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ACAMS CAMS Exam is an essential certification for AML professionals who want to enhance their knowledge and skills and advance their careers in the field. CAMS exam is challenging, but the benefits of passing it are significant, including increased job opportunities, higher salaries, and greater recognition as an expert in the AML field.
The Certified Anti-Money Laundering Specialists (CAMS) exam is one of the most recognized and respected certifications in the field of anti-money laundering (AML). The CAMS certification is designed to recognize individuals who have attained a high level of knowledge and expertise in AML, and who have demonstrated a commitment to the profession through continuing education and ongoing professional development. The CAMS exam covers a wide range of topics, including AML regulations, risk assessments, transaction monitoring, and sanctions screening.
NEW QUESTION # 80
A popular restaurant in town has begun depositing less cash than it has in prior years. In a review of the customer's accounts, you notice that credit card receipts have increased with no .
The account officer discovers that the restaurant has installed a privately-owned automated teller machine (ATM) onsite and has begun construction on a patio dining area.
Which red flag should trigger additional investigation?
- A. Increased credit card receipts
- B. Construction of the new patio dining area
- C. Privately-owned ATM
- D. Lower cash deposits
Answer: A
NEW QUESTION # 81
Which red flag indicates high potential for money laundering in a real estate purchase?
- A. The purchaser is a nominee
- B. The purchaser is not a resident where the property is located
- C. The purchaser owns a cash intensive business
- D. The purchaser had a previous bankruptcy
Answer: C
NEW QUESTION # 82
What action should a bank CEO's assistant take when the bank CEO expenses large sums of money to a charitable organization run by the bank CEO's direct family member?
- A. Meet with the bank CEO to learn why the donations are being made.
- B. Report the actions to the Executive Board of the bank.
- C. Submit the concern anonymously to the bank's internal Compliance Hotline.
- D. Investigate the charitable organization's relationship with the bank CEO.
Answer: D
NEW QUESTION # 83
What are three elements of a sound Customer Due Diligence Program?
- A. Determination of what type of customer the financial institution will accept
- B. Training as to how and to what extent to identify prospective customers
- C. Obtaining date of birth and address of a prospective customer
- D. Determination of who in the institution should be assigned to the prospective customer as aliaison
Answer: A,B,C
NEW QUESTION # 84
A bank provides trade financing for a company whose primary export is steel.
Which action by the company indicates possible money laundering?
- A. The company frequently transfers funds to other bank accounts located in other jurisdictions.
- B. The company regularly understates the value of goods exported.
- C. The company often deals with foreign currency exchanges.
- D. The company frequently sells above or below its competitors' price.
Answer: A
Explanation:
Explanation
NEW QUESTION # 85
Bank A is located in Country A.
A wire transfer from Bank B located in Country B is processes by Bank A, where the funds are being moved to a customer at Bank C located in Country C.
The wire transfer is deemed suspicious by Bank A.
Who should Bank A file a suspicious transaction report on?
- A. Bank C in Country C
- B. The transaction in Country A
- C. Bank B in Country A
- D. The transaction in Country B
Answer: B
NEW QUESTION # 86
Which of the following is considered a shell bank as defined by the USA PATRIOT Act?
- A. An Internet bank operating in the U.S. providing services worldwide.
- B. A local bank with offices in a non-cooperative jurisdiction which is subject to minimal regulatory supervision.
- C. A bank run by a foreign holding company with offices and staff in an offshore jurisdiction.
- D. A bank incorporated in an offshore jurisdiction without a physical presence or employees.
Answer: D
NEW QUESTION # 87
Which action should financial institutions with cross border correspondent banking activity be required to perform according to the Financial Action Task Force 40 Recommendations?
- A. Gather a list of their politically exposed customers
- B. Obtain senior management approval before establishing the relationship
- C. Identify natural persons who own or control more than 5%
- D. Obtain a third party independent review of the respondent's anti-money laundering program
Answer: B
Explanation:
Reference:
https://www.fatf-gafi.org/media/fatf/documents/recommendations/pdfs/FATF%20Recommendations%202012.p (15)
NEW QUESTION # 88
Which information must a United States financial institution retain for having foreign correspondent accounts as part of the USA PATRIOT Act record keeping requirements?
- A. Section 314(b) information sharing results related to foreign correspondent accounts
- B. Records identifying the owners of each foreign bank
- C. Purchase of monetary instruments of $3,000 or more involving foreign correspondent accounts
- D. A suspicious activity report filed and the supporting documentation involving foreign correspondent accounts
Answer: B
NEW QUESTION # 89
According to the Financial Action Task Force 40 Recommendations, Designated Non-Financial Businesses and Professionals include which entities?
- A. Real estate agents
- B. Hawala operators
- C. Commodities traders
- D. Money services businesses
Answer: A
Explanation:
Reference: http://www.fatfgafi.org/media/fatf/documents/recommendations/pdfs/FATF%20Recommendations%20
(approved%20February%202012)%20reprint%20May%202012%20web%20version.pdf (page 19, DNFBPs: customer due diligence, bulleted point (b))
NEW QUESTION # 90
Which three statements are true regarding the extraterritorial reach of laws and legislation of the U.S.?
- A. The defendant does not need to know the funds came from an illegal activity under state, federal or foreign law
- B. The extraterritorial reach covers all transactions throughout the global economy
- C. Economic and trade sanctions by OFAC may pose extraterritorial risks for financial institutions and businesses outside the U.S.
- D. The criminal anti-money laundering law can apply to transactions that occur partially overseas
Answer: A,C,D
NEW QUESTION # 91
An internal review of anti-money laundering training documentation revealed only new agents employed by a financial institution that sells life insurance products were trained. Additionally, it typically took the institution
8 months to begin training for new actuaries. The compliance officer explained training was limited to actuaries because they perform the only high-risk function. The institution relied on e-learning techniques without follow- up assessment.
Which of the following issues would the internal review most likely recommend?
- A. Continue using e-learning to emphasize anti-money laundering content during training.
- B. All staff, apart from the Board of Directors, must be trained.
- C. The institution must provide anti-money laundering training to actuaries within 6 months.
- D. Pro duct-specific anti-money laundering training should be provided company-wide.
Answer: D
NEW QUESTION # 92
Which of the following provides anti-money laundering specialists information related to money laundering trends?
- A. FinCEN's SAR Activity Review
- B. The Wolfsburg Principles
- C. Financial Action Task Force Typologies
- D. Egmont Group's 100 Cases
Answer: B,C,D
NEW QUESTION # 93
On what basis are international sanctions imposed against entities?
- A. For their involvement in the black market peso exchange
- B. For their involvement in stripping information from SWIFT cover payments and Letters of Credit
- C. For their involvement in human trafficking and bulk cask smuggling
- D. For their involvement in terrorism
Answer: D
NEW QUESTION # 94
What is a criterion for FATF membership?
- A. The country should have already implemented the standards of the European Union Directives
- B. The country should have already implemented all of the FATF Recommendations
- C. The country should be a member of a FATF-style regional body
- D. The country should be democracy
Answer: C
NEW QUESTION # 95
Which are social/economic consequences of money laundering? (Choose two.)
- A. Increase in tax revenue
- B. Increase in corruption and organized crime
- C. Weakening financial institutions
- D. Weakening of the country's infrastructure
- E. Civil war
Answer: B,C
NEW QUESTION # 96
What are some of the methods for sharing information and cooperating on an international basis? Choose 3 answers
- A. Regulatory sharing through Supervisory Channels
- B. International Money Laundering Information Network
- C. Mutual Assistance Legal Treaties
- D. Issuant subpoenas
Answer: A,B,C
NEW QUESTION # 97
An alert has been triggered by a monitoring system and an investigation has been opened. The activity involves significant and multiple cash deposits into a personal account and transferring funds to an offshore bank on the same day. Further investigation reveals this personal account had experienced low levels of activity for the past 6 months and funds are transferred to the account of a charitable organization. Which of the following is the next step that the Compliance Officer should take?
- A. Conduct enhanced due diligence on the charity's trustees.
- B. File a suspicious transaction report with the competent authority.
- C. Prohibit further transactions with the charitable organization.
- D. Place the charitable organization on the bank's internal "watchlist."
Answer: B
NEW QUESTION # 98
What is the result of an increased awareness of the potential for gatekeepers to assist in money laundering in recent years?
- A. The IMF has raised the profile of gatekeepers, requiring that countries regulate them
- B. The FATF recommendations cover lawyers performing financial transactions
- C. Accountants are no longer considered gatekeepers, since they are not permitted to set up companies or trusts
- D. Lawyers who represent money launderers can more easily be prosecuted
Answer: D
NEW QUESTION # 99
Which statement identifies one of the duties of a government Financial Intelligence Unit?
- A. It supervises and regulates banking institutions to ensure the safety and soundness of the nation's banking and financial system.
- B. It serves as the central agency for the receipt of disclosures filed by reporting entities.
- C. It prosecutes suspected money launderers and terrorist financiers based on financial institution suspicious transaction report filings.
- D. It administers and enforces economic and trade sanctions based on a government's foreign policy and national security goals.
Answer: B
NEW QUESTION # 100
Which method do terrorist financiers use to move funds without leaving an audit trail?
- A. Virtual currency
- B. Cash couriers
- C. Casa de cambio
- D. Extortion
Answer: B
Explanation:
Explanation/Reference: https://www.fatf-gafi.org/media/fatf/documents/reports/FATF%20Terrorist%20Financing%
20Typologies%20Report.pdf (24)
NEW QUESTION # 101
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The CAMS certification exam is administered by the Association of Certified Anti-Money Laundering Specialists (ACAMS), the world's largest AML and financial crime prevention community. ACAMS provides a wide range of resources and training to help professionals prepare for the exam, including study materials, webinars, and in-person training sessions. Certified Anti-Money Laundering Specialists certification is valid for three years, after which the individual must recertify by completing continuing education credits.
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