[2021] Free CAMS Exam Dumps to Pass Exam Easily
CAMS Exam Dumps, CAMS Practice Test Questions
How to study the CAMS Exam
ActualTestsIT expert team recommend you to prepare some notes on these topics along with it don’t forget to practice Certified Anti-Money Laundering Specialist CAMS Dumps which been written by our expert team, Both these will help you a lot to clear this exam with good marks.
- Determine the key aspects of the FATF, BASEL Committee Customer Due Diligence Principles, EU Directives on money and Wolfsberg Groups AML Principles as they relate to private/correspondent banking, USA PATRIOT Act and OFAC sanctions that have extraterritorial reach
- Provided a scenario, Determine when and how to implement necessary program changes, the process to access the money laundering and internal factors that should be escalated to management
- Determine the risks to individuals or institutions for violation of AML laws.
- Determine the economic and social consequences of money laundering
- Provided a scenario, Determine the key aspects of delivering targeted training for different audiences and job functions, components of an AML training program, roles senior management, roles senior management, how customer onboarding should be implemented for the institution, area to increase the efficiency and accuracy of automated AML tools
- Provided a Scenario about trust, company service providers, emerging risks related to technology, banks, insurance companies, broker-dealers, investment advisors, capital markets, gaming, dealers of precious metal dealers, dealers of real estate, bureau de change, money services business, lawyers, notaries, accountants, auditors, financial transactions that offer anonymity, lack of transparency of ownership, moving money, involving commercial transactions and identify the red flags that indicate money laundering or financing terrorism.
- Determine methods to finance terrorism and to launder money used in banks, insurance companies, broker-dealers, investment advisors, capital markets, gaming, dealers of precious metal/high-value items, real estate, bureau de change, the business of money services, lawyers, notaries, accountants, and auditors.
NEW QUESTION 193
An anti-money laundering consultant audits a bank's current anti-money laundering policies, procedures and controls. The bank serves high-income, high net-worth clients who include non-residents and offshore businesses. During a review of the customers list, the anti-money laundering consultant determines that he and the bank have mutual clients. The bank's written anti-money laundering program includes a process for the bank to establish the identity of the person with whom they conduct business, but does not address monitoring of customer account activity.
The consultant should recommend the bank:
- A. Continue to follow the current written anti-money laundering program.
- B. Revise the procedures to better assess ongoing customer activity.
- C. Focus on high-risk customer acceptance procedures.
- D. Reduce the risk rating on the mutual customers.
Answer: B
NEW QUESTION 194
What is an indicator of suspicious activity?
- A. Large and frequent credit balances on a credit card resulting in request for refunds
- B. A convenience store that brings in $20s and $10s and requests small bills and change
- C. An online retailer that uses a third-party payment processor to facilitate its transactions
- D. A customer who pay back a late loan all at once after collecting on a bad debt
Answer: A
NEW QUESTION 195
In general, what is an element that a financial institution or business does not have to specifically address in an anti-money laundering program?
- A. A system of internal policies, procedures and controls
- B. An ongoing employee training program
- C. A description of its OFAC program to address government watch list screening
- D. A designated compliance officer with day-to-day oversight over the AML program
Answer: C
NEW QUESTION 196
Which statement is true according to the FATF?
- A. When deciding on the range of offenses to be covered as underlying offenses for money laundering, each country may decide how serious offenses
- B. When deciding on the range of offenses to be covered as predicate offenses for money laundering, each country should define the nature and any particular elements of those offenses
- C. Predicate or underlying serious offenses are determined by the designated non-financial businesses or professionals that are covered by the FATF 40 Recommendations
- D. Countries should not decide how they will define predicate or underlying offenses, or the nature of any particular elements of those offenses that make them serious offenses, but should base the offenses on FATF definitions
Answer: D
NEW QUESTION 197
A banker in the credit department wants to assess the risk of all customers, and contacts the compliance officer to request a list of customers with suspicious transaction report filings.
What should be done to protect suspicious transaction report information?
- A. Provide the suspicious transaction report information to the credit department
- B. Contact the credit department manager to determine how the suspicious transaction report information can be provided
- C. Seek approval from the board of directors to disclose the suspicious transaction report information
- D. Decline to provide the suspicious transaction report information to the credit department
Answer: C
NEW QUESTION 198
The anti-money laundering compliance officer for a small money transmitter has several agent locations in the same geographic area in the United States. The customers are immigrants from Country A and the majority of the funds are remitted to Country A.
In a meeting with one of the agents, it is recently discovered that two new customers have been coming in three times a week and sending funds to the same recipient in Country B. Each cash transaction always totals exactly $8,000.
What should alert the agent to possible money laundering activity by the two customers?
- A. Each of their transactions is just below the cash reporting threshold
- B. They remit funds to the same person
- C. It is unusual for customers to remit to Country B
- D. They have been coming in three times a week
Answer: B
NEW QUESTION 199
Which three areas do FATF's 40 recommendations cover? Choose 3 answers
- A. Financial systems and their regulation
- B. International Cooperation
- C. The criminal justice system
- D. Prescriptive sentences for predicate offenses
Answer: A,B,C
NEW QUESTION 200
An audit completed the previous week revealed that a private banking customer submitted incomplete documents when establishing an account earlier m the year. The customer received weekly electronic fund transfers from a narcotic-producing jurisdiction. While the relationship manager who opened the account is on leave for 5 weeks, the customer requests that the institution remit a substantial sum to a country that represents a high risk of money laundering. The relationship manager is a friend of the anti-money laundering specialist. What should the anti-money laundering officer do first?
- A. Suspend the transfer until the relationship manager returns
- B. Postpone the follow-up on the audit finding
- C. Investigate the transfer of funds
- D. File a suspicious transaction report with the competent authority
Answer: D
NEW QUESTION 201
An existing customer at a bank has recently expanded its services to provide check cashing for its customers.
Which factor indicates the bank should terminate this relationship?
- A. The business has no previous experience with this service.
- B. The business has not updated its anticipated activity with the bank.
- C. The bank has not updated its automated monitoring system.
- D. The business is now a Money Service Business and has not registered with FinCEN.
Answer: A
NEW QUESTION 202
During a law enforcement investigative interview regarding potential money laundering, the suspect starts making assertions and statements that the investigator believes are false.
How should the investigator respond?
- A. Advise the suspect that the interview will be terminated if there is suspicion of deception
- B. Direct the interview in another direction until there is better rapport before returning back to the troubling question
- C. Ask question of a material nature about the suspected false statements without revealing the suspected deception
- D. Inform the suspect that deception is obvious and continue the interview
Answer: C
NEW QUESTION 203
A customer has held an account at a local credit institution for 10 years. The account has received deposits twice weekly for the same amount and has never shown signs of suspect behavior. Monitoring software indicated that in the past few months the account has received several large deposits that were not in line with the account history. When asked, the customer states she recently sold a piece of property, which is supported with a proof of sale. What should the compliance officer do next?
- A. Document reasons for not filing a STR
- B. Investigate these unusual transactions further
- C. Contact the local FIU for advice
- D. File an STR with the competent authorities
Answer: D
NEW QUESTION 204
An anti-money laundering specialist at a financial institution has received a legal request to provide all transaction records for a specific individual since 2004. Which three items should be delivered?
- A. Signature cards from accounts opened by that individual since 2004
- B. All wire transfer for that individual since 2004
- C. All security trading activities for that individual since 2004
- D. Monthly statements and transaction activities for that individual since 2004
Answer: B,C,D
NEW QUESTION 205
A businessman requests a European private bank to open a numbered or alternate name account. According to the Basel Committee on Banking Supervision principles, which of the following is the most important question the banker should ask?
- A. What account-opening date should I record'!'
- B. How much money will be deposited into the account?
- C. Who will inherit the proceeds in the event of the businessman's death?
- D. Who will control the account?
Answer: D
NEW QUESTION 206
What facilitates law enforcement agent obtaining evidence from authorities in a foreign country relating to criminal activity?
- A. The World Wide Network of Information Sharing
- B. Mutual Legal Assistance Treaties (MLAT)
- C. PatriotAct Communications System
- D. MLAT Executive Agreement
Answer: B
NEW QUESTION 207
When should new business products to evaluate 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
NEW QUESTION 208
Under the Wolfsburg AML Principles on Private Banking when establishing a relationship with a trust a financial institution should perform due diligence on which three parties? Choose 3 answers
- A. Those who have the power to appoint or remove trustees
- B. The provider of funds (e.g., settlor)
- C. Those who have power over the funds (e.g., trustees)
- D. Those entitled to the funds (e.g., beneficiaries)
Answer: A,B,C
NEW QUESTION 209
An anti-money laundering specialist has just developed and implemented an anti-money laundering program.
What is the most effective resource to evaluate the effectiveness of the program?
- A. The regulator authorities
- B. A member of senior management
- C. The anti-money laundering specialist
- D. A qualified independent party/auditor
Answer: D
NEW QUESTION 210
......
Certification Path
The CAMS Certified Anti-Money Laundering Specialist certification path includes only one CAMS certification exam.
CAMS Exam Dumps, CAMS Practice Test Questions: https://www.actualtestsit.com/ACAMS/CAMS-exam-prep-dumps.html
Free CAMS Study Guides Exam Questions & Answer: https://drive.google.com/open?id=1B92QmIZ9jCIN7LFO9vGDGXEcetD9PjsZ