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CAMS Reliable Exam Simulations - CAMS Testking Learning Materials

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The CAMS Certification is awarded by the Association of Certified Anti-Money Laundering Specialists (ACAMS), which is a leading organization in the AML industry. ACAMS was established in 2001 to provide training and resources for AML professionals around the world. Since then, it has grown into a global organization with over 70,000 members in more than 175 countries. ACAMS offers a variety of certification programs and training courses to help individuals advance their careers in the AML industry.

ACAMS CAMS (Certified Anti-Money Laundering Specialists) Certification Exam is a globally recognized certification exam designed for professionals in the anti-money laundering (AML) industry. Certified Anti-Money Laundering Specialists certification exam is a rigorous and comprehensive assessment that measures an individual’s knowledge and skills in the AML field. Certified Anti-Money Laundering Specialists certification is valuable for AML professionals looking to advance their careers and enhance their professional credibility.

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If you're looking for the prestigious AML certificate issued by a reputed international organization that specializes in and is dedicated to the detection and prevention of financial crime, then you should opt for the ACAMS Certified Anti-Money Laundering Specialist (CAMS) certification exam which ensures an individual's skill in the field of anti-money laundering.

ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q10-Q15):

NEW QUESTION # 10
During the course of work on behalf of a client, a lawyer participated in the movement of money. If the lawyer suspects an act of money laundering, which of the following should the lawyer do according to European Union Money Laundering Directives?

A. Inform the client of the intent to terminate services.
B. Follow bank secrecy laws.
C. Adhere to business confidentiality laws.
D. Report the facts to the competent authorities.

Answer: C

Explanation:
According to the FATF Recommendations, financial institutions should maintain all necessary records on transactions and customers for at least five years, and make them available to competent authorities upon appropriate authority1. This includes records and documents related to suspicious transactions that have been reported to the financial intelligence unit (FIU) or other designated authorities. Providing the supporting documentation to competent authorities upon request is essential for the investigation and prosecution of money laundering and terrorist financing offences, as well as for the identification and tracing of criminal assets2.
Hinting to the customer that she should come in and explain her behavior is not a correct answer, as it may tip off the customer about the suspicion and compromise the effectiveness of the reporting system. Financial institutions should not disclose to the customer or to third parties that a suspicious transaction report (STR) or related information is being reported to the FIU3.
Maintaining adequate written documentation of all individuals and transactions reported is not a sufficient answer, as it does not imply cooperation with competent authorities. Financial institutions should not only keep records, but also provide them to the authorities when requested.
Submitting information upon receiving a legal request from parties involved in a civil lawsuit is not a relevant answer, as it does not relate to the cooperation with competent authorities for AML/CFT purposes. Civil lawsuits are not part of the AML/CFT framework, and financial institutions should not disclose confidential information to private parties without proper legal grounds.
:
FATF Recommendation 11: Record-keeping 1
FATF Recommendation 31: Powers of law enforcement and investigative authorities 2 FATF Recommendation 21: Tipping-off and confidentiality 3

NEW QUESTION # 11
After a FATF mutual evaluation process, which are resulting actions for jurisdictions that are determined to have strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing? (Choose two.)

A. Request FATF for an extension of deadlines in order to provide local awareness on the improvements that are necessary to solve the deficiencies.
B. Demonstrate a high-level commitment to swiftly resolve the identified deficiencies in the FATF mutual evaluation report.
C. Appeal to FATF for a technical compliance re-rating based on the jurisdiction's own experts criteria.
D. Expect private statements from FATF regarding the level of compliance of the jurisdiction, when insufficient progress is made.
E. Report to FATF on the implementation of their progress under the enhanced follow-up mechanism.

Answer: B,E

Explanation:
Reference:
https://www.fatf-gafi.org/publications/high-risk-and-other-monitored-jurisdictions/documents/increased-monitor

NEW QUESTION # 12
A money remittance business will most likely attract money launderers because it:
1. deals primarily in cash transactions.
2. engages in international transactions.
3. conducts transactions for walk-in customers.
4. does not have to comply with transaction reporting.

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: C

NEW QUESTION # 13
A retail bank has just acquired a credit card business. The bank's anti-money laundering policy requires that new employees are trained within 30 days of their hire date and refresher training is delivered to all employees on an annual basis.
Is the bank's existing anti-money laundering training adequate to be delivered to employee of the newly acquired credit card business?

A. No, anti-money laundering training needs to be tailored and focused on the risks specific to the business.
B. Yes, the existing training covers the bank's policies, procedures, and processes.
C. Yes, the existing training covers the anti-money laundering regulations that the bank is required to follow.
D. No, anti-money laundering training needs to be delivered face-to-face for credit card businesses.

Answer: A

Explanation:
The bank's existing anti-money laundering training is not adequate to be delivered to the employees of the newly acquired credit card business, because anti-money laundering training needs to be tailored and focused on the risks specific to the business. Credit card businesses face different types of money laundering risks than retail banks, such as card-not-present fraud, identity theft, card skimming, and prepaid card abuse. Therefore, the anti-money laundering training for credit card businesses should cover the specific red flags, indicators, typologies, and mitigation measures related to these risks, as well as the relevant laws and regulations that apply to credit card businesses.
Reference:
CAMS Study Guide, 6th Edition, Chapter 4, Section 4.31
CAMS Study Guide, 6th Edition, Chapter 5, Section 5.21
Certification Candidate Handbook, Section 3.22
Latest CAMS Exam Questions, Question 433

NEW QUESTION # 14
A compliance officer learns from an Information Technology (IT) source of a potential new financial service being discussed by the new product approval committee.
What is the correct next course of action?

A. Go to the board of directors and try to shut the new service down immediately because the committee didnot communicate with the compliance officer.
B. Start initial research into potential risks but wait until notified that the service has been approved by thecommittee before initiating extensive research.
C. Request that the new product approval committee include the compliance officer.
D. Get as much information as possible from the source so that potential risks can be researched and a reportprepared and presented to the head of marketing.

Answer: C

Explanation:
The correct next course of action is to request that the new product approval committee include the compliance officer. This is because the compliance officer has the responsibility to ensure that the new financial service complies with the applicable laws, regulations, and standards, and does not pose any undue risks to the institution or its customers. The compliance officer should be involved in the new product development process from the beginning, and provide guidance and feedback on the potential compliance implications and requirements of the new service12.
1:
CAMS Certification Package - 6th Edition | ACAMS, Chapter 6: Developing an Effective Anti-Money Laundering Program, p. 121-122 2: FATF Guidance: The Role of Hawala and Other Similar Service Providers in Money Laundering and Terrorist Financing, October 2013, p. 28, http://www.fatf-gafi.org/media
/fatf/documents/reports/Role-of-hawala-and-similar-in-ml-tf.pdf

NEW QUESTION # 15
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