CAMS Exam Dumps - ACAMS AML Certifications Questions and Answers

Reputational risk

Operational risk

Sanctions risk

Compliance risk

Lending risk

Accounting

Model risk management

Technology solutions and IT security

Marketing

Fraud risk management

impose sanctions lo maintain of restore international peace and security

impose sanctions on countries that lack AML/CFT controls.

conduct research on and analyze the impacts of sanctions to improve the effectiveness of sanctions regimes.

impose sanctions on economic targets to maintain or restore financial stability within a country.

Notify the customer of the information-sharing request from the other financial institution and seek their consent before responding

Consult the institution's legal counsel to validate the subpoena, then respond directly to law enforcement while ensuring all documentation is properly recorded

Respond to the FinCEN 314(b) request first, as it allows for voluntary information sharing with partner organizations

Provide the requested records to both law enforcement and the other financial institution immediately to ensure full cooperation and transparency

Public organizations can belter understand what the private sector experiences and inform policy and the enactment of laws

Data-protection privacy policies provide an opportunity to develop information sharing protocols to prevent unauthorized access to information

Data-protection privacy policies prohibit the evolution of PPPs due to restrictions based on legacy government legislation

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

FIs may disclose customer information to any third party

FIs may provide information about their internal compliance programs to law enforcement agencies without any limitations

FIs are required to report all transactions involving foreign entities to FinCEN so that FinCEN can share this information with other financial institutions

FIs may share information about suspected money laundering activities with other FIs to aid in identifying and reporting suspicious transactions

generative copilots.

small language models.

privacy coins.

crypto-mixers.

Gathering sufficient information to establish the source of funds and source of wealth

Assessing the level of money laundering risk posed by prospective and existing high-risk customers

Assessing and reviewing the minutes of the relevant committee responsible for onboarding customers

Ensuring an employee is responsible for liaison with the authorities on matters related to countering the finance of terrorism

Ensuring that resources in its compliance and AML areas kept pace with the bank's growth

helping to identify high-risk sectors that require enhanced due diligence (EDO),

eliminating the need for sectoral risk assessments within the organization

guiding the allocation of resources for mitigating financial crime risks

requiring all organizations to apply standardized measures

automatically reducing the organization's responsibility for conducting its own risk assessment

Regulatory authorities primarily work independently but share information when requested by international law enforcement agencies.

FIUs primarily handle reporting from financial institutions, while regulatory authorities and law enforcement agencies are limited to enforcing domestic AML laws without international cooperation.

Law enforcement agencies and FIUs only cooperate during domestic investigations, leaving cross-border investigations to international organizations like INTERPOL.

Regulatory authorities, law enforcement agencies, and FIUs share intelligence and coordinate efforts to streamline cross-border money laundering investigations, often through formal agreements.