Latest Success Metrics For Actual CAMS Exam 2022 Realistic Dumps
Updated CAMS Dumps Questions For ACAMS Exam
Recertification
Individuals must get recertified every three years if they wish to maintain their CAMS certification. To get recertified, individuals must have maintained their ACAMS membership, provide proof of having continued their professional education, and submit an online application along with a recertification fee.
NEW QUESTION 73
According to the Financial Action Task Force Special Recommendations on Terrorist Financing, which of the following should an anti-money laundering specialist do if the specialist has reasonable grounds to suspect funds are linked or related to terrorist acts?
- A. Contact the institution's legal advisor.
- B. Conduct a full due diligence review of the client.
- C. Inform the institution's managing Board.
- D. Promptly report to the competent authority.
Answer: D
NEW QUESTION 74
When should the anti-money laundering risk assessment be updated?
- A. When the board of directors changes
- B. After a merger or acquisition
- C. Every two years
- D. When instructed to by the Financial Action Task Force
Answer: B
Explanation:
Explanation
Evaluating the risk scoring model and conducting the risk assessment itself may need to be performed annually, every eighteen to twenty-four months, before the launch of a new product, or when an acquisition of another financial institution occurs.
NEW QUESTION 75
Which practices are dealers in antiques, precious metals, precious stones, jewelry, and art advised to follow to reduce the element of money laundering risk? Choose 3 answers
- A. Insist all vendors submit an appropriate license issued by enforcement agencies authorizing the sale
- B. Verify the identities of all new vendors and customers and conduct due diligence on them
- C. Avoid accepting cash payment from the buyers
- D. Insist on all vendors signing a declaration that the item placed by them for sale was not stolen or acquired through illegitimate means
Answer: B,C,D
NEW QUESTION 76
A customer comes into the bank and appears to be ill-at-ease waiting in the teller line. When the customer gets to the teller, he become exceedingly nervous and asks for a large cashier's check to be cashed and disbursed to him in $100 bills.
What should the teller do after completing the transaction?
- A. File a SAR on the customer
- B. File a CTR on the customer by the end of the day
- C. Monitor the customer's account going forward
- D. Confer with the bank' s account going forward
Answer: A
NEW QUESTION 77
In 2004, Consolidated KYC Risk Management was issued by the Basel Committee on Banking Supervision (BCBS). What is a key message in this document?
- A. Policies and procedures should be designed not merely to comply strictly with all relevant lawsand regulations
- B. KYC Risk Management required a yearly consolidation effort
- C. KYC Risk Management means as established decentralized process for promulgating policies andprocedures
- D. Consolidated KYC risk management for a group is critical and trumps jurisdictional rules hat limitinformation sharing
Answer: D
NEW QUESTION 78
Financial Intelligence Units (FIUs) are responsible for:
- A. receiving confirmed reports about committed crimes from accountable and reporting institutions.
- B. the timely dissemination of cases to law enforcement agencies.
- C. responding to requests from law enforcement agencies for information contained in regulatory reports.
- D. sharing evidence with other FIUs.
Answer: B
NEW QUESTION 79
One key aspect of the Office of Foreign Assets Control's extraterritorial reach includes the blocking of certain non-United States initiated transactions for or through the United States (U.S.) for benefit of a restricted person or entity.
Under which three circumstances are U.S. banks required to block transactions? (Choose three.)
- A. Those that are by or on behalf of a blocked individual and a licensed entity
- B. The transactions are to, or go through, a blocked entity
- C. Those that are by, or on behalf of, a blocked individual or entity
- D. Those that are in connection with a transaction in which a blocked individual or entity has an interest
- E. Those that are in connection with a transaction in which a blocked individual or entity has no interest
Answer: B,C,D
NEW QUESTION 80
What are some of the methods for sharing information and cooperating on an international basis? Choose 3 answers
- A. Mutual Assistance Legal Treaties
- B. Regulatory sharing through Supervisory Channels
- C. International Money Laundering Information Network
- D. Issuane subpoenas
Answer: A,B,C
NEW QUESTION 81
You create an Azure Cognitive Services resource.
A data scientist needs to call the resource from Azure Logic Apps by using the generic HTTP connector.
Which two values should you provide to the data scientist? Each correct answer presents part of the solution.
NOTE: Each correct selection is worth one point.
- A. Resource name
- B. Resource group name
- C. Subscription ID
- D. Access key
- E. Endpoint URL
Answer: B,C
Explanation:
Explanation/Reference:
References:
https://social.technet.microsoft.com/wiki/contents/articles/36074.logic-apps-with-azure-cognitive-service.aspx
NEW QUESTION 82
In many jurisdictions, financial institutions are prohibited from hiring a person who has been convicted of what type of offense?
- A. Driving while under the influence
- B. Offenses involving dishonesty
- C. Kidnapping
- D. Protests of government action
Answer: B
NEW QUESTION 83
How should law enforcement obtain documentation from an institution when suspicious activity was identified? (Choose two.)
- A. Request a Financial Intelligence Unit (FIU) share copies of suspicious transaction reports.
- B. Request copies of the relevant documents from the accountable institution.
- C. Request the documents from the FIU.
- D. Pay an employee of the accountable institution to make copies of the documents.
- E. Acquire a search warrant to obtain the documents.
Answer: B,C
NEW QUESTION 84
An anti-money laundering consultant audits a bank's current anti-money laundering policies, procedures and controls. The bank serves high-income, high net-worth clients who include non-residents and offshore businesses. During a review of the customers list, the anti-money laundering consultant determines that he and the bank have mutual clients. The bank's written anti-money laundering program includes a process for the bank to establish the identity of the person with whom they conduct business, but does not address monitoring of customer account activity.
The consultant should recommend the bank:
- A. Focus on high-risk customer acceptance procedures.
- B. Revise the procedures to better assess ongoing customer activity.
- C. Continue to follow the current written anti-money laundering program.
- D. Reduce the risk rating on the mutual customers.
Answer: B
NEW QUESTION 85
A compliance officer at a large financial institution has been tasked by senior management to lead a team in an internal review and potential revision of the institution's customer onboarding program following a regulatory enforcement action of another institution.
Which step should the compliance officer perform first?
- A. Resolving substantive discrepancies in customer verification
- B. Reviewing the institution's risk assessment
- C. Conducting enhanced due diligence on high risk customers
- D. Revising training materials for frontline staff
Answer: B
Explanation:
Explanation
Review of any AML/CFT program begins with the Risk Based Approached. It should first check the internal system to identify risk factors and design program accordingly.
NEW QUESTION 86
What is the main role of the Egmont Group in combating money laundering and terrorist financing?
- A. To create standards that countries can use when drafting laws to combat money laundering and terrorist financing
- B. To require that all countries participate in a global repository for the sharing of information
- C. To establish regulations that countries must use when establishing their own FIUs
- D. To find ways that FIUs can better cooperate amongst themselves and exchange information
Answer: D
NEW QUESTION 87
What should a bank focus on to ensure on-going compliance with its AML program?
- A. It should ensure that it develops and provides on-going targeted training of all current and new employees
- B. It should review and update its transaction monitoring system
- C. It should ensure that the regulators have reviewed and have approved the bank's AML program
- D. It should subject all new employees to criminal background checks before being hired
Answer: A
NEW QUESTION 88
When creating an anti-money laundering program for a foreign bank with branches in the U.S., which three are included among the four minimum elements required under the USA Bank Secrecy Act? Choose 3 answers
- A. The development of a Know You Customer program
- B. An ongoing employee training program
- C. An independent audit functions to test the program
- D. The designation of a compliance officer
Answer: B,C,D
NEW QUESTION 89
Because financial institutions must sort through thousands of transactions each day, which risk-based factors should an institution's system for monitoring and reporting suspicious activity focus on?
- A. Local regulator's guidelines, economies of scales and budgetary provisions
- B. Whether a bank accepts cash deposits at its ATMs
- C. The institution's size, nature of business and type and location of its customers
- D. Drawing on uncollected funds and depositing of third-party instruments
Answer: D
NEW QUESTION 90
Which three are the most commonly used risk criteria?
- A. Customer Risk
- B. Reputation Risk
- C. Product and Service Risk
- D. Country Risk
Answer: A,C,D
NEW QUESTION 91
When creating an anti-money laundering program for a foreign bank with branches in the United States, which of the following are included among the four minimum elements required under the USA PATRIOT Act?
1. The development of a Know Your Customer program.
2. An ongoing employee training program.
3. The designation of a compliance officer.
4. An independent audit function to test the program.
- A. 1, 2, and 4 only
- B. 1, 3, and 4 only
- C. 2, 3, and 4 only
- D. 1, 2, and 3 only
Answer: C
NEW QUESTION 92
Why are Money Services Business (MSBs) frequently accused of being high risk for money laundering?
- A. A MSB should be used to hide money from a regulated entity
- B. MSBs can route funds to more high risk countries than banks
- C. MSBs generally charge lower commission rates than banks charge making them attractive to criminals
- D. MSBs are subject to regulatory scrutiny which varies greatly from country to country
Answer: C
NEW QUESTION 93
Which three methods are commonly used by an accountant to launder money? (Choose three.)
- A. Acting as a designee for someone who wishes to hide their identity
- B. Representing a client court
- C. Overstating income to hide excess cash
- D. Acting as a conduit for transferring cash between accounts
- E. Understanding income to take a tax loss
Answer: A,C,D
Explanation:
Explanation
https://www.ojp.gov/pdffiles1/Digitization/119840NCJRS.pdf
NEW QUESTION 94
Which of the following is the best action to take regarding a particular account once suspicious activity is reported by the institution?
- A. Secure all supporting documentation.
- B. Immediately close the account.
- C. Notify the client that the transaction has been reported.
- D. Freeze the funds pending notification from the competent authority.
Answer: D
NEW QUESTION 95
Which two actions should Financial Intelligence Units (FIUs) take when submitting a request to another FIU? (Choose two.)
- A. Provide feedback on how the information was used
- B. Make best efforts to provide complete and factual information
- C. Disclose the reason and purpose for the request
- D. Send the same request to all FIUs
Answer: B,C
NEW QUESTION 96
How can a financial institution verify the nature and purpose of a business and its legitimacy? Choose 3 answers
- A. By reviewing the company's website
- B. By undertaking a company search or other commercial inquires to see that the institution has not been, or is not in the process of being dissolved of terminated
- C. By reviewing a copy of the corporation's latest audited reports and accounts
- D. By using an independent information verification process, such as by accessing public and private databases
Answer: B,C,D
NEW QUESTION 97
An anti-money laundering specialist has been asked to establish a compliance program to detect and prevent money laundering and terrorist financing. Which of the following should the anti-money laundering specialist consider in developing the program?
1. Funds for money laundering and terrorist financing are derived from illegal sources.
2. Related practices are used to conceal the nature of the funds.
3. The source and disposition of funds are similar.
4. Similar techniques are used to move funds.
- A. 3 and 4 only
- B. 1 and 2 only
- C. 1 and 3 only
- D. 2 and 4 only
Answer: A
NEW QUESTION 98
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