CAMS Exam Dumps - Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition)

International cooperation provides actionable information to use against criminals

Those convicted of money laundering offenses are denied access to basic banking services

Money laundering offenses are investigated and criminally prosecuted

Financial intelligence information is collected by authorities and shared with the FATF for further investigation

Supervisors regulate financial institutions and non-bank financial institutions and their risk-based AML/CFT programs

cross-border purchases.

purchases in the name of a natural person.

paying true market price for a property.

non-financed purchases.

Engage in the PPP without strict data sharing protocols, allowing for open and unrestricted flow of information between the bank, FIUs, and other financial institutions

Rely solely on the intelligence provided by government agencies through the PPP because they have the most comprehensive data on suspicious activities

Establish a clear framework within the PPP that outlines data privacy protections and ensures that information sharing complies with legal and regulatory requirements in all jurisdictions involved

Prioritize the bank’s internal data sources over external intelligence from PPPs, as internal data is easier to control and does not present data privacy challenges

The foreign bank will not allow indirect use of the correspondent bank accounts by Politically Exposed Persons (PEPs)

The jurisdictions in which the foreign bank maintains a physical presence

The foreign bank's operations will be limited to the country of incorporation

The ownership details of the foreign bank

The foreign bank will not allow indirect use of the correspondent bank accounts by shell banks

Concealing sources of funds

Allowing for third-party custody safekeeping of funds

Adding a layer of anonymity to transactions

Concealing true legal and beneficial owners

Establishing escrow accounts for real estate transactions

Utilizing a flexible communication style that adapts to different customer situations during the termination process

Implementing a standardized procedure for customer termination that includes risk assessments and necessary documentation

Performing a final review of a customer's transaction history and records to address any unresolved issues prior to termination

Keeping records of the termination process, including the justification for the decision and any correspondence with the customer

Notifying the customer of the termination decision only after completing the termination process to prevent possible disputes

Raise transaction monitoring thresholds for PEP accounts in automated systems to account for higher transaction values and complex legal vehicles and financial structures

Require approval from the prudential regulator for entering into or continuing the business relationship

Subscribe to commercial databases to assist in the detection of PEPs

Establish processes to understand the PEP's source of wealth and the source of funds, and to refresh that understanding on a regular basis

A relationship manager advocates for overriding the results of the company's client risk rating model that resulted in a client's high-risk rating.

An If employee shares information about a firm's risk management framework with employees of other firms at an industry convention.

An investigator does not complete the automated transaction monitoring system alerts assigned to them before the time required by company procedures.

A relationship manager makes an exception to company policy and proceeds with onboarding a customer without documenting a passport for customer identification