Certified Anti-Money Laundering Specialist CAMS Updated Questions | 2020 PassQuestion
Edina 01-10-2020
As the gold standard in ACAMS AML certifications, Certified Anti-Money Laundering Specialist CAMS recognized internationally by financial institutions, governments and regulators as a serious commitment to protecting the financial system against money laundering. That's why so more and more candidates are looking to getting the CAMS certification to enhance themselves. Passing CAMS exam is not an easy task, you need to have training course and good study materials for well-prepared. PassQuestion Certified Anti-Money Laundering Specialist CAMS Updated Questions were released on January 7, 2020, which can help you prepare for CAMS Certified Anti-Money Laundering Specialist certification exam well. Besides, some candidates wrote for more exam information of CAMS Exam and ACAMS Certifications. Here, we have collected several common questions for you.
Certified Anti-Money Laundering Specialist CAMS Is The Gold Standard IN ACAMS AML certifications
As we introduced at the beginning, Certified Anti-Money Laundering Specialist CAMS is the gold standard in ACAMS AML certifications. You need to know, Association of Certified Anti-Money Laundering Specialists (ACAMS) is the largest international membership organization dedicated to enhancing the knowledge, skills and expertise of AML/CTF and financial crime detection and prevention professionals. Currently, ACAMS AML certifications contains three titles to Certify your AML and Anti-Financial Crime Knowledge.
Certified Anti-Money Laundering Specialist CAMS Certification
Certified Anti-Money Laundering Specialist (CAMS) Certification was sprang from the concept which set out by ACAMS with the mission to set an international standard for testing the knowledge of those entrusted with the detection and prevention of money laundering in 2001. From the beginning of CAMS' inception, it has become the gold standard in AML certifications and is recognized by private institutions, governments and law enforcement.
Advanced CAMS Certifications
Currently, the Advanced CAMS certifications contain three exams, including CAMS-Audit, CAMS-FCI and CAMS-Risk Management, which are built upon the foundation and expertise of CAMS-certified professionals. The Advanced CAMS certifications represent a high-level training that equips professionals with essential AML knowledge and the ability to meet regulatory expectations, in the audit, financial crimes investigations and Risk Management fields. CAMS designation is required to apply.
Certified Global Sanctions Specialist CGSS Certification
Certified Global Sanctions Specialist CGSS Certification equips an organization's workforce with a global credential that represents a serious commitment to compliance with sanctions regulations, which represents five years of research and development on international sanctions compliance.
ACAMS Certifications are the most respected association for those combating financial crime. Getting ACAMS certification can expand your network, enhance your knowledge & skills, establish your expertise and advance your career.
Certified Anti-Money Laundering Specialist CAMS Is Available In 12 languages
Currently, Certified Anti-Money Laundering Specialist CAMS are popular globally. It is available in 12 languages:
You can choose your native language for your Certified Anti-Money Laundering Specialist CAMS certification exam. Getting CAMS certification successfully you can:
• Drive a culture of compliance from the top down by building highly skilled teams staffed with subject matter experts
• Demonstrate to regulators and examiners their dedication to a standardized risk-based approach for protecting against money laundering threats and financial crime risks
• Meet mandated AML training requirements through preparation and study and satisfy ongoing training through recertification and advanced certification activities
• Safeguard more effectively against financial and reputational damage
• Demonstrate to regulators and examiners their dedication to a standardized risk-based approach for protecting against money laundering threats and financial crime risks
• Meet mandated AML training requirements through preparation and study and satisfy ongoing training through recertification and advanced certification activities
• Safeguard more effectively against financial and reputational damage
Certified Anti-Money Laundering Specialist CAMS Can Not Be Scheduled On Kryterion
Most candidates still think that Certified Anti-Money Laundering Specialist CAMS needs to be scheduled on Kryterion. Yes, through November 15, 2019, ACAMS provided CAMS candidates with a voucher code after they purchased a CAMS package and submitted an application. Candidates then use that voucher code to schedule their CAMS exam on the Kryterion website.
However, as of November 18, 2019, there are no voucher codes available. Instead, ACAMS will send eligible candidates' names to Pearson VUE. You will then be able to schedule your test with Pearson VUE by logging on to the ACAMS website and accessing the exam scheduling system. This automation will make scheduling an exam simpler for candidates.
Certified Anti-Money Laundering Specialist CAMS Updated Questions Are Great For Preparation
Certified Anti-Money Laundering Specialist CAMS Updated Questions from PassQuestion are great for your preparation. You can choose to be your learning materials. Here we would like to share free CAMS demo questions online:
A bank account is established for a new business customer. The business was established five years ago with an address in another state. The business website contains few details other than stating it is a real estate business.
One principal has an international telephone number and appears to be living in another country. The other principal works out of a recreational vehicle.
What warrants enhanced due diligence in this scenario?
A. Shell company
B. Human trafficker
C. Politically exposed person
D. Money laundering through real estate
Answer: A
One principal has an international telephone number and appears to be living in another country. The other principal works out of a recreational vehicle.
What warrants enhanced due diligence in this scenario?
A. Shell company
B. Human trafficker
C. Politically exposed person
D. Money laundering through real estate
Answer: A
A branch manager for a small community bank has a new customer who deposits for EUR 50,000 checks into one account. Shortly thereafter, the customer goes to another branch and asks to transfer all but EUR 1,500 to three accounts in different foreign jurisdictions.
Which suspicious activity should be the focus of the suspicious transaction report?
A. The customer opened the account with four large checks
B. The customer goes to a different branch to make this transaction
C. The customer transfers almost all of the funds out of the account
D. The customer asks to transfer funds to accounts in three different foreign jurisdictions
Answer: D
Which suspicious activity should be the focus of the suspicious transaction report?
A. The customer opened the account with four large checks
B. The customer goes to a different branch to make this transaction
C. The customer transfers almost all of the funds out of the account
D. The customer asks to transfer funds to accounts in three different foreign jurisdictions
Answer: D
A government has instituted a new anti-money laundering laws which require all financial institutions to obtain certain information from its customers.
Which step should an institution located in this jurisdiction take to ensure compliance?
A. Change procedures to require that the necessary information is obtained
B. Change procedures and systems as necessary and provide employee training
C. Send a notice to customers asking them to provide the necessary information
D. Change systems to ensure the required information is automatically obtained from all customers
Answer: C
Which step should an institution located in this jurisdiction take to ensure compliance?
A. Change procedures to require that the necessary information is obtained
B. Change procedures and systems as necessary and provide employee training
C. Send a notice to customers asking them to provide the necessary information
D. Change systems to ensure the required information is automatically obtained from all customers
Answer: C
An anti-money laundering audit identifies a significant weakness in how transaction monitoring alerts are cleared. Audit sampling identified potentially suspicious activity that was cleared as not suspicious. Management accepts the audit finding and develops a remediation plan.
What is the role of the auditor during the correction phase?
A. Directing the remediation of the deficiency in a timely manner
B. Developing procedures to provide sufficient risk-based documentation for clearing alerts
C. Providing training to the alert clearing department on the importance of effective alert clearing
D. Validating the successful remediation of the issue once management indicates the issue is resolved
Answer: B
What is the role of the auditor during the correction phase?
A. Directing the remediation of the deficiency in a timely manner
B. Developing procedures to provide sufficient risk-based documentation for clearing alerts
C. Providing training to the alert clearing department on the importance of effective alert clearing
D. Validating the successful remediation of the issue once management indicates the issue is resolved
Answer: B
Which method to launder money through deposit-taking institutions is closely associated with international trade?
A. Forming a shell company
B. Using Black Market Peso Exchange
C. Structuring cash deposits withdrawals
D. Investing in legitimate business with illicit funds
Answer: B
A. Forming a shell company
B. Using Black Market Peso Exchange
C. Structuring cash deposits withdrawals
D. Investing in legitimate business with illicit funds
Answer: B
A customer opens a corporate account with a broker-dealer on behalf of several beneficial owners, with a stated long-term investment goal. The customer deposits $25.5 million into the account and three days later transfers $5 million to an overseas bank. Shortly thereafter, the customer begins making numerous purchases of pesos. The compliance officer receives a query regarding the movement of funds. Within a month of account opening, the customer depletes the account.
Which two red flags should prompt the firm’s compliance officer to take action? (Choose two.)
A. The new account deposit is $25.5 million
B. A corporate account is opened on behalf of several beneficial owners
C. The compliance officer receives the query regarding the movement of funds
D. The customer’s stated investment goal is not reflective of account activity
Answer: CD
Which two red flags should prompt the firm’s compliance officer to take action? (Choose two.)
A. The new account deposit is $25.5 million
B. A corporate account is opened on behalf of several beneficial owners
C. The compliance officer receives the query regarding the movement of funds
D. The customer’s stated investment goal is not reflective of account activity
Answer: CD
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. Allow for freezing assets of non-profit organizations
B. Require all non-profit organizations to register with the country’s financial intelligence unit
C. Ensure non-profit organizations cannot be used to conceal or obscure the diversion of funds intended for legitimate purposes to terrorists’ organizations
D. Create laws that forbid non-profit organizations from completing cross-border transactions without first running them through known terrorist data bases
Answer: C
A. Allow for freezing assets of non-profit organizations
B. Require all non-profit organizations to register with the country’s financial intelligence unit
C. Ensure non-profit organizations cannot be used to conceal or obscure the diversion of funds intended for legitimate purposes to terrorists’ organizations
D. Create laws that forbid non-profit organizations from completing cross-border transactions without first running them through known terrorist data bases
Answer: C
An employee hears a colleague on the telephone with a customer giving advice on how to ensure that a suspicious transaction report will not be filed as a result of a future transaction.
What action should the employee take?
A. Report the conversation to the local police
B. Report the conversation to the compliance officer
C. Tell the colleague that it is against policy to give such advice
D. Ignore the situation because the colleague is the relationship manager for that customer
Answer: C
What action should the employee take?
A. Report the conversation to the local police
B. Report the conversation to the compliance officer
C. Tell the colleague that it is against policy to give such advice
D. Ignore the situation because the colleague is the relationship manager for that customer
Answer: C
The USA PATRIOT Act requires United States (U.S.) financial institutions to collect certain information from non-U.S. banks that hold a correspondent account.
Which two pieces of information must a non-U.S. bank provide to its U.S. correspondent to enable them to comply with this requirement? (Choose two.)
A. The name and address of all shell banks the bank maintains accounts for
B. The name and address of all beneficial owners who own 25% or more of the bank
C. Prompt notice of any suspicious activity it detects on any customer who uses the correspondent account
D. The name and address of a U.S. person who is authorized to receive service of legal process for the bank
Answer: BC
Which two pieces of information must a non-U.S. bank provide to its U.S. correspondent to enable them to comply with this requirement? (Choose two.)
A. The name and address of all shell banks the bank maintains accounts for
B. The name and address of all beneficial owners who own 25% or more of the bank
C. Prompt notice of any suspicious activity it detects on any customer who uses the correspondent account
D. The name and address of a U.S. person who is authorized to receive service of legal process for the bank
Answer: BC
What are two legal risks of having inadequate privacy policies and procedures? (Choose two.)
A. Diminished reputation
B. Industry of regulatory sanctions
C. Charges of deceptive business practices
D. Higher marketing and public relations costs
Answer: AB
A. Diminished reputation
B. Industry of regulatory sanctions
C. Charges of deceptive business practices
D. Higher marketing and public relations costs
Answer: AB
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