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100% Pass Quiz High Hit-Rate CAMS - Braindumps Certified Anti-Money Laundering Specialists Downloads

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The CAMS exam covers a wide range of topics related to AML, including risk assessment, customer due diligence, transaction monitoring, and reporting. CAMS exam is divided into six sections, each of which focuses on a different area of AML. The sections include: (1) Risk Assessment; (2) Customer Due Diligence; (3) Customer Risk Profiling; (4) Transactions and Monitoring; (5) AML Compliance Programs; and (6) Conducting and Responding to Investigations. CAMS Exam is computer-based and consists of 120 multiple-choice questions, which must be completed within a four-hour time limit.

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q251-Q256):

NEW QUESTION # 251
Which principles should be included in a FATF-Style Regional Body (FSRB) update? (Choose two.)

A. Issue country-specific Mutual Evaluation reports
B. Establish AML/CFT standards and typologies
C. Identify jurisdictions with weak AML/CFT regimes
D. Address AML/CFT technical assistance of individual members
E. Protect the reputation and standing of FATF

Answer: A,B

NEW QUESTION # 252
Which three measures are contained in Financial Action Task Force 40 Recommendations for reporting suspicious activity? (Choose three.)

A. The financial institution has been contracted by law enforcement regarding the activity.
B. The activity should be reported promptly to the country's financial intelligence unit.
C. The financial institution has contacted the account holder to determine the activity of the account.
D. The financial institution has reasonable grounds to suspect the funds are proceeds of criminal activity.
E. The financial institution has grounds to believe the activity is related to terrorist financing.

Answer: B,D,E

Explanation:
REPORTING OF SUSPICIOUS TRANSACTIONS [https://www.fatf-
gafi.org/media/fatf/documents/recommendations/pdfs/FATF%20Recommendations%202012.pdf] If a financial institution suspects or has reasonable grounds to suspect that funds are the proceeds of a criminal activity, or are related to terrorist financing, it should be required, by law, to report promptly its suspicions to the financial intelligence unit (FIU). According to the Financial Action Task Force's (FATF) Recommendation 20, a suspicious transaction report (STR) or a suspicious activity report (SAR) is filed by a financial institution or, by a concerned citizen, to the local Financial Intelligence Unit if they have reasonable grounds to believe that a transaction is related to criminal activity.
[https://aml-cft.net/library/suspicious-transaction-report-str-suspicious-activity-report-sar/]

NEW QUESTION # 253
A bank is preparing for its anti-money laundering independent review, which is performed every two years under the direction of the compliance officer. The bank's corporate audit department will conduct the review.
The compliance officer will review the final report before it is released to the Board of Directors.
What is the issue with this situation?

A. The final report must be presented directly to the board of directors
B. The review must be performed by a group outside of the bank
C. Independent reviews must be performed annually
D. There is a conflict of interest with the management of the review process

Answer: A

Explanation:
The method of purchasing chips with cash and redeeming them for a check is used to launder money in casinos. This is because the check can be deposited into a bank account or cashed at another location, creating a paper trail that appears to be legitimate. The check can also be used to conceal the source and amount of the cash, as well as the identity of the person who obtained it. This method is also known as "chip washing" or
"chip dumping" and is one of the common ways that money launderers exploit casinos12.
1:
CAMS Certification Package - 6th Edition | ACAMS, Chapter 2: Money Laundering Risks and Methods, p. 32-33 2: FATF Report: Money Laundering through the Physical Transportation of Cash, October 2015, p.
28-29, http://www.fatf-gafi.org/media/fatf/documents/reports/money-laundering-through-transportation-cash.
pdf

NEW QUESTION # 254
Which key factor would result in the decision for a financial institution (FI) to exit a client relationship?

A. After assessing all risk factors the level of residual client risk exceeds the FI's risk appetite.
B. Closing the client accounts will help reduce the number of transaction monitoring alerts.
C. Client transactions generate ongoing transaction monitoring alerts that did not result in any SAR/STR filings.
D. The client is a registered charity known to remit funds to high risk geographies where there is limited due diligence information available.

Answer: A

Explanation:
The key factor that would result in the decision for a financial institution (FI) to exit a client relationship is when the level of residual client risk exceeds the FI's risk appetite. Residual client risk is the remaining risk after applying the FI's risk mitigation measures, such as customer due diligence, transaction monitoring, and suspicious activity reporting. Risk appetite is the level and type of risk that the FI is willing and able to accept inpursuit of its business objectives. If the residual client risk is higher than the risk appetite, the FI may decide to terminate the relationship to avoid potential regulatory, reputational, or operational consequences.
The other options are not necessarily key factors for exiting a client relationship, because:
* The client is a registered charity known to remit funds to high risk geographies where there is limited due diligence information available. This option may indicate a higher level of inherent client risk, but it does not necessarily mean that the FI should exit the relationship. The FI may be able to apply enhanced due diligence, ongoing monitoring, and risk-based controls to mitigate the risk and comply with the regulatory requirements. The FI may also consider the nature and purpose of the client's activities, the source and destination of the funds, and the potential impact on the client's beneficiaries.
* Closing the client accounts will help reduce the number of transaction monitoring alerts. This option may suggest a possible benefit of exiting the relationship, but it is not a key factor for making the decision. The FI should not base its decision solely on the volume of transaction monitoring alerts, but rather on the quality and relevance of the alerts, the results of the investigation, and the risk assessment of the client. The FI should also ensure that its transaction monitoring system is properly calibrated and validated to avoid generating excessive or false alerts.
* Client transactions generate ongoing transaction monitoring alerts that did not result in any SAR/STR filings. This option may indicate a need for reviewing and improving the transaction monitoring system or the investigation process, but it does not necessarily imply that the FI should exit the relationship.
The FI should not assume that the absence of SAR/STR filings means that the client is low risk or that the alerts are irrelevant. The FI should conduct a thorough and timely investigation of the alerts and document the rationale for filing or not filing a SAR/STR. The FI should also consider the overall risk profile of the client and the nature and frequency of the transactions.
ACAMS Study Guide for the CAMS Certification Examination - 6th Edition, Chapter 3: AML Programs, Section 3.2: AML Program Components, Subsection 3.2.2: Risk Assessment, pp. 77-79 FFIEC BSA/AML Examination Manual, Section: Assessing Compliance with BSA Regulatory Requirements, Subsection: Suspicious Activity Reporting, pp. 4-5 Answers to Frequently Asked Questions Regarding Suspicious Activity Reporting and Other Anti-Money Laundering Considerations, Question 2, pp. 2-3

NEW QUESTION # 255
Which statement best describes a key aspect of the AML Directive of the EU regarding business relationships and transactions with high-risk third countries?

A. Obliged entities should implement additional mitigating measures complementary to the enhanced customer due diligence procedures, in accordance with a risk based approach.
B. Obliged entities should not take into account specific circumstances when performing enhanced due diligence measures.
C. Obliged entities should voluntarily consider the implementation of increased external audit requirements for branches and subsidiaries located in high-risk countries.
D. Obliged entities, in accordance with the member state regulations, should determine at a national level the measures that can be used for enhanced due diligence.

Answer: A

NEW QUESTION # 256
......

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