ACAMS CAMS RELIABLE TEST TEST & CAMS VALID EXAM BOOK

ACAMS CAMS Reliable Test Test & CAMS Valid Exam Book

ACAMS CAMS Reliable Test Test & CAMS Valid Exam Book

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ACAMS CAMS certification exam is a valuable credential for any AML professional looking to enhance their knowledge and expertise in the field. Certified Anti-Money Laundering Specialists certification is recognized globally as the gold standard for AML certifications and is highly respected by regulators, law enforcement agencies, and financial institutions. Passing the CAMS exam demonstrates an individual's commitment to professional excellence and their dedication to staying current with the latest AML trends and regulations.

The Certified Anti-Money Laundering Specialist (CAMS) is a globally recognized certification exam that equips professionals with the skills and knowledge required to identify and prevent money laundering activities. Money laundering is a criminal activity that involves disguising the proceeds of illegal activities as legitimate funds. The CAMS Certification is designed to help professionals in the financial services industry to combat this growing problem and to protect their organizations from financial risks.

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The CAMS Exam is designed to evaluate the knowledge and expertise of candidates in the field of AML compliance. CAMS exam covers four key areas, including risk assessment, AML program management, compliance and investigations, and AML regulations. CAMS exam consists of 120 multiple-choice questions that need to be completed within four hours. The test is computer-based and can be taken at a testing center or remotely. Passing the CAMS Exam requires a score of 75% or higher, and the certification is valid for three years.

ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q41-Q46):

NEW QUESTION # 41
Which should authorities do to safeguard AML information exchanged with other countries?

  • A. Require the use of non-disclosure agreements with anyone accessing the exchanged information.
  • B. Protect exchanged information as they would protect similar information received from domestic sources.
  • C. Use the court system to ensure confidentiality of exchanged information through court orders.
  • D. Destroy the information once the investigation is complete.

Answer: A,B

Explanation:
According to the FATF Recommendation 40, which sets the standards for international cooperation in relation to money laundering, associated predicate offences and terrorist financing, countries should ensure that exchanged information is used only for the purpose for which it was sought or provided, and that any dissemination or use of the information beyond the original scope is subject to prior authorization by the requested competent authority. Moreover, countries should have safeguards in place to ensure that the information exchanged is protected in a manner that is consistent with the way they protect their own information of a similar nature. One of the possible safeguards is to require the use of non-disclosure agreements or other legal instruments to prevent unauthorized access or disclosure of the exchanged information.
References: = FATF Recommendation 40, Section A.3; Compliance Trends: AML Information Sharing, Section: Cross-border AML information sharing; Safeguarding AML Information Exchanged with Other Countries, Section: Answers.
Reference:
https://cfatf-gafic.org/index.php/documents/fatf-40r/406fatf-recommendation-40-other-forms-of-international-co


NEW QUESTION # 42
A customer's registered business activity is a domestic carpet cleaning company. Besides domestic receipts, there are incoming weekly transactions from an international reputable auction house starting at 15,000 USD and averaging 30,000 USD. The matching cash outgoings amount to
90% of the incoming deposits to non-related individuals. Which is most
concerning for potential money laundering?

  • A. The customer is paying 90% of the incoming proceeds to non-related individuals in cash.
  • B. The customer's international incomings are from an international reputable antique auction house.
  • C. The customer is a domestic carpet cleaning company.
  • D. The customer's initial international receipt has increased from 15,000 USD to an average of 30,000 USD per transaction per week.

Answer: A

Explanation:
The customer's business activity as a domestic carpet cleaning company is not inherently suspicious, as it aligns with their registered business. However, the significant weekly transactions from an international reputable antique auction house raise red flags.
The sudden increase in the customer's initial international receipt from $15,000 USD to an average of
$30,000 USD per transaction per week is also noteworthy. Such a substantial change warrants further scrutiny.
The fact that 90% of the incoming deposits are matched by cash outgoings to non-related individuals could indicate layering or structuring activities associated with money laundering.
Overall, the combination of large international transactions, increased receipts, and cash outflows to unrelated parties from an antique auction house is the most concerning aspect.
References:
Anti-Money Laundering Specialist (the 6th edition) resources.
ACAMS AML Glossary (definitions of terms related to AML).1
ACAMS AML Foundations Certificate (overview of AML concepts and responsibilities).2 ComplyAdvantage: 6th Money Laundering Directive (6AMLD) (details on AML regulations and penalties).3


NEW QUESTION # 43
What are some of the methods for sharing information and cooperating on an international basis? Choose 3 answers

  • A. Issuance subpoenas
  • B. International Money Laundering Information Network
  • C. Mutual Assistance Legal Treaties
  • D. Regulatory sharing through Supervisory Channels

Answer: B,C,D


NEW QUESTION # 44
Which situation involving a vendor presents increased AML and/or sanctions risk to an organization?

  • A. The vendor has no individuals that own or control more than 10% of the company.
  • B. The vendor provides services to end users located in an area subject to economic sanctions.
  • C. The vendor's sales representative was a refugee from a sanctioned jurisdiction as a child.
  • D. The vendor is organized as a privately held company.

Answer: B

Explanation:
Businesses must not engage with entities in sanctioned jurisdictions without proper licensing.
Option D (Correct): Providing services to sanctioned areas exposes an organization to OFAC or EU penalties.
Option A (Incorrect): Personal history does not necessarily indicate AML risk.
Option B (Incorrect): Lack of individual ownership above 10% does not inherently indicate risk.
Option C (Incorrect): Private ownership alone does not pose an AML concern.


NEW QUESTION # 45
Which three actions should employees be instructed to do during an internal investigation?

  • A. Keep a log of the documents requested
  • B. Provide corporate documents directly to law enforcement
  • C. Make copies of all documents provided to law enforcement
  • D. Inform counsel of all request for documentation

Answer: A,C,D

Explanation:
During an internal investigation, employees should be instructed to do the following actions:
Inform counsel of all request for documentation: This is to ensure that the legal rights and obligations of the organization and the employees are protected and respected. Counsel can also advise on the scope, relevance, and confidentiality of the requested documents1.
Make copies of all documents provided to law enforcement: This is to maintain a record of the information that has been disclosed and to prevent any loss or alteration of the original documents. Copies should be made before the documents are handed over to law enforcement2.
Keep a log of the documents requested: This is to track the progress and status of the investigation and to avoid any duplication or omission of the requested documents. The log should include the date, time, description, and location of the documents, as well as the name and contact details of the person who requested and received them3.
Providing corporate documents directly to law enforcement, on the other hand, is not an action that employees should be instructed to do during an internal investigation. This is because law enforcement may not have the legal authority or the proper warrant to access the documents, and doing so may violate the privacy or confidentiality of the organization or the employees. Employees should consult with counsel before providing any documents to law enforcement4.
Reference:
1: Internal money laundering reporting | The Law Society5 2: How to Conduct Effective AML Investigations - Blog | Unit212 3: What Is The Importance Of An Internal Investigation?4 4: Anti-Money Laundering: 5 Steps to Conduct an Audit3


NEW QUESTION # 46
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