[Jan-2024] CAMS Dumps Full Questions - CAMS Certification Exam Study Guide
Exam Questions and Answers for CAMS Study Guide
Career Opportunities
Individuals who have obtained the CAMS designation may receive a range of benefits. They include furthering one's professional portfolio via demonstrating a better understanding of the detection and prevention techniques of financial crime, helping to protect their organization from money laundering threats, and lessening financial crime risks. What's more, by flaunting this qualification on your resume, you can opt for such job roles as an Anti-Money Laundering Analyst, Bank Secrecy Act (BSA) Officer, Staff Auditor, Management Consultant, etc. When it comes to the annual payment received by those specialists who got CAMS certified, it equals almost $82k per year as shown by Payscale.com.
The CAMS exam is recognized as the gold standard in AML certification, and passing the exam is a significant achievement in the AML field. Certified Anti-Money Laundering Specialists certification is highly valued by employers, and many organizations require their employees to be CAMS certified. The CAMS certification is also recognized by regulatory bodies and law enforcement agencies worldwide, which makes it a valuable asset for professionals working in the AML field.
ACAMS CAMS (Certified Anti-Money Laundering Specialist) exam is a globally recognized certification program designed for professionals who deal with anti-money laundering (AML) compliance. Certified Anti-Money Laundering Specialists certification is a standard that is widely recognized by financial institutions, government agencies, and other organizations that are committed to preventing financial crimes. The CAMS exam is a rigorous test that measures an individual’s knowledge and expertise in AML policies and procedures.
NEW QUESTION # 204
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 entitled to the funds (e.g., beneficiaries)
- B. Those who have the power to appoint or remove trustees
- C. The provider of funds (e.g., settlor)
- D. Those who have power over the funds (e.g., trustees)
Answer: B,C,D
NEW QUESTION # 205
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. Anti-money laundering policy
- B. Anti-money laundering policy
- C. Money laundering risk assessment
- D. Anti-money laundering compliance staff
Answer: C
NEW QUESTION # 206
The bank's Compliance Officer is tasked with designing standards based on Basel's KYC principles. Which essential elements should be included in the program? (Choose two.)
- A. Conducting a money laundering risk assessment
- B. Appointing an independent audit function
- C. Establishing on-going monitoring of high-risk accounts
- D. Documenting a customer acceptance policy
- E. Reporting suspicious activity
Answer: D,E
NEW QUESTION # 207
The branch manager calls the compliance officer and informs her that a law enforcement officer has just left the branch and was asking a lot of questions and left a business card.
What should the compliance officer do?
- A. Require the branch manager to write a detailed memo about the request
- B. Follow up to verify that the officer received all necessary information
- C. File a suspicious transaction report
- D. Verify that the reported officer was an actual authorized representative
Answer: D
Explanation:
Explanation
NEW QUESTION # 208
What action does the USA PATRIOT Act allow the US government to take regarding financial institutions (FIs) that are based outside of the US?
- A. Revoke the banking licenses of non-US FIs in countries outside the US.
- B. Sanction a country when an individual Fl does not comply with US law.
- C. Subpoena documents from FIs that have no presence in the US.
- D. Allow all US regulators to place a non-US Fl on the Specially Designated Nationals and Blocked Persons List.
Answer: C
Explanation:
Explanation
According to the CAMS manual 6th edition, the USA PATRIOT Act allows the US government to subpoena documents from foreign financial institutions (FIs) that have no presence in the US (option B). The manual states that "The USA PATRIOT Act provides US law enforcement agencies with the power to subpoena documents from foreign banks that maintain correspondent accounts with US banks or have no presence in the United States" (p. 77).
NEW QUESTION # 209
An anti-money laundering officer for a financial institution has been conducting a monthly self-assessment.
The officer reviews the accounts increase in compliance with a long standing know your Customer policy.
The self-assessment for the latest month shows a significant increase in compliance deficiencies for the first time in more than a year. What is the nest course of action for the anti-money laundering officer to take?
- A. Implement a revision to the account-opening training program
- B. Determine if there is a readily identifiable cause for the deficiencies
- C. Revise the policy to simplify Know Your Customer compliance before the report is issued
- D. Inform the Board of Directors promptly of the Know Your Customer policy trend over the last six months.
Answer: A
NEW QUESTION # 210
A popular restaurant in town has begun depositing less cash than it has in prior years. In a review of the customer's accounts, you notice that credit card receipts have increased with no explanation.
The account officer discovers that the restaurant has installed a privately-owned automated teller machine (ATM) onsite and has begun construction of a patio dining area.
Which red flag should trigger additional investigation?
- A. Increased credit card receipts
- B. Lower cash deposits
- C. Privately-owned ATM
- D. Construction of the new patio dining area
Answer: A
NEW QUESTION # 211
When a regulatory body requires international assistance in a money laundering inquiry, such assistance is typically obtained by
- A. Submitting a request for overseas assistance to the corresponding supervisory body.
- B. Contacting the Financial Action Task Force, Organization for Economic Co-operation and Development, or other international organizations and seeking their intervention.
- C. Communicating with the Head of Compliance for the financial institution.
- D. Filing a request under Egmont guidelines.
Answer: A
NEW QUESTION # 212
A compliance officer receives a report from the institution's monitoring system. One account was identified in multiple alerts for the amount of cash deposited and international wires sent.
Which two sources of information held within the institution will enable the compliance officer to determine whether the activity should be reported? (Choose two.)
- A. The monitoring system parameters for identifying unusual activity
- B. The signature card for the account
- C. Transaction records for the period during which the unusual activity occurred
- D. The customer due diligence information on file
Answer: C,D
Explanation:
Explanation/Reference:
NEW QUESTION # 213
In reviewing recent activity, a compliance officer for a money transmitter that several customers are each remitting the same amount of money but much more frequently.
How should the institution respond?
- A. Instruct the tellers not to process remittances for these customers in the future
- B. Immediately contact the customers and ask them why they are remitting money more often
- C. File a suspicious transaction report
- D. Conduct further investigation to determine whether this is truly suspicious activity
Answer: D
Explanation:
Explanation
"The decision of whether or not to file a suspicious transaction report (also known as a suspicious activity report or SAR in the United States) often involves weighing the aggravating and mitigating factors arising from the research conducted during the investigative process. Financial institutions should draft procedures that document the factors to consider when determining whether a suspicious transaction report (STR) is appropriate."
NEW QUESTION # 214
What should be part of an institution's monitoring and STR filing process? Choose 3 answers
- A. Review of STR filing trends and typologies
- B. Requirement that the Board of Directors approve the filing of an STR
- C. Periodic training on the identification of red flags
- D. Review on a regular basis of all high-risk accounts and transactions
Answer: A,C,D
NEW QUESTION # 215
What should countries do to help prevent non-profit organizations from being abused for the financing of terrorism according to the Financial Action Task Force 40 Recommendations?
- A. Ensure non-profit organizations cannot be used to conceal or obscure the diversion of funds intended for legitimate purposes to terrorists' organizations
- B. Allow for freezing assets of non-profit organizations
- C. Require all non-profit organizations to register with the country's financial intelligence unit
- D. Create laws that forbid non-profit organizations from completing cross-border transactions without first running them through known terrorist data bases
Answer: A
NEW QUESTION # 216
Why do organized crime groups often use front companies? (Choose two).
- A. Because using multiple front companies can make it easier to control an entire sector of the economy.
- B. Because they are generally subject to lighter due diligence requirements by banks and other financial services providers.
- C. Because they are not registered, front companies are not subject to income and other sales taxes.
- D. Because front companies generally charge higher prices than legitimate companies, so profit margins are higher.
- E. Because they can use the company's bank accounts to comingle deposits with those of legal businesses.
Answer: B,E
NEW QUESTION # 217
A law enforcement official calls a bank inquiring about a customer who is currently under investigation. The law enforcement official requests information about the customer.
How should the bank respond?
- A. Inform the board of directors before responding to the request
- B. Provide the requested information to help aid in the investigation
- C. Request a formal letter be submitted to verify the validity of the request
- D. Confirm the customer is either a current or former customer
Answer: C
NEW QUESTION # 218
Which method do terrorist financiers use to move funds without leaving an audit trail?
- A. Extortion
- B. Casa de cambio
- C. Cash couriers
- D. Virtual currency
Answer: C
Explanation:
Reference: https://www.fatf-gafi.org/media/fatf/documents/reports/FATF%20Terrorist%20Financing%
20Typologies%20Report.pdf (24)
NEW QUESTION # 219
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