Pass ACAMS CAMS PDF Dumps | Recently Updated 542 Questions
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Who should take the CAMS exam
The CAMS certification is an internationally-recognized credential that identifies persons who earn it as possessing specialized AML knowledge. AML professionals who earn the CAMS designation position themselves to be leaders in the business and to expertise professional growth. If a candidate wants significant improvement in career growth needs enhanced knowledge, skills, and talents. The CAMS certification provides proof of this advanced knowledge and skill. If a person fulfills the following eligibility requirements of the CAMS exam then he should take this exam.
- Document a minimum of 40 qualifying credits based on education, other professional certification and professional expertise in the field.
- Provide three professional references.
- Submit supporting documents.
NEW QUESTION 138
A retail bank has just acquired a credit card business. The bank's anti-money laundering policy requires that new employees are trained within 30 days of their hire date and refresher training is delivered to all employees on an annual basis.
Is the bank's existing anti-money laundering training adequate to be delivered to employee of the newly acquired credit card business?
- A. No, anti-money laundering training needs to be delivered face-to-face for credit card businesses.
- B. Yes, the existing training covers the anti-money laundering regulations that the bank is required to follow.
- C. Yes, the existing training covers the bank's policies, procedures, and processes.
- D. No, anti-money laundering training needs to be tailored and focused on the risks specific to the business.
Answer: B
NEW QUESTION 139
Which three circumstances are indicators for defining a customer as required additional diligence according to the Wolfsburg Principles on Private Banking? Choose 3 answers
- A. Persons determined to be Politically Exposed Persons (PEPs)
- B. Persons residing in a having funds from countries with inadequate AML standards
- C. Persons engaged in business activities known to be susceptible to money laundering
- D. Persons who receive funds from a correspondent banking relationship
Answer: A,B,C
NEW QUESTION 140
According to the Second European Union Money Laundering Directive, what may knowledge of criminal conduct be inferred from?
- A. Objective, non-factual circumstances
- B. Subjective, non-factual circumstances
- C. Objective, factual circumstances
- D. Subjective, factual circumstances
Answer: C
NEW QUESTION 141
According to experts, what is the most effective way to prevent money laundering through financial institutions?
- A. Implementing a sound customer due diligence program
- B. Instituting a policy prohibiting the acceptance of funds intended for terrorist financing
- C. Ensuring that transaction monitoring systems can identify terrorist financing
- D. Collecting information on beneficial owners and foreign customers
Answer: A
NEW QUESTION 142
What are two requirements of United States financial institutions when conducting business with an international financial institution as a result of the USA PATRIOT Act? (Choose two.)
- A. Complying with Special Measures issued under the USA PATRIOT Act
- B. Visiting the head office of the international financial institution
- C. Performing due diligence on correspondent accounts
- D. Performing enhanced due diligence on shell banks
Answer: A,C
NEW QUESTION 143
What was cited by the Wolfsburg Group in its Statement on the Suppression of the Financing of Terrorism as being vulnerable to terrorist financing?
- A. Correspondent banking
- B. Trade finance
- C. Alternative remittance
- D. Private banking
Answer: C
NEW QUESTION 144
What is operational risk?
- A. The potential for loss due to inadequate processes, people, systems, or external events
- B. The potential for lawsuits, fines, and penaltiesincreasingan organization's expenses
- C. The potential for loss of public confidence in an organization's integrity
- D. The potential for loss resulting from too much credit or loan exposure to one borrower
Answer: A
NEW QUESTION 145
How can dealers in high-value items be at risk for money laundering?
- A. Carrying large amounts of gems of high value is physically easy
- B. Drug dealers prefer cash to precious metals and gems
- C. The value of precious metals such as gold and silver is constantly fluctuating.
- D. Paperwork is not required to ship precious metals and gems
Answer: A
NEW QUESTION 146
Historically, a tour guide has made monthly cash deposits averaging $10,000. Over the past three months, the monthly deposits have averaged $100,000. When the financial institution questions the increased deposits, the tour guide explains that there have been numerous conventions in town so business has increased substantially.
Which further action(s) should the financial institution take?
- A. Perform further investigation, if appropriate report the activity to the authorities and consider terminating the relationship
- B. Immediately terminate the relationship
- C. Schedule a periodic review of activity
- D. Perform further investigation, if appropriate report the activity to the authorities and place a limit on future transactions
Answer: A
NEW QUESTION 147
What is the main role of the Egmont Group in combating money laundering and terrorist financing?
- A. To require that all countries participate in a global repository for the sharing of information
- B. To establish regulations that countries must use when establishing their own FIUs
- C. To create standards that countries can use when drafting laws to combat money laundering and terrorist financing
- D. To find ways that FIUs can better cooperate amongst themselves and exchange information
Answer: D
NEW QUESTION 148
What is the intentional evasion of a reporting or recordkeeping requirement?
- A. Placement
- B. Money laundering
- C. Structuring
- D. Layering
Answer: B
NEW QUESTION 149
Which two mechanisms should be implemented to assist with cross-border money laundering investigations?
(Choose two.)
- A. Countries should establish mechanisms allowing financial investigators to obtain and share information in respect of specific investigations.
- B. Countries should ensure that information received is protected from unauthorized disclosure.
- C. Countries should request Interpol to provide the required information.
- D. Countries should conduct separate investigations to ensure information is not unintentionally disclosed without the appropriate legal approval.
Answer: B,D
NEW QUESTION 150
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. Prohibit further transactions with the charitable organization.
- B. File a suspicious transaction report with the competent authority.
- C. Conduct enhanced due diligence on the charity's trustees.
- D. Place the charitable organization on the bank's internal "watchlist."
Answer: B
NEW QUESTION 151
A startup virtual currency exchange has registered as a money services business and will commence operations in six months. The company will provide digital wallets to customers to hold their virtual currency after purchase. Customers will have the option to conduct purchases of the virtual currency and transfer the currency to and from the digital wallet. The startup must develop an anti-money laundering compliance program prior to launch.
Which two anti-money laundering responsibilities should be considered before business launch? (Choose two.)
- A. Mechanisms to monitor and protect customers' digital wallets from cyber-attacks
- B. A customer onboarding process
- C. Transaction limits consistent with risk appetite
- D. Employees to handle complaints in a timely fashion
Answer: A,C
NEW QUESTION 152
Which red flag indicates high potential for money laundering in a real estate purchase?
- A. The purchaser had a previous bankruptcy
- B. The purchaser owns a cash intensive business
- C. The purchaser is not a resident where the property is located
- D. The purchaser is a nominee
Answer: B
NEW QUESTION 153
Which two individuals are ordinarily beneficial owners of a private banking account according to the Wolfsberg Anti-Money Laundering Principles for Private Banking? (Choose two.)
- A. Those who generally have ultimate control through ownership or other means over the funds in the account
- B. Those who are the ultimate source of funds for the account and whose source of wealth should be subject to due diligence
- C. Those two are authorized signers on the account
- D. Those who have legal title to a controlling share interest in the customer
Answer: A,B
Explanation:
Explanation/Reference: https://www.wolfsberg-principles.com/sites/default/files/wb/pdfs/wolfsberg-standards/10.%
20Wolfsberg-Private-Banking-Prinicples-May-2012.pdf (2)
NEW QUESTION 154
What kind of person should perform the independent testing of an institution's anti-money laundering program?
- A. A person who reports directly to the Board of Directors or a Board Committee
- B. A retired government regulator or federal law enforcement officer
- C. A former anti-money laundering officer from a similar institution
- D. A certified specialist in the anti-money laundering field
Answer: D
NEW QUESTION 155
An auction house dealing in fine art and antiques sells a well-known painting at a price of $12 million to an agent bidding for a group of local investors. The same painting sold ten years prior at auction for $5 million. The auction house receives payment for the painting via wire transfer from an account maintained in an offshore jurisdiction by the investor group. No beneficial ownership information is available for the account.
What are the two money laundering red flags? (Choose two.)
- A. Lack of beneficial ownership details for the originating account.
- B. The payment is received via wire transfer.
- C. An agent bids on the painting for a group of investors.
- D. The painting has more than doubled its value in ten years.
- E. Payment is received from an account in an offshore jurisdiction.
Answer: A,E
NEW QUESTION 156
How does the Financial Acton Task Force (FATF) communicate its findings regarding jurisdictions with strategic anti-money laundering / Counter Financing of Terrorism deficiencies?
- A. By issuing four formal documents to the deficient jurisdictions
- B. By issuing informal communication to FATF members
- C. By issuing two formal documents three times per year
- D. By issuing documentation to the private sector
Answer: A
NEW QUESTION 157
What are two legal risks of having inadequate privacy policies and procedures? (Choose two.)
- A. Diminished reputation
- B. Higher marketing and public relations costs
- C. Industry of regulatory sanctions
- D. Charges of deceptive business practices
Answer: A,C
NEW QUESTION 158
The anti-money laundering specialist of a small bank has identified suspicious activity at a branch located in an area of town where drug dealers are known to operate. An investigation of this activity discloses that the suspicious transactions occurred within the last 3 months and were processed by the same teller (cashier). The teller (cashier) did not file an internal report of unusual activity on these transactions. When checking personnel files, the specialist finds that the teller (cashier) has been a trusted employee for over 15 years, has an impeccable work record, and has participated in several anti-money laundering training sessions. The specialist recently became aware that the employee's daughter has contracted a rare disease and is undergoing a very expensive treatment program. Regarding the teller's (cashier's) failure to report the unusual activity to the institution, the specialist should recommend
- A. Refreshing anti-money laundering training for the teller (cashier).
- B. Directing the teller (cashier) to file a suspicious transaction report.
- C. Continuing to monitor the accounts.
- D. Suspending the teller's (cashier's) employment.
Answer: C
NEW QUESTION 159
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. The transaction in Country B
- D. Bank B in Country A
Answer: B
NEW QUESTION 160
How should a financial institution deter money laundering through new accounts? Choose 3 answers
- A. Document the identity of the party opening the account
- B. Query owner's names against FATF database
- C. Determine the beneficial owner(s) of the account
- D. Seek to determine the source of deposited funds
Answer: A,C,D
NEW QUESTION 161
A compliance officer is developing an anti-money laundering program for a financial institution located in a Financial Action Task Force member country. The institution conducts business with customers located in countries/jurisdictions that are not members of Financia Action Task Force. Which of the following issues should be addressed in the program?
1. The requirement to identify the beneficial owners of accounts.
2. The requirement for customer identification for the opening of new accounts.
3. The financial institution's obligation to report suspicious transactions.
4. The obligation to freeze funds involved in suspicious transactions.
- A. 2, 3, and 4 only
- B. 1, 3, and 4 only
- C. 1, 2, and 4 only
- D. 1, 2, and 3 only
Answer: D
NEW QUESTION 162
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Certification Path
The CAMS Certified Anti-Money Laundering Specialist certification path includes only one CAMS certification exam.
CAMS Certified Anti-Money Laundering Specialist Exam
CAMS Certified Anti-Money Laundering Specialist Exam is designed by the Association of certified anti-money laundering specialist (ACAMS) is a global membership organization that provides training and certification, of anti-money laundering professionals worldwide. ACAMS is supporting financial AML professionals through knowledge sharing and skills development. CAMS exam tests candidates basic knowledge on setting up an AML compliance program, money laundering schemes, various international AML regulations, and how to handle AML investigations. CAMS exam is internationally recognized and a good designation for those who are looking to work in the AML field.
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