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ACAMS Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Sample Questions (Q171-Q176):

NEW QUESTION # 171
Which ML/TF risks are associated with cryptoassets? (Select Three.)

A. Global reach
B. High transaction fees
C. Use to layer illicit funds
D. Smart contract vulnerabilities
E. Potential for anonymity
F. Devaluation

Answer: A,C,E

Explanation:
Cryptoassets, such as cryptocurrencies, pose specific ML/TF risks due to their technological characteristics and usage patterns:
* Potential for anonymity (C): Cryptoassets allow users to make transactions without revealing their true identities, which hinders law enforcement from tracking illicit activity. The CAMS 6th Edition states:
"Cryptoassets can be transferred or exchanged between users without the need for identification, presenting a significant risk due to the potential for anonymity."(CAMS 6th Edition, Chapter: Risks and Methods of Money Laundering and Terrorist Financing, Virtual Assets section)
* Global reach (D): Cryptoassets operate on a global scale, enabling rapid cross-border transfers without the limitations of traditional financial systems. This increases the complexity of monitoring and controlling illicit transactions."The global nature of virtual assets makes it easy for criminals to move value across borders quickly, evading jurisdictional controls."(CAMS 6th Edition; FATF Guidance on Virtual Assets 2019)
* Use to layer illicit funds (F): The ability to move cryptoassets between numerous wallets and exchanges allows criminals to obscure the source of funds through layering, a key stage of money laundering.
"Layering can be achieved by rapidly moving cryptoassets between wallets, exchanges, and across different jurisdictions, making tracing more difficult."(CAMS 6th Edition, Chapter: Risks and Methods of Money Laundering and Terrorist Financing) References:
ACAMS Study Guide 6th Edition, Chapter: Risks and Methods of Money Laundering and Terrorist Financing, Virtual Assets/Virtual Currencies FATF Guidance for a Risk-Based Approach to Virtual Assets (2019) EU 5th AML Directive (2018/843)

NEW QUESTION # 172
Which of the following is a red flag indicating potential money laundering or terrorism financing through dealers of precious metals or high-value items?

A. A customer pays an antique dealer with a credit card for a high-value antique item
B. A customer wants to purchase gold bars with a combination of cash and cryptocurrency
C. A customer specifically requests to purchase a Kimberly Process-certified cut diamond
D. A customer wants a hand-written receipt for a cash purchase of a high-end, limited-edition luxury watch

Answer: D

NEW QUESTION # 173
Money services businesses (MSBs), payment service providers, and e-commerce platforms usually have a high volume of daily transactions.
What are the risks associated with these types of businesses? (Choose two.)

A. Criminals can make use of identify fraud to fulfill KYC processes for layering purposes
B. These businesses are highly regulated and therefore have no reason to be non-compliant as this would put them at risk of sanctions and fines
C. These businesses are all cash intensive, increasing the risk of financial crime
D. KYC challenges arise because e-commerce platforms face global customers making customer due diligence complex and resource intensive
E. The settlement systems of these businesses are not sophisticated enough to cope with the high transaction volume

Answer: A,D

Explanation:
E-commerce platforms face KYC challenges due to a global and diverse customer base, making due diligence complex, while criminals may exploit identity fraud to pass KYC checks and facilitate layering in money laundering schemes. These factors increase the financial crime risks for such businesses.

NEW QUESTION # 174
The Wolfsberg Group's 2012 "Principles (or Private Banking" established that.

A. private banks agree that transparency of client beneficial ownership Is necessary and appropriate.
B. private banks need to better coordinate and align their global AML control environment strategies.
C. due diligence requirements tor private banking customers are necessary to prevent predicate offenses.
D. risk based approaches are insufficient to address the heightened risk presented through private banking

Answer: A

NEW QUESTION # 175
Which risks inherent to real estate sector carry the highest AML/CFT risk? (Select Two.)

A. Manipulation of the value of a property
B. Use of a company for the purchase of property
C. Use of a registered trust for the purchase of property
D. Unlicensed real estate agents acting as front companies
E. Use of cash to purchase property

Answer: B,E

Explanation:
Real estate ML/TF risk is highest where transparency is low or the origin of funds is obscured:
* Use of cash to purchase property (A):"All-cash transactions in real estate present a high ML risk, as they bypass traditional financial scrutiny and facilitate the placement of illicit funds."(CAMS 6th Edition, Real Estate Money Laundering Risks)
* Use of a company for the purchase of property (D):"Purchasing property through companies, especially shell companies, can conceal the beneficial owner and the true source of funds."(CAMS 6th Edition, Real Estate ML/TF Risks; FATF, Real Estate Sector) Incorrect Options:
* B: Unlicensed agents may be risky, but the core risks are A and D.
* C: Trusts may add complexity but are less common/high-risk than company structures.
* E: Value manipulation is risky but less so than the above.
References:
CAMS 6th Edition, ML/TF Risks in Real Estate
FATF, Money Laundering and Terrorist Financing through the Real Estate Sector

NEW QUESTION # 176
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ACAMS Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Sample Questions (Q171-Q176):

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