Acams how2pass cams Exam Lab Questions by Hadley q203 vce pdf

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Exam Name:	Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition)
Exam Code:	CAMS Dumps
Vendor:	ACAMS	Certification:	AML Certifications
Questions:	395 Q&A's	Shared By:	hadley

Question 76

As emphasized in the Basel Committee guidance for "Sound management of risks related to money laundering and financing of terrorism", the third line of defense, or audit function, should:

Options:

Conduct AML audits no less often than every 12 months for consistency in annual reporting.

Remain independent from expressing opinions on the sufficiency of remediation or action plans to address findings and recommendations.

Be involved in the day-to-day operations of the AML program to immediately prevent control failures.

Report to the audit committee of the board of directors to maintain independence.

Discussion

Question 77

A financial institution is conducting an enterprise-wide risk assessment (EWRA) and has identified a high inherent risk of money laundering associated with its private banking division due to the clientele’s high net worth and complex financial structures. However, the institution has implemented robust customer due diligence (CDD) and enhanced due diligence (EDD) procedures, along with sophisticated transaction monitoring systems.

How would these controls impact the assessment of residual risk?

Options:

The residual risk would be eliminated entirely because the controls are sufficient to mitigate all potential risks

The residual risk would be significantly reduced due to the effectiveness of the controls in place

The residual risk would remain high due to the inherent nature of the private banking business

The residual risk would be moderately reduced, but further controls may be necessary to achieve an acceptable level

Discussion

Question 78

The United Nations Security Council’s sanctions are intended to be:

Options:

Encompassing and broad, including the use of force if necessary

Designed to maintain and restore international peace and security

Indefinite to produce economic benefit for a group of states

Punitive to influence foreign governments to change their behavior

Discussion

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Question 79

The primary objectives of the Financial Action Task Force (FATF) are to: (Choose two.)

Options:

evaluate and monitor compliance with the FATF standards and provide recommendations for improvement.

assist countries in implementing EU, UN, and regional sanctions regimes.

develop and promote international standards to prevent money laundering and terrorist financing.