[Sep-2022] Dumps Practice Exam Questions Study Guide for the CAMS Exam
CAMS Dumps with Practice Exam Questions Answers
How to Get Certified
To obtain the ACAMS CAMS certificate individuals must take and successfully pass the affiliated namesake CAMS exam, which requires individuals to go through a three-step process. This has been outlined below:
- Be a member of ACAMS
Individuals may gain membership of ACAMS as individuals, as part of an enterprise, as public sector workers, or as part of a chapter. Members are required to make a standard membership payment.
- Take the actual CAMS exam
After an individual is found to be eligible and their application has been approved, they may go on to schedule their CAMS evaluation.
- Submit an application
After gaining membership at ACAMS, individuals are required to submit an application form along with payment. To be eligible to send an application, individuals must meet the following requirements: hold an active ACAMS membership, have 40 ACAMS credits, possess an education (10 credits for associates, 20 credits for bachelors, 30 credits for masters, and 40 credits for JD, or PhD), possess work experience (10 credits for each year of work experience), and have training (1 credit for an hour of training in the field of financial crime).
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NEW QUESTION 106
A new compliance officer is reviewing the bank's anti-money laundering program and notices that the risk assessment was completed six months ago. Since that time, the bank acquired another financial institution, renamed the internal records group, and streamlined cash handling procedures.
Which factor causes the compliance officer to update the bank's risk assessment?
- A. The internal records group has been re-named
- B. The cash handling procedures were streamlined
- C. The bank acquired another institution
- D. The risk assessment was completed six months ago
Answer: C
Explanation:
Explanation
Assessing AML/CFT is an ongoing and evolving component of maintaining a compliant AML/CFT program.
Evaluating the risk-scoring model and conducting the risk assessment itself may need to be performed annually, every 18 to 24 months, before the launch of a new product or when an acquisition of another financial institution occurs.
NEW QUESTION 107
An anti-money laundering specialist is employed by a large multi-national bank. The bank is planning to open an international department that will be responsible for expanding services to various countries. The head of the new international department has asked specialist to assess risks associated with the bank's expansion plans. What three set of materials should be included as a reference? Choose 3 answers
- A. Customer Due Diligence for Banks issued by Basel committee on Banking Supervisions
- B. The Egmont Group Statement Purpose
- C. FATF 40 Recommendations
- D. U.S. Patriot Act
Answer: A,C,D
NEW QUESTION 108
With which of the following should an anti-money laundering officer coordinate when implementing a new hire screening program?
- A. Internal auditor
- B. Institution's regulator
- C. Human resources
- D. Local Financial Intelligence Unit
Answer: C
NEW QUESTION 109
The Board of Directors for a small private bank has asked the management to no longer apply the identity requirements for high net worth individuals to protect their privacy. Which of the following Financial Action Task =once 40 Recommendations should cause an anti-money laundering specialist the most concern?
- A. Financial institutions should maintain all necessary suspicious transaction report records on transactions, both domestic are international, for at least 5 years.
- B. If financial institutions suspect that funds stem from criminal activity, they should be required to close the account.
- C. Financial institutions should not keep anonymous accounts.
- D. Financial institutions should not warn their customers when information relating to them is being reported to the competent authorities.
Answer: A
NEW QUESTION 110
How should a compliance officer respond to law enforcement agencies' request for information on a customer undergoing an investigation?
- A. Collaborate with the financial institution's (FI's) designated department to determine the appropriate course of action to comply with the request.
- B. Freeze account assets and advise the customer that assets will not be released until the investigation has been completed
- C. Gather all requested documentation and send via secure email to the requesting authority.
- D. Share details of the investigation with respective colleagues who deal with this customer type on a daily basis.
Answer: C
NEW QUESTION 111
A bank customer operates a fuel station as a sole proprietorship. The customer places deposits and other credits in a business account. The customer routinely transfers money from the business account to a brokerage account where he invests in money market securities. The customer also routinely makes monthly transfers to a credit card and line of credit to pay off balances. The volume of activity flowing through the business account has doubled in the past 3 months. An internal investigator reviews business account statements and credit card activity for the past 3 months, scans media articles about the customer, and interviews the account officer about the customer and account activity. This internal investigation did not provide an explanation for the increased activity1. Which of the following should the anti-money laundering specialist recommend to the internal investigator?
- A. Analyze account activity for selected accounts since the accounts were opened.
- B. Review activity in all related customer accounts in the past year.
- C. Concentrate on trades made in the brokerage account.
- D. No additional steps are necessary because this was a thorough review of the activity.
Answer: A
NEW QUESTION 112
A local law enforcement officer, who is conducting a criminal investigation, requests information about a customer.
Which two actions should the bank take? (Choose two.)
- A. File a suspicious transaction report
- B. Close the account immediately
- C. Monitor the account for suspicious activity
- D. Review the money laundering risk posed by the account
Answer: C,D
Explanation:
Explanation/Reference:
NEW QUESTION 113
Which method do terrorist financiers use to move funds without leaving an audit trail?
- A. Extortion
- B. Casa de cambio
- C. Virtual currency
- D. Cash couriers
Answer: D
NEW QUESTION 114
Which two methods can be used to structure casino-related transactions? (Choose two.)
- A. One time deposit of cash at a single gaming machine
- B. Playing at the same game
- C. Purchase of chips at multiple gaming tables
- D. Use of third parties to conduct transactions
Answer: C,D
NEW QUESTION 115
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. 1, 2, and 4 only
- B. 1, 2, and 3 only
- C. 1, 3, and 4 only
- D. 2, 3, and 4 only
Answer: A
NEW QUESTION 116
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. The transaction in Country B
- B. Bank C in Country C
- C. Bank B in Country A
- D. The transaction in Country A
Answer: D
NEW QUESTION 117
Which should authorities do to safeguard AML information exchanged with other countries?
- A. Protect exchanged information as they would protect similar information received from domestic sources.
- B. Use the court system to ensure confidentiality of exchanged information through court orders.
- C. Require the use of non-disclosure agreements with anyone accessing the exchanged information.
- D. Destroy the information once the investigation is complete.
Answer: C
NEW QUESTION 118
What should law enforcement provide when asking an institution to keep an account open?
- A. A written request on government agency letterhead with the appropriate signature
- B. An explanation of the underlying conduct that is being investigated
- C. An in-person visit by an investigating official to explain the reasons why the account must remain open
- D. A written request with an explanation of the scope of the investigation
Answer: A
NEW QUESTION 119
Which should be provided to the board of directors or designated specialized committee when reporting SARs/STRs?
- A. Statistical data regarding SARs/STRs filed during the reported period.
- B. Copies of all SARs/STRs filed during the reported period.
- C. All possible details of SARs/STRs filed during the reported period.
- D. Names of all customers subject to SARs/STRs filed during the reported period.
Answer: A
NEW QUESTION 120
According to the Financial Action Task Force Special Recommendations on Terrorist Financing, which of the following should an anti-money laundering specialist do if the specialist has reasonable grounds to suspect funds are linked or related to terrorist acts?
- A. Contact the institution's legal advisor.
- B. Promptly report to the competent authority.
- C. Inform the institution's managing Board.
- D. Conduct a full due diligence review of the client.
Answer: B
NEW QUESTION 121
The line of business is responsible for creating, implementing and maintaining policies and procedures, as well as communicating these to all personnel. It must also establish processes for screening employees to ensure high ethical and professional standards and deliver appropriate training on AML policies and procedures based on roles and functions performed so employees aware of their responsibilities. To facilitate this, employees should be trained as soon as possible after being hired, with refresher training as appropriate.
To guard against acquisition or control of a financial institution by money launderers or their associates, what should supervisory agencies require?
- A. Comprehensive compliance programs
- B. Thorough due diligence on prospective owners
- C. Prospective owners have prior experience in the area of finance
- D. Adequate surety bonds, cash deposits, or equivalencies
Answer: B
NEW QUESTION 122
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