Free ACAMS CAMS Practice Exam with Questions & Answers | Set: 3

cross-border purchases.

purchases in the name of a natural person.

paying true market price for a property.

non-financed purchases.

public administration.

legal assessment.

law enforcement.

legal activity.

mutual legal assistance treaty.

memorandum of understanding.

request for urgent information.

declaration of understanding.

memorandum of agreement.

Performing a comprehensive risk assessment to identify customer, transaction, and geographic risks

Focusing monitoring primarily on previously flagged customers while using standard controls for others

Choosing and applying effective controls that align with the identified risk levels

Determining detailed risk profiles for customers based on their activities and relationships

Allocating resources equally across all customer segments to ensure fairness

Engagement of third-party art advisors as representatives at art auctions

High-quality single pieces of significant value sold on social media platforms

Use of art and antiquity experts to verify an item's authenticity

Paying fair market value or premium prices for valuable art, gems, or precious metals at auction

Use of art storage facilities located in tax-free zones

Define in policies and procedures the screening scope, frequency, and alert adjudication process

Identify the most commonly used name screening database in the industry

Assign a designated person to ensure consistent implementation of screening controls

Conduct a risk assessment to determine which data attributes to screen, screening frequency, and database selection

Conduct regular testing to validate that the screening system is performing as expected

Adaptable to new AFC typologies through continuous model training

Completely unbiased and without error through continuous model training

More consistent and reliable detection outcomes

Transparent and easy to explain algorithms for regulator and compliance purposes

Be consistent with the head office audits

Be tailored to the higher of standards between the jurisdictions.

Conform to the foreign jurisdiction policies to align with the head office policies.

Provide all foreign jurisdiction reports to the head office for approval.

A customer receives funds from a popular decentralized mixer

A customer uses funds from their monthly income to purchase virtual currency

A customer makes a transaction on the blockchain that their traditional financial institution is unaware of

A customer receives multiple wires from different sources and uses those funds to purchase virtual currency

Conduct an open-source intelligence investigation using artificial intelligence tools to gain more information on the activities of the suspected employee

Use the FI's whistleblowing channel to report the suspected employee

Question their co-worker to determine if their suspicions are correct before reporting to the FI's Human Resources department

Warn colleagues and customers of the FI that the employee's suspicious financial investment proposals could be a scam

Report the suspected employee to the line manager of the FI to take the required action