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ACAMS CAMS7 Exam Practice Questions (P. 2)

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Question #6
The chief compliance officer (CCO) at a bank approved offering trade finance services to a company which is established within a country with a weak democratic system routinely reviews news on upcoming targeted economic sanction regulations in the EU, a major import partner for the country's production of crude oil.
Which of the following pieces of news would be of greatest concern?
  1. A
    The European Commission and the High Representative issue a joint proposal for an import ban on refined oil products.
  2. B
    The European Commission and the High Representative issue a joint proposal for an import ban on oil extraction equipment
  3. C
    The Council of the European Union adopts a new export control regime for electronic equipment
  4. D
    The Council of the European Union adopts a new import restriction regime for goods coming from countries that do not respect human rights

Correct Answer: A ?️

Question #7
Which services provided by an accounting firm could be considered as higher risk from a financial crime perspective? (Choose three.)
  1. A
    Forming a trust on behalf of a customer with a complex setup and acting as a nominee director
  2. B
    Auditing a firm that provides payroll software to large corporate customers
  3. C
    Preparing financial statements for a listed or a privately owned firm
  4. D
    Providing tax advice to an international customer hoping to move their assets out of their home country
  5. E
    Assisting an offshore corporation from a jurisdiction with no available beneficial owner information to buy property in the UK

Correct Answer: ADE ?️

Question #8
Common risks associated with cryptocurrency and convertible virtual currencies include: (Choose three.)
  1. A
    funds being stolen from other users.
  2. B
    obscuring the source of illicit funds.
  3. C
    layering transactions to hide the origin of funds derived from illicit activity.
  4. D
    difficulty converting into physical currency.
  5. E
    facilitating payment for other illicit activities and goods.

Correct Answer: BCE ?️

Question #9
An organization is developing a comprehensive anti-money laundering (AML) framework.
Which of the following statements best describes the relationship between AML policies and procedures?
  1. A
    Policies are broad guidelines. Procedures are detailed instructions for specific processes. Only procedures are mandatory for knowledge and adherence.
  2. B
    Policies define the principles of an organization and influence the drafting of procedures. Procedures are detailed instructions for specific processes.
  3. C
    Policies are detailed instructions for specific processes. Procedures are an overarching framework. Neither policies nor procedures are mandatory for knowledge and adherence.
  4. D
    Policies are detailed instructions for specific processes. Procedures are an overarching framework. Both policies and procedures are mandatory for knowledge and adherence.

Correct Answer: B ?️

Question #10
A multinational corporation is considering expanding into a new market with a history of political instability and corruption.
Which strategy would be most effective in mitigating reputational risk from a financial crime perspective associated with such an expansion?
  1. A
    Ensure the jurisdiction risks and other relevant factors have been taken into consideration in the EWRA and the residual risks are within the corporation's risk appetite
  2. B
    Partnering with established local businesses to leverage their knowledge and connections while sharing risks
  3. C
    Ensuring the company has strong ties with local government officials to influence policy and avoid negative scrutiny
  4. D
    Committing to open communication, ethical practices, and community engagement to build trust with stakeholders
  5. E
    Minimizing the company's direct presence in the country to reduce exposure to potential risks

Correct Answer: A ?️

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