EFFICIENT EXAM CAMS BLUEPRINT COVERS THE ENTIRE SYLLABUS OF CAMS

Efficient Exam CAMS Blueprint Covers the Entire Syllabus of CAMS

Efficient Exam CAMS Blueprint Covers the Entire Syllabus of CAMS

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Tags: Exam CAMS Blueprint, Reliable CAMS Test Prep, CAMS Certification Test Questions, CAMS Free Exam, CAMS Visual Cert Exam

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You can find different kind of ACAMS exam dumps and learning materials in our website. You just need to spend your spare time to practice the CAMS valid dumps and the test will be easy for you if you remember the key points of CAMS Test Questions and answers skillfully. Getting high passing score is just a piece of cake.

The CAMS certification exam is designed for professionals in the anti-money laundering field, including compliance officers, risk managers, investigators, and auditors. CAMS exam covers a wide range of topics, including money laundering techniques, anti-money laundering laws and regulations, compliance programs, risk assessment, and due diligence. CAMS exam is conducted online and consists of 120 multiple-choice questions that must be completed within four hours. The passing score for the exam is 75%.

The benefit in Obtaining the CAMS Exam Certification

  • Meeting mandated AML training needs through preparation and study
  • Proving their AML experience to examiners and regulators
  • Protecting their company from money laundering threats and minimize money crime risks
  • Increasing their skilled worth through a higher understanding of financial crime detection and hindrance techniques
  • ACAMS conducted a survey recently and the findings were pretty interesting on average, professionals who had their ACAMS made $25,000 more than their colleagues who did not have the CAMS Certification!

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Reliable CAMS Test Prep, CAMS Certification Test Questions

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The Certified Anti-Money Laundering Specialists (CAMS) Certification Exam is a globally recognized certification that is designed to equip professionals with the knowledge and skills required to detect and prevent money laundering activities. Certified Anti-Money Laundering Specialists certification is offered by the Association of Certified Anti-Money Laundering Specialists (ACAMS), which is the largest international membership organization for anti-money laundering professionals. The CAMS Certification is highly respected and recognized by regulatory bodies, financial institutions, and law enforcement agencies around the world.

ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q745-Q750):

NEW QUESTION # 745
A bank received a subpoena regarding one of its clients. The financial intelligence unit of the bank should review the subpoena and:

  • A. perform a transaction review and respond fully to the subpoena.
  • B. close the client's account by informing the client of the subpoena.
  • C. adjust the client's risk score and close the case.
  • D. file a suspicious activity report (SAR), including the receipt of the subpoena in the SAR narrative.

Answer: A

Explanation:
A subpoena is a legal order that requires a person or an entity to produce documents, information, or testimony related to a legal matter. A financial intelligence unit (FIU) is a specialized unit within a financial institution that is responsible for detecting, analyzing, and reporting suspicious activities and transactions. When a bank receives a subpoena regarding one of its clients, the FIU should review the subpoena and perform a transaction review to determine if there is any evidence of money laundering, terrorist financing, fraud, or other criminal activity involving the client. The FIU should also respond fully to the subpoena by providing the requested information and documents, unless there is a valid reason to object or seek a protective order. The FIU should not adjust the client's risk score, file a SAR, or close the client's account based solely on the receipt of the subpoena, as these actions may be premature, inappropriate, or illegal. Adjusting the client's risk score may require further investigation and due diligence. Filing a SAR may be unnecessary or misleading if the subpoena does not indicate any suspicious activity. Closing the client's account may violate the bank's contractual obligations, customer service standards, or anti-discrimination laws. Moreover, these actions may alert the client or the subject of the investigation to the existence of the subpoena, which may interfere with the legal process or jeopardize the safety of the bank or its employees.
Reference:
Subpoena Responses for Financial Institutions
Requests by Law Enforcement for Financial Institutions to Maintain Accounts SUBPOENA COMPLIANCE UPDATE
[ACAMS Study Guide, 6th Edition, Chapter 5, p. 140]


NEW QUESTION # 746
Which private banking situation requires due diligence actions to be implemented according to the AML principles of the Wolfsberg group?

  • A. A local wealthy individual wants to become a customer of a local retail bank.
  • B. A beneficial owner of an exchange house wants to open an account with the bank.
  • C. A new customer asks to set up an exchange house using the bank as the correspondent.
  • D. A wealthy individual from a high-risk country wants to open an account with a private bank.

Answer: D

Explanation:
this situation requires enhanced due diligence actions according to the AML principles of the Wolfsberg group. The Wolfsberg group is an association of 13 global banks that aims to develop standards and best practices for AML and CFT in the private banking sector. The group has issued a set of principles and guidance on how to conduct due diligence on private banking customers, especially those who pose higher risks, such as politically exposed persons (PEPs), customers from high-risk countries, and customers with complex or opaque structures. According to the Wolfsberg group, private banks should apply a risk-based approach to customer due diligence and perform enhanced measures for high-risk customers, such as obtaining senior management approval, verifying the identity and source of wealth of the customer and the beneficial owner, understanding the purpose and nature of the relationship, and conducting ongoing monitoring and review.
References:
ACAMS Study Guide 6th Edition, Chapter 4, Section 4.5, page 118: "The Wolfsberg Group".
ExamTopics, Question 466: "Which private banking situation requires due diligence actions to be implemented according to the AML principles of the Wolfsberg group?"


NEW QUESTION # 747
A compliance officer provides an overview of the bank's anti-money laundering program to a group of new tellers during employee orientation.
Which training element should be delivered to this audience?

  • A. Large cash transaction reporting procedures
  • B. The financial institution's surprise cash audit policy
  • C. Past check fraud losses incurred by the financial institution
  • D. Results of recent risk assessments

Answer: A


NEW QUESTION # 748
What do the Financial Action Task Force (FATF) mutual evaluations of each member assess?

  • A. If the member has a large enough economy to maintain its membership
  • B. If the member has made any suggestions for updates to the FATF Recommendations
  • C. The levels of implementation of the FATF Recommendations
  • D. The member's ability to send a representative to the plenary sessions

Answer: C

Explanation:
A compliance officer should consider the following three factors as part of the approach to implement an enterprise-wide anti-money laundering program for a bank that operates in multiple countries:
* The types of customers serviced by the bank: Different types of customers may pose different levels of money laundering risk, depending on their nature, source of funds, geographic location, transaction patterns, and other factors. A compliance officer should identify and assess the money laundering risk associated with each customer type and segment, and apply appropriate due diligence measures, monitoring systems, and risk mitigation strategies accordingly12.
* The extent of anti-money laundering regulations in the various countries: A compliance officer should be aware of the legal and regulatory requirements and expectations for anti-money laundering compliance in each country where the bank operates, and ensure that the bank's policies and procedures are consistent with them. A compliance officer should also monitor any changes or updates in the anti- money laundering laws and regulations in the various countries, and adjust the bank's program accordingly34.
* The anti-money laundering risk posed by the products and services offered by the bank: Different products and services may have different features and functionalities that could be exploited by money launderers, such as anonymity, cross-border transfers, cash transactions, complex structures, or new technologies. A compliance officer should evaluate the money laundering risk associated with each product and service offered by the bank, and implement appropriate controls, safeguards, and oversight mechanisms to prevent and detect money laundering activities5 .
References:
* 1: ACAMS, CAMS Study Guide, 6th Edition, Chapter 2: Risk Assessments
* 2: FATF, Guidance for a Risk-Based Approach: The Banking Sector
* 3: ACAMS, CAMS Study Guide, 6th Edition, Chapter 3: Compliance Standards for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT)
* 4: Deloitte, AML Program Effectiveness Reform
* 5: ACAMS, CAMS Study Guide, 6th Edition, Chapter 4: AML Program Design
* [6]: OCC, Money Laundering: A Banker's Guide to Avoiding Problems
Reference: https://www.fatf-gafi.org/publications/mutualevaluations/documents/more-about-mutual- evaluations.html


NEW QUESTION # 749
Since its last regulatory examination, a financial institution has aggressively grown by adding profitable new products and services. The institution has not historically received regulatory criticism regarding its anti-money laundering compliance program. However, a recent regulatory examination cited significant deficiencies in the anti-money laundering program that were attributed primarily to the lack of oversight by the institution's leadership in implementing adequate controls over the new products and services.
Which area of international control should leadership first address to correct the weaknesses in the program?

  • A. Money laundering risk assessment
  • B. Anti-money laundering training
  • C. Anti-money laundering compliance staff
  • D. Anti-money laundering policy

Answer: A

Explanation:
A money laundering risk assessment is a crucial component of an effective anti-money laundering (AML) program. It involves identifying, assessing, and understanding the specific risks related to money laundering and terrorist financing that the institution may face. A risk assessment helps the institution to design and implement appropriate controls, policies, procedures, and training to mitigate the risks. A risk assessment should be updated regularly and whenever there are significant changes in the institution's business activities, products, services, customers, or geographic locations. In this scenario, the financial institution has experienced significant deficiencies in its AML program during a recent regulatory examination. The deficiencies were primarily attributed to the lack of oversight by the institution's leadership in implementing adequate controls over the new products and services that were added as part of the institution's aggressive growth strategy. To correct these weaknesses in the AML program, the leadership should first address the area of international control known as "Money laundering risk assessment" (Option C). By conducting a new and comprehensive risk assessment, the leadership can identify the potential vulnerabilities and gaps in the AML program that may arise from the new products and services. The risk assessment can also help the leadership to prioritize the actions and resources needed to address the deficiencies and enhance the AML program. Once the risk assessment is completed, the leadership can then work on updating the AML policy, providing adequate training, and ensuring sufficient compliance staff to implement and monitor the controls.
Reference:
1, Chapter 2: Risk Assessments
2, Section 2: Anti-Money Laundering Compliance Program
3, Question 145


NEW QUESTION # 750
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