Latest [May 26, 2024] Real ACAMS CAMS Exam Dumps Questions
CAMS Dumps To Pass CAMS Certification Exam in One Day (Updated 617 Questions)
The CAMS certification exam is an essential qualification for professionals working in the AML and financial crime prevention field. It demonstrates a deep understanding of AML regulations and best practices and enhances credibility and career prospects. ACAMS provides a range of resources to help professionals prepare for the exam and maintain certification, making it a valuable investment for anyone in the industry.
ACAMS CAMS certification is a valuable credential for AML professionals who want to demonstrate their expertise and knowledge of the AML compliance regime. Certified Anti-Money Laundering Specialists certification is recognized globally and is a benchmark for excellence in the AML field. The CAMS exam is challenging, but with the right preparation and dedication, candidates can pass it and earn their certification, which can open up new career opportunities and enhance their professional reputation.
NEW QUESTION # 41
An account officer who maintains an excellent relationship with the finance manager for a correspondent bank customer learns that many records for the correspondent bank have been requested by law enforcement. In the interest of maintaining a good relationship with the customer, the account officer sets up a meeting to discuss the legal request with the customer. The account officer intends to discuss points related to the investigation during this meeting. Which of the following should an anti-money laundering specialist recommend?
- A. Discuss all the points being investigated by law enforcement to ensure the correspondent bank is well prepared when approached.
- B. The meeting should be cancelled as he has already behaved inappropriately by alerting the customer to the investigation.
- C. Limit discussions about the investigation with the customer and be satisfied that he has provided proper notice to the customer.
- D. Let his manager know what conversations have taken place with the customer and docu-ment the account file accordingly.
Answer: B
Explanation:
the U.S. government has the authority to seize and forfeit funds in a correspondent account of a non-U.S. bank if the funds are involved in or traceable to a money laundering offense, regardless of where the offense occurred. This is based on the USA PATRIOT Act, which expanded the definition of "proceeds of specified unlawful activity" to include any property that is derived from or traceable to a foreign offense that would be a predicate offense if committed in the U.S12 References: =
1: ACAMS Study Guide for the CAMS Certification Examination, 6th Edition, Chapter 4, page 137
2: USA PATRIOT Act, Title III, Section 319(b)
NEW QUESTION # 42
An institution is about to release a new peer to peer (P2P) funds transfer product to provide much needed remittance services to an under-banked population segment in the country.
The service allows customers to transfer funds through a mobile banking application to individuals worldwide entering only a name and mobile number. The new service charges less than comparable market solutions and offers real time transfer of funds. The customer onboarding process is conducted at branch locations with identity verification.
Which three present the highest anti-money laundering or sanctions risk and will require controls prior to launch? (Choose three.)
- A. Cross-border functionality
- B. Servicing the under-banked population
- C. Limited access to counterparty information
- D. Real time transfer of funds
- E. Customer onboarding
Answer: C,D,E
NEW QUESTION # 43
After an institution files an STR with regard to a particular account, a law enforcement agent requests the institution to keep the account open until advised otherwise by law enforcement. What steps should the institution take?
- A. The institution should close the account in order not to be caught in the middle of a law enforcement investigation
- B. The institution should keep the account open only if doing so comports with the bank's own AML procedures
- C. The institution should follow the request of the law enforcement agent and keep the account open
- D. The institution should request a written letter From the law enforcement ( agency signed by an appropriate authorized signature
Answer: D
NEW QUESTION # 44
Which step should be taken to understand the types of financial institutions to whom the services are being offered when a correspondent bank permits "nested" relationships according to the Wolfsberg Group?
- A. Obtain independent audits or examination reports for "nested" relationships to determine risk levels
- B. Understand the type and volume of accounts serviced
- C. Evaluate the distribution of downstream correspondents and identify any direct or indirect issues
- D. Review peer-group clients by risk category
Answer: C
Explanation:
Reference:
http://www.qfcra.com/en-us/whatwedo/AntiMoneyLaundering/Documents/Guidance%20on%20Correspondent% (7) P/6, Wolfsberg Anti-Money Laundering Principles for Correspondent Banking 2014
https://www.wolfsberg-principles.com/sites/default/files/wb/pdfs/wolfsberg-standards/8.%20Wolfsberg-Corresp
NEW QUESTION # 45
What are some of the methods for sharing information and cooperating on an international basis? Choose 3 answers
- A. Issuane subpoenas
- B. Mutual Assistance Legal Treaties
- C. International Money Laundering Information Network
- D. Regulatory sharing through Supervisory Channels
Answer: B,C,D
NEW QUESTION # 46
Which situations would require a financial institution (FI) to update its ML/TF risk assessment? (Choose two.)
- A. When new products, services or customer types are introduced
- B. When new board members are elected
- C. When the institution faces a merger or acquisition
- D. When the AML compliance team hires new employees
- E. When opening a sales point in a new location in the same city
Answer: C,E
NEW QUESTION # 47
Which three elements should be considered in an institution's enhanced due diligence process to assure itself that it has secured sufficient understanding of its higher risk respondent bank customers according to the Wolfsberg Principles on Correspondent Banking?
- A. A risk-based determination as to whether or not the respondent is a shell bank
- B. The quality of the respondent's AML and client identification controls
- C. Whether a Politically Exposed Person (PEP) has an interest or management role in the respondent
- D. The sources of wealth for all significant ownership interests
Answer: A,B,C
Explanation:
According to the Wolfsberg Principles on Correspondent Banking1, an institution should consider the following three elements in its enhanced due diligence process for higher risk respondent bank customers:
The quality of the respondent's AML and client identification controls: The correspondent should assess the adequacy and effectiveness of the respondent's AML policies, procedures, and systems, as well as its compliance with applicable AML laws and regulations. The correspondent should also verify that the respondent has implemented appropriate customer identification and verification measures, and that it maintains sufficient records of its customers and transactions.
A risk-based determination as to whether or not the respondent is a shell bank: The correspondent should ensure that the respondent is not a shell bank, which is defined as a bank that has no physical presence in any country and is not affiliated with a regulated financial group. The correspondent should also avoid establishing or maintaining relationships with banks that are known to allow their accounts to be used by shell banks.
Whether a Politically Exposed Person (PEP) has an interest or management role in the respondent: The correspondent should identify and assess the potential risks associated with any PEPs who have an ownership or management interest in the respondent, or who are customers of the respondent. The correspondent should apply enhanced scrutiny and monitoring to such relationships, and obtain senior management approval before establishing or continuing them.
References:
Wolfsberg Correspondent Banking Principles 2022 by the Wolfsberg Group, October 2022.
NEW QUESTION # 48
A customer living in a high-risk jurisdiction makes frequent, large cash deposits at a bank. The same customer sends small wire transfers to unrelated parties in other high-risk jurisdictions.
What are two red flags that may indicate money laundering? (Choose two.)
- A. Large cash deposits are from a high-risk jurisdiction
- B. Wire transfers are to high-risk jurisdiction
- C. The bank allows cash deposits
- D. The client resides in a high-risk jurisdiction
Answer: A,B
Explanation:
Reference: https://aml-cft.net/library/banks-amlcft-red-flags/
NEW QUESTION # 49
The Wolfsberg Principles for Private Banking list circumstances that would require additional due diligence, including activities that involve which three of these choices?
- A. Public officials, including those individuals who have or had positions of public trust
- B. igh Risk activities, involving clients and beneficial owners whose source of wealth originatesfrom activities known to be vulnerable to money laundering
- C. Foreign jurisdictions
- D. High Risk Countries, including those identified by credible sources as having inadequate Anti-Money Laundering standards
Answer: A,B,D
NEW QUESTION # 50
Which two factors assist a money laundering investigation that involves multiple countries? (Choose two.)
- A. Every country should share all their information with foreign law enforcement and government authorities to facilitate rapid investigations.
- B. Law enforcement and other authorities should have access to financial information that is pertinent to the investigation.
- C. Law enforcement and other authorities should be allowed to establish and utilize joint investigative teams with law enforcement in other countries.
- D. Law enforcement and other authorities should not expedite information sharing between countries to ensure that all information is provided at the same time to avoid premature conclusions.
Answer: B,C
Explanation:
A money laundering investigation that involves multiple countries can be challenging due to different legal systems, languages, cultures, and levels of cooperation. Two factors that can assist such an investigation are:
Law enforcement and other authorities should have access to financial information that is pertinent to the investigation. This can help them trace the flow of illicit funds, identify the perpetrators and beneficiaries, and gather evidence for prosecution. Financial information can be obtained from various sources, such as financial institutions, financial intelligence units, regulators, and international organizations.
Law enforcement and other authorities should be allowed to establish and utilize joint investigative teams with law enforcement in other countries. This can enhance coordination, communication, and information sharing among the authorities involved, and allow them to pool resources, expertise, and evidence. Joint investigative teams can also facilitate mutual legal assistance and extradition requests.
References:
Financial Action Task Force (FATF), International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation, The FATF Recommendations, February 2012, updated June
2019, Recommendation 40, pp. 120-123
FATF, Best Practices on Establishing and Operating a Joint Investigative Team, June 2020, pp. 5-6 FATF, Money Laundering and Terrorist Financing Investigations, June 2018, pp. 11-12
NEW QUESTION # 51
A customer runs an export business for agricultural products. There has been steady growth over the years from sales to the Caribbeanregion. A sudden increase is noted in this customer's account balances during the last month. On what grounds should an anti-money laundering specialist prepare a suspicious transaction report?
- A. Wire transfers are coming from a Financial Action Task Force member country.
- B. Travelers checks (cheques) were purchased for trips to a Non-Cooperative Countries and Territories.
- C. The increased activity is due to money order deposits.
- D. The client changed his address without advising the institution.
Answer: D
NEW QUESTION # 52
With which person(s) should an anti-money laundering officer coordinate when implementing a new hire screening program?
- A. Internal Auditor
- B. Local Financial Intelligence Unit
- C. Human Resources
- D. Institution's Regulator
Answer: C
NEW QUESTION # 53
Why do organized crime groups often use front companies? (Choose two).
- A. Because using multiple front companies can make it easier to control an entire sector of the economy.
- B. Because they can use the company's bank accounts to comingle deposits with those of legal businesses.
- C. Because they are not registered, front companies are not subject to income and other sales taxes.
- D. Because they are generally subject to lighter due diligence requirements by banks and other financial services providers.
- E. Because front companies generally charge higher prices than legitimate companies, so profit margins are higher.
Answer: B,D
Explanation:
Reference: https://en.wikipedia.org/wiki/Front_organization
NEW QUESTION # 54
Which are essential elements of a KYC program identified by the Base1 Committee on Banking Supervision?
(Select Two.)
- A. Risk appetite
- B. Internal control
- C. Risk management
- D. Code of conduct
- E. Customer acceptance policy
Answer: C,E
Explanation:
According to the Basel Committee on Banking Supervision, a sound KYC program should include four essential elements: customer acceptance policy, customer identification, on-going monitoring of higher risk accounts, and risk management1. Customer acceptance policy defines the types of customers that the financial institution (FI) is willing to accept and the criteria for doing so. Customer identification involves verifying the identity and beneficial ownership of the customers and obtaining information on their activities and sources of funds. On-going monitoring of higher risk accounts involves reviewing the transactions and behavior of the customers that pose higher risks of money laundering or terrorist financing and updating their information and risk profiles. Risk management involves establishing appropriate policies, procedures, controls, and audit functions to ensure the effective implementation and oversight of the KYC program1.
References:
1: Basel Committee on Banking Supervision - Bank for International Settlements1
NEW QUESTION # 55
To deter money laundering through new accounts, a financial institution should:
1. document the identity of the party opening the account.
2. determine the beneficial owner(s) of the account.
3. query owners' names against Financial Action Task Force databases.
4. seek to determine the source of deposited funds.
- A. 2, 3, and 4 only
- B. 1, 2, and 3 only
- C. 1, 2, and 4 only
- D. 1, 3, and 4 only
Answer: C
NEW QUESTION # 56
The marketing department presents a business plan targeting individuals holding important public positions.
What are some steps the financial institution should implement as part of the plan to target such individuals?
- A. Investigate the source of funds
- B. Take all reasonable steps to check the background of the individual based on public information
- C. Determine if the client appears on the Basel Committee on Banking Supervision's list of public officials
- D. Determine the purpose of the account
Answer: A,B,D
Explanation:
Explanation/Reference:
NEW QUESTION # 57
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