ACAMS CAMS VALID TEST CAMP, NEW CAMS STUDY PLAN

ACAMS CAMS Valid Test Camp, New CAMS Study Plan

ACAMS CAMS Valid Test Camp, New CAMS Study Plan

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To earn the CAMS certification, candidates must pass a rigorous exam that covers a range of topics related to AML compliance. CAMS exam is designed to test a candidate's knowledge of AML regulations, risk assessment, customer due diligence, and transaction monitoring, among other topics. Candidates must also have a minimum of 40 hours of AML-related training within the past three years to be eligible to take the exam.

The CAMS Exam covers four main areas of AML: (1) risk assessment, (2) AML program implementation, (3) AML compliance, and (4) AML investigation. To be eligible for the CAMS exam, candidates must have at least 40 hours of AML training or experience and must meet one of the following criteria: (1) hold a bachelor's degree or higher, (2) have three years of AML experience, or (3) have five years of experience in a related field.

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According to our investigation, the test syllabus of the CAMS exam is changing every year. Some new knowledge will be added into the annual real exam. Some old knowledge will be deleted. So you must have a clear understanding of the test syllabus of the CAMS study materials. Now, you can directly refer to our study materials. Our experts have carefully researched each part of the test syllabus of the CAMS Study Materials. Then they compile new questions and answers of the study materials according to the new knowledge parts.

The CAMS Certification Exam covers a wide range of topics related to AML and financial crime prevention, including risk assessment, customer due diligence, transaction monitoring, sanctions screening, and regulatory compliance. CAMS exam is designed to test the knowledge and skills of professionals working in AML compliance and ensures that they have a comprehensive understanding of the latest AML regulations, laws, and best practices. Certified Anti-Money Laundering Specialists certification exam is rigorous and requires a thorough understanding of the subject matter, making it a valuable credential for professionals looking to advance their careers in the field.

ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q371-Q376):

NEW QUESTION # 371
Once a financial institution has reported suspicious transactions on a valued customer, it should cooperate with competent authorities by

  • A. Providing the supporting documentation to competent authorities upon request.
  • B. Maintaining adequate written documentation of all individuals and transactions reported.
  • C. Hinting to the customer that she should come in and explain her behavior.
  • D. Submitting information upon receiving a legal request from parties involved in a civil law-suit.

Answer: D

Explanation:
Structuring transactions is a common method of money laundering, where cash deposits or withdrawals are broken down into smaller amounts to avoid reporting or record-keeping requirements. Employees who unintentionally assist customers in structuring transactions may not be aware of the legal and regulatory implications of their actions, or may have been misled or coerced by the customers. Therefore, the most appropriate and proportionate response is to provide remedial training to these employees, to ensure they understand the anti-money laundering policies and procedures, the red flags of suspicious activity, and their reporting obligations. Terminating, contacting law enforcement, or transferring these employees may be excessive, premature, or ineffective measures, depending on the circumstances and the level of involvement of the employees.
:
ACAMS Study Guide for the CAMS Certification Examination - 6th Edition, Chapter 2: Money Laundering Risks and Methods, page 31.
ACAMS CAMS Certification Video Training Course, Module 2: Money Laundering Risks and Methods, Lesson 2.3: Structuring and Smurfing.


NEW QUESTION # 372
Combating the Financing of Terrorism (CFT)]
A financial institution's (Fl's) policy is to apply enhanced due diligence (EDD) for every new client to ensure the effectiveness of the program. How should a consultant advise the Fl's management team?

  • A. Suggest the FI needs to implement a risk-based approach for EDD.
  • B. Suggest the management team select the clients that are chosen for EDD.
  • C. Suggest EDD for 50% of the clients is appropriate.
  • D. Suggest the management team ask the regulator for advice on EDD measures.

Answer: A

Explanation:
According to the Anti-Money Laundering Specialist (the 6th edition) study guide, a risk-based approach for EDD means that the FI applies more or less stringent measures depending on the level of risk posed by each client1. This allows the FI to allocate its resources more efficiently and effectively, and to focus on the clients that pose the highest risk of money laundering or terrorist financing2. Applying EDD for every new client, regardless of their risk profile, may not be the best use of the FI's resources, and may not reflect the proportionality and relevance of the EDD measures3.
References:
1: CAMS Study Guide, 6th Edition, Chapter 3, Section 3.2, page 69
2: CAMS Study Guide, 6th Edition, Chapter 3, Section 3.3, page 70
3: CAMS Study Guide, 6th Edition, Chapter 3, Section 3.4, page 71


NEW QUESTION # 373
the Financing of Terrorism (CFT)]
An individual opened an account with a minimal cash deposit at a financial institution. He presented a foreign copyright and stated he would be working locally for a few months. He also requested information about making electronic fund transfers. The institution was subsequently unable to verify the employment or residence information provided by the individual. Soon after this, a large transfer was sent to the customer's account. Which of the following is the course of action recommended by the Basel Committee on Banking Supervision's Customer Due Diligence for Banks?

  • A. End the relationship by sending a check (cheque) to the customer for the full amount in the account.
  • B. Implement enhanced due diligence procedures to monitor the account for suspicious activity.
  • C. Close the account and return the funds to the source from which they were received.
  • D. Post the deposit to the account and notify the customer that the deposit has been made.

Answer: B

Explanation:
According to the Basel Committee on Banking Supervision's Customer Due Diligence for Banks1, banks should have policies and procedures to identify and manage high-risk customers, such as those who provide false or incomplete information, have complex or opaque beneficial ownership structures, or are involved in large or unusual transactions. In such cases, banks should apply enhanced due diligence measures, such as obtaining additional information or documentation, verifying the source and purpose of funds, conducting more frequent and intensive monitoring of account activity, and reporting any suspicious transactions to the relevant authorities. Therefore, the best course of action for the bank in this scenario is to implement enhanced due diligence procedures to monitor the account for suspicious activity, as option B suggests.
Option A is not recommended, as it would imply that the bank accepts the customer without verifying his identity and background, which would expose the bank to money laundering and terrorist financing risks.
Option C is not advisable, as it would terminate the relationship without investigating the origin and destination of the funds, which could hinder the efforts of law enforcement agencies to trace and recover illicit assets. Option D is also not appropriate, as it would involve sending a check to a customer whose address and identity are not confirmed, which could facilitate money laundering and fraud.
:
5: Customer due diligence for banks - Bank for International Settlements, October 2001, pages 8-9, 13-14.


NEW QUESTION # 374
Which reputations risk consequence could a financial entity face for violating AML laws?

  • A. Seizure of assets
  • B. Increased audit costs to monitor behavior
  • C. Loss of high-profile customers
  • D. Monetary penalties

Answer: D

Explanation:
According to the Certified Anti-Money Laundering Specialist (CAMS) Manual [1], 6th edition, financial entities that violate Anti-Money Laundering (AML) laws can face several reputational risks such as loss of high-profile customers, seizure of assets, increased audit costs to monitor behavior, and monetary penalties.
For example, the US Treasury's Financial Crimes Enforcement Network (FinCEN) imposes civil money penalties on "persons who willfully violate, attempt to violate, conspire to violate, or cause any violation of any provision of the Bank Secrecy Act or its implementing regulations." (CAMS Manual, 6th edition, page
26).


NEW QUESTION # 375
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 # 376
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