Exam CAMS7 Topic 1 Question 366 Discussion

Actual exam question for ACAMS's CAMS7 exam
Question #: 366
Topic #: 1

A financial institution is designing an enterprise-wide risk assessment (EWRA). According to the guidance issued by the Wolfsberg Group regarding a risk-based approach to identifying and managing money laundering risks, an effective approach should:

A. Focus on the inherent risk in the FI's product and service offerings and the controls to mitigate potential money laundering risks. B. Focus on understanding the risks presented by new clients within the assessment period, and the controls to mitigate associated money laundering risks. C. Include appropriate measures and controls to mitigate money laundering risks stemming from higher-risk customers, products, and geographies. D. Use a framework provided by a third-party vendor and used by other FIs in the jurisdiction.

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10 Years in Business