are provided by a trust and company service provider (TCSP) connected to a high-risk country, which of the following may present an immediate financial crime risk concern?
  1. A
    Management structure
  2. B
    Governance framework
  3. C
    Asset structure
  4. D
    Origin of the funds

Correct Answer: D ?️

Question #4
Which benefits are most commonly associated with transitioning from a rules-based approach to artificial intelligence (AI) and machine learning-based tools in transaction monitoring? (Choose three.)
  1. A
    Reduction in the number of false positives in long term
  2. B
    Complete automation of compliance processes
  3. C
    Elimination of the need for human oversight
  4. D
    Increased flexibility in adapting to changing financial crime risks
  5. E
    Enhanced ability to detect emerging patterns and anomalies

Correct Answer: ADE ?️

Question #5
Why is it important to use multiple sanctions lists, such as United Nations (UN), Office of Foreign Assets Control ("OFAC"), and European Union ("EU") lists, in name screening systems?
  1. A
    To avoid sanctions breach related to payments
  2. B
    To avoid onboarding customers previously exited due to true match
  3. C
    To meet international regulatory requirements and identify risks across jurisdictions
  4. D
    To be in line with the risk appetite statement

Correct Answer: C ?️

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