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ACAMS CAMS certification is recognized by financial institutions, regulatory agencies, and governments around the world as the gold standard for anti-money laundering professionals. Certified Anti-Money Laundering Specialists certification demonstrates a commitment to maintaining the highest standards of integrity, professionalism, and compliance in the fight against financial crime. CAMS Certified professionals are highly sought-after by employers in the banking, finance, and regulatory sectors, and can expect to earn a higher salary and enjoy greater career advancement opportunities.

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q719-Q724):

NEW QUESTION # 719
A customer has held an account at a bank and has lived locally for over 25 years. Historically he has come into the bank monthly to deposit a $1,500 retirement check from the company where he worked. He is well known at the bank and often brings the staff cookies. Over the past four months, he has come into the bank every Monday, Wednesday, and Thursday to make $3,000 cash deposits into his account. A review of his account shows that an $8,500 check made out to cash clears his account each week. The bank has decided to file a suspicious transaction report (STR).
What is the important fact to include in the STR?

A. The fact that the account holder is well known to the bank staff
B. The customer's work history and the amount of his monthly retirement check
C. The recent change in the timing of deposits and withdrawals in the account
D. The fact that the customer has lived in the area and has banked at this bank for 25 years

Answer: C

Explanation:
The important fact to include in the STR is the recent change in the timing of deposits and withdrawals in the account, as this indicates a possible change in the customer's source and use of funds, and may suggest money laundering or other illicit activity. The customer's work history, the amount of his monthly retirement check, the fact that he is well known to the bank staff, and the fact that he has lived in the area and banked at this bank for 25 years are not relevant for the STR, as they do not explain the unusual pattern of transactions in his account.
:
CAMS Certification Package - 6th Edition | ACAMS, Chapter 4: Conducting and Supporting the Investigation Process, page 131 CAMS Certifications: How to Get CAMS Certified | ACAMS, CAMS Examination Preparation, page 8 ACAMS CAMS Certification Video Training Course - Exam-Labs, Video 4.2: Suspicious Transaction Reporting Exam CAMS: Certified Anti-Money Laundering Specialist (the 6th edition), Question 97

NEW QUESTION # 720
The findings of an internal audit discover that a large group of employees do not know how to handle Politically Exposed Persons (PEPs). Which is the next course of action that should be taken?

A. Ensure all new-hire individuals have in-depth knowledge of PEPs.
B. De-risk all PEPs from the financial institution (FI) to ensure compliance.
C. Revamp the compliance program to better identify PEPs.
D. Create a company-wide training program.

Answer: D

Explanation:
According to the ACAMS CAMS Study Guide, one of the key elements of an effective anti-money laundering (AML) program is ongoing training for all relevant staff. Training should cover the legal and regulatory obligations, the risks and red flags of money laundering and terrorist financing, the procedures and controls for customer due diligence and transaction monitoring, the reporting and record-keeping requirements, and the roles and responsibilities of the staff and the management. Training should also be tailored to the specific functions and needs of the staff, and should be updated regularly to reflect the changes in the AML environment and the FI's policies and procedures.
PEPs are considered high-risk customers for AML purposes, as they may abuse their positions of power and influence to commit or facilitate corruption, bribery, embezzlement, or other financial crimes. Therefore, it is essential that the FI's staff are aware of the definition and categories of PEPs, the sources and methods to identify and verify PEPs, the enhanced due diligence measures and ongoing monitoring that apply to PEPs, and the escalation and reporting procedures for suspicious activities involving PEPs .
If an internal audit reveals that a large group of employees do not know how to handle PEPs, this indicates a serious gap in the FI's AML training program, which could expose the FI to regulatory sanctions, reputational damage, and legal liabilities. Therefore, the next course of action that should be taken is to create a company-wide training program that covers the relevant aspects of PEPs, and to ensure that the training is delivered to all staff who deal with PEPs or have access to PEP-related information. The training should also be evaluated for its effectiveness and impact, and the results should be reported to the senior management and the board of directors.
References:
ACAMS CAMS Study Guide, 6th Edition, Chapter 2: Developing an Effective Anti-Money Laundering Program, page 51-52 ACAMS CAMS Study Guide, 6th Edition, Chapter 3: Conducting Customer Due Diligence, page 75-78 FATF Guidance: Politically Exposed Persons (Recommendations 12 and 22), June 2013, 1 ACAMS CAMS Study Guide, 6th Edition, Chapter 4: Conducting Ongoing Monitoring, page 97-98 Reference: https://www.acamstoday.org/all-politically-exposed-persons-are-local/

NEW QUESTION # 721
Which assessments are involved in the processes of mutual evaluation and follow-up by the FATF?

A. Sanction risk assessments and the country's National Risk Assessment
B. Country audit assessments and transaction monitoring assessments
C. Risk assessments and technical standards assessments
D. Technical compliance assessments and effectiveness assessment

Answer: D

Explanation:
The FATF conducts peer reviews of each member on an ongoing basis to assess levels of implementation of the FATF Recommendations, providing an in-depth description and analysis of each country's system for preventing criminal abuse of the financial system. The FATF Methodology for assessing compliance with the FATF Recommendations and the effectiveness of AML/CFT systems sets out the evaluation process.
Assessments focus on two areas, effectiveness and technical compliance. The effectiveness component will assess whether the AML/CFT systems are working, and the extent to which the country is achieving the defined set of outcomes. The technical compliance component will assess whether the necessary laws, regulations or other required measures are in force and effect, and whether the supporting AML/CFT institutional framework is in place.
:
Mutual Evaluations - Financial Action Task Force
FATF Methodology for assessing compliance with the FATF Recommendations and the effectiveness of AML
/CFT systems
Procedures for the FATF Fourth Round of AML/CFT Mutual Evaluations
Reference: https://www.fatf-gafi.org/publications/mutualevaluations/more/more-about-mutual-evaluations.
html?hf=10&b=0&s=desc(fatf_releasedate)

NEW QUESTION # 722
the Financing of Terrorism (CFT)]
An accounting firm opened an account at a bank that is intended to be used as the operational account for the business. After a few months, a comprehensive review of the account was triggered due to unusual activity on the account. Which most likely triggered the review?

A. The account receives international payments that are substantially higher than other fees they typically receive.
B. The account sends monthly donations to several charities that operate in the same communities as the accounting firm.
C. The account receives several payments a day from multiple customers who operate in different industries.
D. The account receives international wires from companies in the Middle East where the accounting firm has several branches.

Answer: A

Explanation:
this activity is unusual and inconsistent with the expected behavior of an accounting firm's operational account. The account should normally receive fees from clients that are proportional to the services rendered and reflect the market rates. Receiving international payments that are substantially higher than other fees could indicate that the account is being used to launder money or finance terrorism by disguising illicit funds as legitimate income. This could trigger a red flag for the bank and prompt a comprehensive review of the account.
:
ACAMS Study Guide 6th Edition, Chapter 1, Section 1.6, page 24: "Methods to launder money used in banks and other deposit taking institutions".
ExamTopics, Question 446: "An accounting firm opened an account at a bank that is intended to be used as the operational account for the business. After a few months, a comprehensive review of the account was triggered due to unusual activity on the account. Which most likely triggered the review?"

NEW QUESTION # 723
When assessing and managing money laundering risks while operating in foreign jurisdictions different from that of the head office, an effective AML monitoring program should:

A. be consistent with the head office audits.
B. provide all foreign jurisdiction reports to the head office for approval.
C. conform to the foreign jurisdiction policies to align with the head office policies.
D. be tailored to the higher of standards between the jurisdictions.

Answer: C

Explanation:
When assessing and managing money laundering risks while operating in foreign jurisdictions different from that of the head office, an effective AML monitoring program should conform to the foreign jurisdiction policies to align with the head office policies. This ensures that the organization's AML/CFT risk management remains consistent across all jurisdictions, while allowing local compliance staff to assess and manage the risks specific to their jurisdiction. Additionally, the program should be tailored to the higher of standards between the jurisdictions, and should be consistent with the head office audits. Providing all foreign jurisdiction reports to the head office for approval is not necessary, as long as the program is consistent with the head office policies.

NEW QUESTION # 724
......

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