PASS FOR SURE CAMS EXAM CRAM MATERIALS: CERTIFIED ANTI-MONEY LAUNDERING SPECIALISTS ARE THE BEST DUMPS FOR TESTERS - PRACTICEMATERIAL

Pass for Sure CAMS Exam Cram Materials: Certified Anti-Money Laundering Specialists are the best dumps for testers - PracticeMaterial

Pass for Sure CAMS Exam Cram Materials: Certified Anti-Money Laundering Specialists are the best dumps for testers - PracticeMaterial

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The CAMS Certification Exam is an essential qualification for professionals working in the AML and financial crime prevention field. It demonstrates a deep understanding of AML regulations and best practices and enhances credibility and career prospects. ACAMS provides a range of resources to help professionals prepare for the exam and maintain certification, making it a valuable investment for anyone in the industry.

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CAMS Exam Details & CAMS Cert

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ACAMS CAMS (Certified Anti-Money Laundering Specialists) certification exam is a globally recognized qualification that demonstrates a deep understanding of anti-money laundering (AML) and counter-terrorist financing (CTF) regulations and procedures. Certified Anti-Money Laundering Specialists certification is essential for professionals working in the AML and financial crime prevention field to enhance their credibility and career prospects.

ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q536-Q541):

NEW QUESTION # 536
With which of the following should an anti-money laundering officer coordinate when implementing anew hire screening program?

  • A. Local Financial Intelligence Unit
  • B. Internal auditor
  • C. Human resources
  • D. Institution's regulator

Answer: C

Explanation:
An anti-money laundering officer should coordinate with human resources when implementing a new hire screening program, because human resources is responsible for managing the recruitment, hiring, and training of employees, as well as ensuring compliance with labor laws and regulations. A new hire screening program is a key component of an effective anti-money laundering (AML) program, as it helps to prevent the hiring of individuals who may pose a risk of facilitating money laundering, terrorist financing, or other financial crimes, or who may have a criminal or disciplinary history that could compromise the integrity of the institution. A new hire screening program should include background checks, verification of credentials and references, and assessment of skills and competencies relevant to the AML function. An anti-money laundering officer should work closely with human resources to establish the criteria, procedures, and documentation for the screening program, as well as to monitor its implementation and effectiveness.
References:
ACAMS CAMS Certification Video Training Course1, Module 4: Developing an AML Program, Lesson 4.2: Developing an AML Program ACAMS CAMS Study Guide, 6th Edition2, Chapter 4: Developing an AML Program, Section 4.2:
Developing an AML Program, pp. 81-82
ACAMS CAMS Examination Preparation Seminar, 6th Edition3, Chapter 4: Developing an AML Program, Section 4.2: Developing an AML Program, Slide 20


NEW QUESTION # 537
The training department is conducting awareness training for unusual customer identification scenarios.
Which two indicators should be included? (Select Two.)

  • A. The customer opens the account in the name of a family member who begins making large deposits.
  • B. The customer frequently exchanges small bills for large bills.
  • C. The customer's internet protocol address does not match the identifying information provided during online registration.
  • D. The customer requests payment of proceeds to an unrelated third party.
  • E. The customer's name and home address cannot be verified

Answer: A,E

Explanation:
This information can be found in the Certified Anti-Money Laundering Specialist (CAMS) study guide, 6th edition, under the section on Unusual Customer Identification Scenarios. The guide explains that two indicators that should be included in awareness training for unusual customer identification scenarios are:
A: The customer opens the account in the name of a family member who begins making large deposits.
This is an indicator of potential structuring, where a customer may be attempting to avoid triggering reporting thresholds by depositing funds in smaller amounts over time. It is important for staff to be aware of this scenario and to monitor accounts for potential suspicious activity.
B: The customer's name and home address cannot be verified.
This is an indicator of potential identity theft or other fraudulent activity. If a customer's identifying information cannot be verified, it is important for staff to conduct additional due diligence to ensure that the customer is legitimate and that the account is not being used for illicit purposes.


NEW QUESTION # 538
Which of the following statements is true regarding the 2012 Financial Action Task Force (FATF) 40 Recommendations and/or 11 Immediate Outcomes?

  • A. The 11 Immediate Outcomes are recommendations specific to high-risk jurisdictions requiring enhanced monitoring.
  • B. Each jurisdiction can reach out to the FATF for private access to the interpretive notes to the 40 Recommendations.
  • C. The 40 Recommendations have not been updated to reflect the impact of new technology.
  • D. The cornerstone of the 40 Recommendations is the adoption of a risk-based approach by each jurisdiction.

Answer: D

Explanation:
The FATF 40 Recommendations provide a global AML/CFT framework, and the Immediate Outcomes assess effectiveness.
Option A (Correct): The risk-based approach (RBA) is the foundation of modern AML compliance and is mandated by FATF Recommendation 1.
Option B (Incorrect): Interpretive notes are public documents available to all jurisdictions, not private.
Option C (Incorrect): The 40 Recommendations are regularly updated, incorporating new technology (e.g., virtual assets in 2019).
Option D (Incorrect): The 11 Immediate Outcomes assess the effectiveness of AML systems globally, not just for high-risk countries.


NEW QUESTION # 539
A customer puts high-denomination cash notes into a poker machine at a casino. Without placing any bets, the customer collected winnings in the form of a check from the casino.
Which money laundering threats could result from the customer's activities?

  • A. Legitimizing illicit funds
  • B. Obscured beneficial ownership
  • C. Micro-structuring cash
  • D. Misuse of money service business

Answer: C

Explanation:
1. A. Micro-structuring cash:
The customer's behavior of putting high-denomination cash notes into a poker machine without placing bets and then collecting winnings in the form of a check resembles "structuring" or "smurfing." Structuring involves breaking down large sums of money into smaller transactions to avoid detection. In this case, the customer may be attempting to legitimize illicit funds by converting them into casino winnings1.
2. B. Legitimizing illicit funds:
By using the poker machine to convert cash into a check, the customer is potentially legitimizing illicit funds.
The casino winnings obtained through this process may appear legitimate, even though the initial source of the cash remains suspicious1.
A: Micro-structuring cash:
The customer's actions of repeatedly inserting high-denomination cash notes into the poker machine without placing bets and then collecting winnings in the form of a check resemble structuring. Structuring involves deliberately breaking down large amounts of cash into smaller transactions to avoid detection. Money launderers engage in structuring to obscure the origin of funds and make them appear legitimate. In this case, the customer's behavior raises red flags and warrants further investigation.
B: Legitimizing Illicit Funds:
By converting cash into casino winnings (in the form of a check), the customer may be attempting to legitimize illicit funds. The casino winnings obtained through this process could be used to create a veneer of legitimacy, even though the initial source of the cash remains suspicious. Casinos are attractive for money launderers due to the anonymity and fluidity of transactions, making it challenging to trace the origin of funds1.
References: 1: Anti-Money Laundering Specialist (6th edition), ACAMS, Chapter 3: "Money Laundering and Terrorist Financing Methods," Section 3.1.2: "Structuring."


NEW QUESTION # 540
A local law enforcement officer, who is conducting a criminal investigation, requests information about a customer.
Which two actions should the bank take? (Choose two.)

  • A. Review the money laundering risk posed by the account
  • B. File a suspicious transaction report
  • C. Monitor the account for suspicious activity
  • D. Close the account immediately

Answer: B,C

Explanation:
According to the Anti-Money Laundering Specialist (the 6th edition) study guide, when a financial institution receives a law enforcement inquiry, it should cooperate as much as possible and respond to all formal requests for information, unless there is a valid objection that can and should be made1. The institution should also file a suspicious transaction report (STR) if the inquiry or the customer's activity triggers any red flags or indicators of money laundering or other financial crimes2. Additionally, the institution should monitor the account for suspicious activity and review the money laundering risk posed by the account, as these are part of the ongoing due diligence and risk assessment processes3. Closing the account immediately is not a recommended action, as it may alert the customer or interfere with the investigation4.
References:
1: ACAMS, CAMS Certification Package - 6th Edition, Chapter 4, page 121
2: ACAMS, CAMS Certification Package - 6th Edition, Chapter 4, page 122
3: ACAMS, CAMS Certification Package - 6th Edition, Chapter 4, page 123
4: ACAMS, CAMS Certification Package - 6th Edition, Chapter 4, page 124


NEW QUESTION # 541
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