GIVES 100% GUARANTEE OF SUCCESS VIA ACAMS CAMS EXAM QUESTIONS

Gives 100% Guarantee Of Success Via ACAMS CAMS Exam Questions

Gives 100% Guarantee Of Success Via ACAMS CAMS Exam Questions

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ACAMS CAMS (Certified Anti-Money Laundering Specialists) Certification Exam is a globally recognized certification exam that tests the knowledge and skills of professionals working in the anti-money laundering (AML) field. CAMS exam is designed to certify the proficiency of AML specialists, including compliance officers, financial investigators, and law enforcement professionals, in identifying and preventing money laundering and terrorist financing activities.

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People need to increase their level by getting the ACAMS CAMS certification. If you take an example of the present scenario in this competitive world, you will find people struggling to meet their ends just because they are surviving on low-scale salaries. Even if they are thinking about changing their jobs, people who are ready with a better skill set or have prepared themselves with ACAMS CAMS Certification grab the chance.

The CAMS certification is an important credential for professionals working in the AML field. It demonstrates a commitment to excellence and a deep understanding of AML laws, regulations, and best practices. Whether you are just starting your career in AML or you are a seasoned professional, the CAMS Exam is an excellent way to enhance your skills and advance your career.

ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q108-Q113):

NEW QUESTION # 108
After evaluating recent changes to international standards, an anti-money laundering specialist should consider enhanced due diligence on accounts held by
1. lawyers.
2. foreign exchange dealers.
3. retail account holders.
4. precious metal dealers.

  • A. 1, 3, and 4 only
  • B. 1, 2, and 4 only
  • C. 1, 2, and 3 only
  • D. 2, 3, and 4 only

Answer: B

Explanation:
Enhanced due diligence (EDD) is a higher level of customer due diligence that is required for customers or accounts that pose a higher risk of money laundering or terrorist financing. According to the FATF Recommendations, EDD measures may include obtaining additional information on the customer, the beneficial owner, the intended nature and purpose of the business relationship, the source and destination of funds, and the reasons for transactions. EDD is also required for customers or accounts that are from or in countries that do not have adequate AML/CFT systems or are subject to sanctions or embargoes.
Among the four categories of customers or accounts listed in the question, lawyers, foreign exchange dealers, and precious metal dealers are considered as high-risk by the FATF and other international standards, and therefore require EDD. Lawyers may be involved in transactions that conceal the origin or ownership of illicit funds, such as creating shell companies, trusts, or foundations. Foreign exchange dealers may facilitate the movement of illicit funds across borders or jurisdictions, or provide anonymous or pseudonymous services.
Precious metal dealers may deal with high-value goods that are easily convertible into cash, or may be used to launder proceeds of crime or evade sanctions.
Retail account holders, on the other hand, are generally considered as low-risk customers or accounts, unless they exhibit unusual or suspicious behavior or transactions. Therefore, they do not require EDD by default, but only when there are specific indicators of higher risk.
References:
[ACAMS Study Guide for the CAMS Certification Examination, 6th Edition], Chapter 3: Compliance Standards for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT), pp.
75-76, 79-80.
FATF Guidance on Correspondent Banking Services, October 2016, pp. 7-8, 12-13.
Customer Due Diligence - Overview, Federal Financial Institutions Examination Council, April 2018, pp. 1-2, 5-6.
Customer due diligence, The Law Society, accessed on February 9, 2024.
Anti-Money Laundering (AML) Source Tool for Broker-Dealers, U.S. Securities and Exchange Commission, May 16, 2022, pp. 1-2, 5-6.


NEW QUESTION # 109
A casino incorporated in an offshore location approaches a financial institution to open an account relationship. The casino operates in a country that complies with Financial Action Task Force 40 Recommendations. The casino provides documentation of beneficial ownership. According to the Financial Action Task Force 40 Recommendations, the primary concern for the financial institution prior to opening the account is to

  • A. Determine whether the casino conducts on-line gaming.
  • B. Verify the casino is licensed.
  • C. Ensure the financial institution knows the casino's customers.
  • D. Secure gaming insurance.

Answer: B


NEW QUESTION # 110
Sanctions screening requirements include that a financial institution should:

  • A. compare customer and transaction records against periodically updated sanctions lists provided by governmental bodies.
  • B. immediately close the bank account of an entity who appears on a sanctions list.
  • C. immediately freeze the bank account of an individual that appears on a sanctions list.
  • D. report an individual whose name appears on a sanctions list to the police.

Answer: A

Explanation:
Explanation
Compare customer and transaction records against periodically updated sanctions lists provided by governmental bodies. This is stated in the Certified Anti-Money Laundering Specialist (the 6th edition) manual on page 595, which states: "Sanctions screening requirements include that a financial institution should compare customer and transaction records against periodically updated sanctions lists provided by governmental bodies."


NEW QUESTION # 111
Which practices are dealers in antiques, precious metals, precious stones, jewelry, and art advised to follow to reduce the element of money laundering risk? Choose 3 answers

  • A. Avoid accepting cash payment from the buyers
  • B. Insist on all vendors signing a declaration that the item placed by them for sale was not stolen or acquired through illegitimate means
  • C. Insist all vendors submit an appropriate license issued by enforcement agencies authorizing the sale
  • D. Verify the identities of all new vendors and customers and conduct due diligence on them

Answer: A,C,D


NEW QUESTION # 112
Which is a FATF characteristic used to assess a country's effectiveness of its AML regime?

  • A. Funds supporting and proceeding from crime or terrorism are prevented from entering the financial sector.
  • B. Supervisors appropriately supervise, monitor, and regulate financial institutions (Fls).
  • C. Legal persons are prevented from misuse for money laundering or terrorist financing.
  • D. FIs adequately apply preventive measures.

Answer: D

Explanation:
The FATF is an inter-governmental body that sets standards and promotes effective implementation of legal, regulatory, and operational measures for combating money laundering, terrorist financing, and other related threats to the integrity of the international financial system. The FATF conducts mutual evaluations of its members and other jurisdictions to assess their compliance with the FATF Recommendations and the effectiveness of their AML/CFT regimes1.
The FATF defines effectiveness as "the extent to which a country's AML/CFT regime is achieving the defined outcomes of an effective regime that allows them to mitigate their risks and threats of ML/TF"2. The FATF assesses effectiveness based on 11 immediate outcomes, which are grouped into three thematic goals: financial system integrity, legal system and operational issues, and international cooperation2.
One of the immediate outcomes under the financial system integrity goal is that "FIs adequately apply preventive measures commensurate with their risks, and report suspicious transactions" (IO.4)2. This outcome measures how well FIs implement the FATF Recommendations on customer due diligence, record-keeping, internal controls, risk assessment, and suspicious transaction reporting. These preventive measures are essential for FIs to identify and mitigate the risks of being misused for money laundering or terrorist financing, and to provide useful information to the authorities for investigation and prosecution2.
Therefore, the correct answer is D. FIs adequately apply preventive measures, as this is one of the FATF characteristics used to assess a country's effectiveness of its AML regime.
References:
FATF Methodology for assessing compliance with the FATF Recommendations and the effectiveness of AML/CFT systems An effective system to combat money laundering and terrorist financing


NEW QUESTION # 113
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