HIGH PASS-RATE TRAINING CAMS MATERIALS & TRUSTWORTHY NEW CAMS EXAM ONLINE & NEWEST CAMS EXAM TORRENT

High Pass-Rate Training CAMS Materials & Trustworthy New CAMS Exam Online & Newest CAMS Exam Torrent

High Pass-Rate Training CAMS Materials & Trustworthy New CAMS Exam Online & Newest CAMS Exam Torrent

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The CAMS certification exam is highly regarded by employers and regulatory agencies worldwide, as it demonstrates the candidate’s commitment to the highest standards of AML and financial crime prevention. CAMS exam covers four key areas of AML and financial crime prevention: risk assessment, customer due diligence, transaction monitoring, and investigations. Candidates must pass a 120-question multiple-choice exam within a four-hour time limit, and they must score at least 75% to pass. The CAMS Certification is valid for three years, and continuing education is required to maintain the certification.

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ACAMS CAMS questions and answers

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q383-Q388):

NEW QUESTION # 383
Combating the Financing of Terrorism (CFT)]
A new business opened an account at a bank. After a month of activity, the account is referred to AML Investigations for potential human trafficking activity. Which red flags most likely triggered the referral?
(Select Two.)

  • A. Several cash deposits along the country's border that are quickly withdrawn by third parties _ Multiple purchases of virtual currency at or just below the reporting threshold
  • B. Trade in large volumes conducted with countries that are part of the diamond pipeline
  • C. Several lodging and food payments made on the same day at unusual hours for a business
  • D. Conducting the businesses transactions online without visiting a branch

Answer: A,C

Explanation:
The red flags that most likely triggered the referral are:
B: Several cash deposits along the country's border that are quickly withdrawn by third parties. C. Several lodging and food payments made on the same day at unusual hours for a business.
Red flag B suggests possible structuring activity, where individuals are trying to avoid currency transaction reporting requirements by depositing and withdrawing cash in amounts below the reporting threshold. This activity is often associated with money laundering and could indicate human trafficking activity.
Red flag C suggests unusual activity that may be indicative of human trafficking, such as lodging and food payments made at unusual hours or in unusual patterns. This type of activity could indicate that the business is being used as a front for human trafficking or that the individuals involved in the trafficking are using the business to facilitate their activities.


NEW QUESTION # 384
When should new business products to evaluated for AML concerns?

  • A. At the time of the next enterprise risk assessment
  • B. Before they are launched into the market
  • C. After they have been implemented so there is empirical data to review
  • D. On an annual basis

Answer: B

Explanation:
New business products should be evaluated for AML concerns before they are launched into the market. This is because new products may introduce new risks or vulnerabilities that could be exploited by money launderers or terrorist financiers. By conducting a pre-launch assessment, a financial institution can identify and mitigate these risks, design appropriate controls and procedures, and ensure compliance with the relevant laws and regulations. A pre-launch assessment can also help a financial institutionto align its AML strategy with its business objectives, and avoid potential reputational damage or regulatory sanctions.
9 Things to Consider When Evaluating an AML Solution
CAMS Study Guide 6th Edition, page 38.


NEW QUESTION # 385
Combating the Financing of Terrorism (CFT)]
Abank organized under foreign lawand located outside of the U.S. maintains acorrespondent banking relationshipwith aU.S.-based bankto handlefinancial transactions in U.S. dollarsfor its clients.
In compliance with theUSA PATRIOT Act of 2001, allU.S. banks and broker-dealers in securities must obtain a signed certificationfrom allnon-U.S. foreign bank clients conducting business with them.
What information does theUSA PATRIOT Act of 2001require theforeign bank to certify to the U.S. bank?
(Select Three.)

  • A. The ownership details of the foreign bank.
  • B. The foreign bank will not allow indirect use of the correspondent bank accounts by Politically Exposed Persons (PEPs).
  • C. The jurisdictions in which the foreign bank maintains a physical presence.
  • D. The foreign bank's operations will be limited to the country of incorporation.
  • E. The foreign bank will not allow indirect use of the correspondent bank accounts by shell banks.

Answer: A,C,E

Explanation:
TheUSA PATRIOT Act Section 313 & 319(b)placesstrict requirements on foreign correspondent banking relationshipsto prevent money laundering.
* Option A (Correct):Theforeign bank must disclose its ownership structureto identifyultimate beneficial owners (UBOs).
* Option C (Correct):Theforeign bank must certify that it maintains a physical presencein a regulated jurisdiction.
* Option E (Correct):Theforeign bank must not allow shell banks to use its U.S. correspondent accounts.
Why Other Options Are Incorrect:
* Option B (Incorrect):Thecertification does not specifically exclude PEPs, butPEPs require enhanced due diligence (EDD).
* Option D (Incorrect):The foreign bankmay operate in multiple jurisdictions, but it must be regulated where it has a presence.
Key Compliance Measures for Correspondent Banking:
* Conduct EDD on foreign bank relationships.
* Ensure correspondent banks do not facilitate shell banks.
* Monitor transactions for money laundering and terrorist financing risks.
Reference:
USA PATRIOT Act Section 313 & 319(b) (Foreign Correspondent Banking Rules) FATF Recommendation 13 (Correspondent Banking Due Diligence) Wolfsberg Group Guidance on Correspondent Banking Risk Management


NEW QUESTION # 386
Which statement best describes a key aspect of the AML Directive of the EU regarding business relationships and transactions with high-risk third countries?

  • A. Obliged entities should voluntarily consider the implementation of increased external audit requirements for branches and subsidiaries located in high-risk countries.
  • B. Obliged entities should not take into account specific circumstances when performing enhanced due diligence measures.
  • C. Obliged entities should implement additional mitigating measures complementary to the enhanced customer due diligence procedures, in accordance with a risk based approach.
  • D. Obliged entities, in accordance with the member state regulations, should determine at a national level the measures that can be used for enhanced due diligence.

Answer: C

Explanation:
According to the AML Directive of the EU, obliged entities, such as banks and other financial institutions, are required to apply enhanced vigilance in business relationships and transactions involving high-risk third countries, which are those identified by the Commission as having strategic deficiencies in their anti-money laundering and countering the financing of terrorism regimes1. The types of enhanced vigilance requirements are basically extra checks and control measures which are defined in article 18a of the Directive1. However, these requirements are not exhaustive, and obliged entities should also implement additional mitigating measures that are complementary to the enhanced customer due diligence procedures, in accordance with a risk based approach1. This means that obliged entities should assess the level of risk posed by each customer, product, service, transaction, or delivery channel, and apply appropriate measures to mitigate those risks2. The additional mitigating measures may include, for example, obtaining additional information on the customer and the beneficial owner, applying additional elements of enhanced monitoring, increasing the frequency and intensity of transaction testing, or requiring the first payment to be carried out through an account in the customer's name with a bank subject to similar customer due diligence standards1.
1: Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, and amending Directives 2009/138/EC and 2013/36/EU (Text with EEA relevance)
2: Guidance on Risk Factors, EBA, 2021
Reference: https://www.nortonrosefulbright.com/en/knowledge/publications/8f84c163/the-eus-fifth-anti- money-laundering-directive-a-regulatory-compliance-perspective


NEW QUESTION # 387
An AML specialist at a financial institution is presented with a search warrant. Which actions should be taken to comply with the search? (Select Two.)

  • A. Leave the premises to allow the agents to conduct the search.
  • B. Obtain a copy of the warrant or photocopy the original warrant.
  • C. Record the names and affiliations of the agents who conduct the search.
  • D. Proactively ask the agents as many questions as time allows.
  • E. Remember what items the agents have seized and taken from the premise.

Answer: B,C

Explanation:
When presented with a search warrant, the AML specialist should record the names and affiliations of the agents who conduct the search. This will help in identifying who conducted the search in case there are any issues that need to be addressed later. Additionally, the AML specialist should obtain a copy of the warrant or photocopy the original warrant. This is important to ensure that the warrant is valid and that the agents are authorized to conduct the search. It is not appropriate to ask the agents questions or remember what items they have seized, as this could interfere with the search and potentially lead to legal issues. Finally, leaving the premises to allow the agents to conduct the search is not necessary, as the AML specialist has the right to be present during the search.


NEW QUESTION # 388
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