[2022] New CAMS exam dumps Use Updated ACAMS Exam
Verified CAMS Dumps Q&As - CAMS Test Engine with Correct Answers
NEW QUESTION 207
A compliance officer is developing an anti-money laundering program for a financial institution located in a Financial Action Task Force member country. The institution conducts business with customers located in countries/jurisdictions that are not members of Financia Action Task Force. Which of the following issues should be addressed in the program?
1. The requirement to identify the beneficial owners of accounts.
2. The requirement for customer identification for the opening of new accounts.
3. The financial institution's obligation to report suspicious transactions.
4. The obligation to freeze funds involved in suspicious transactions.
- A. 2, 3, and 4 only
- B. 1, 2, and 4 only
- C. 1, 2, and 3 only
- D. 1, 3, and 4 only
Answer: C
NEW QUESTION 208
An anti-money laundering specialist working at a bank just received a legal request from a law enforcement agency mandating the release of all financial transaction records relating to an account at the bank. The specialist immediately recognizes the account as one owned by the bank Chief Executive Officer's brother. During research to gather the requested documents, the specialist finds several internal memos he had sent to the bank president with concerns regarding possible suspicious activity relating to this account. The specialist recalls the bank president verbally responded to each memo with an explanation of the activity and indicated there was no cause for concern. What should the specialist do with respect to these internal memos?
- A. Call the law enforcement agent and suggest he modify the legal request to include these memos
- B. Ask the bank president to document his instructions to the specialist
- C. Advise the bank's senior legal advisor of the situation
- D. Place these memos in his personal files in case they are subsequently requested
Answer: C
NEW QUESTION 209
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. Conducting enhanced due diligence on high risk customers
- B. Revising training materials for frontline staff
- C. Reviewing the institution's risk assessment
- D. Resolving substantive discrepancies in customer verification
Answer: C
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 210
Your company has recently deployed 5,000 Internet-connected sensors for a planned AI solution.
You need to recommend a computing solution to perform a real-time analysis of the data generated by the sensors.
Which computing solution should you recommend?
- A. an Azure HDInsight Hadoop cluster
- B. an Azure HDInsight Storm cluster
- C. an Azure HDInsight R cluster
- D. Azure Notification Hubs
Answer: A
Explanation:
Azure HDInsight makes it easy, fast, and cost-effective to process massive amounts of data.
You can use HDInsight to process streaming data that's received in real time from a variety of devices.
References:
https://docs.microsoft.com/en-us/azure/hdinsight/hadoop/apache-hadoop-introduction
NEW QUESTION 211
After a FATF mutual evaluation process, which are resulting actions for jurisdictions that are determined to have strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing? (Choose two.)
- A. Appeal to FATF for a technical compliance re-rating based on the jurisdiction's own experts criteria.
- B. Report to FATF on the implementation of their progress under the enhanced follow-up mechanism.
- C. Demonstrate a high-level commitment to swiftly resolve the identified deficiencies in the FATF mutual evaluation report.
- D. Request FATF for an extension of deadlines in order to provide local awareness on the improvements that are necessary to solve the deficiencies.
- E. Expect private statements from FATF regarding the level of compliance of the jurisdiction, when insufficient progress is made.
Answer: B,C
NEW QUESTION 212
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 CTR on the customer by the end of the day
- B. Monitor the customer's account going forward
- C. File a SAR on the customer
- D. Confer with the bank' s account going forward
Answer: C
NEW QUESTION 213
Which of the following is the best action to take regarding a particular account once suspicious activity is reported by the institution?
- A. Notify the client that the transaction has been reported.
- B. Secure all supporting documentation.
- C. Freeze the funds pending notification from the competent authority.
- D. Immediately close the account.
Answer: B
NEW QUESTION 214
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 215
A compliance officer at a small local bank reads in the newspaper that a high ranking local public official, who is a long-standing account holder, is being investigated by the competent authorities for accepting bribes from a well-known construction company with offices in the town. The compliance officer immediately checks the official's account and other recently opened accounts at the bank. The official opened a new account at the bank a few weeks ago. The compliance officer's investigation of these accounts discloses that the official's longstanding account had no unusual activity and the recently opened account had no activity since it was opened. Which of the following should the compliance officer do next?
- A. Call the official's office to confirm the need for multiple accounts.
- B. Wait until the new account receives funds and confirm their source.
- C. Call the competent authorities to assess the need to file a suspicious transaction report.
- D. Meet with staff who opened the account to understand its nature and purpose.
Answer: D
NEW QUESTION 216
A suspicious transaction report filed on a car dealer structuring deposits initiates a criminal investigation. The dealer changes branches and begins placing transactions with a frontline employee to whom the dealer has given numerous gifts.
This employee handles all of the dealer's structured deposits and does not report the suspicious activity internally.
The competent authority has advised the anti-money laundering specialist to avoid tipping off the employee until the investigation is finalized.
What action should the specialist take next?
- A. Inform the institution's regulatory agency of the situation.
- B. Advise that the dealer's accounts should be closed.
- C. Consult with senior management and the legal advisor.
- D. Recommend the immediate termination of the employee.
Answer: A
NEW QUESTION 217
A quarterly review is conducted on a retail customer's account at a bank located in a jurisdiction with currency reporting thresholds. A number of large deposits of financial instruments drawn on other institutions in amounts under thresholds were noted. This activity did not fit the account's historical profile. A suspicious transaction report will most likely be filed if which of the following also occurred?
- A. The customer purchased financial instruments exceeding the threshold on three occasions.
- B. The deposited financial instruments were sequentially numbered.
- C. The customer has defaulted on a large loan with the bank.
- D. Four deposits were made during this period that exceeded the thresholds.
Answer: B
NEW QUESTION 218
Which two individuals are ordinarily beneficial owners of a private banking account according to the Wolfsberg Anti-Money Laundering Principles for Private Banking? (Choose two.)
- A. Those who generally have ultimate control through ownership or other means over the funds in the account
- B. Those who are authorized signers on the account
- C. Those who have legal title to a controlling share interest in the customer
- D. Those who are the ultimate source of funds for the account and whose source of wealth should be subject to due diligence
Answer: A,D
NEW QUESTION 219
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 and systems as necessary and provide employee training
- B. Change systems to ensure the required information is automatically obtained from all customers
- C. Send a notice to customers asking them to provide the necessary information
- D. Change procedures to require that the necessary information is obtained
Answer: C
NEW QUESTION 220
Which method most likely indicates the placement stage of laundering dirty money in a land based casino?
- A. Buying casino chips against a bank draft
- B. Using cash to buy casino winnings from legitimate winners at a premium
- C. Transferring substantial amounts of money from a client's credit card to a client's casino's VIP account
- D. Redeeming smaller denomination casino chips for largest denomination chips
Answer: B
NEW QUESTION 221
FATF recommends the incorporation of some measures in customer due diligence (CDD) programs including:
- A. conducting ongoing due diligence on the business relationship and monitoring of transactions.
- B. identifying the number of beneficial owners without the verification of their true identity.
- C. identifying the products and services and their suitability to customers.
- D. conducting the risk assessment of products and services.
Answer: A
NEW QUESTION 222
In which two ways do Financial Action Task Force-style regional bodies influence anti-money laundering and terrorist financing standards within their respective regions? (Choose two.)
- A. They require participating countries to adopt laws in line with their recommendations.
- B. They enforce the laws of the member countries in their geographic region.
- C. They issue typologies specific to their geographical region.
- D. They administer mutual evaluations of participating members.
Answer: A,D
NEW QUESTION 223
Which is a key goal of EU Directives on money laundering?
- A. Address control of payments in EU countries to reduce money laundering
- B. Allow member states to discuss the draft legislation with the cooperation of the EU Financial Intelligence Units (FIUs)
- C. Build a network of financial institutions (FIs) that work together to prevent money laundering across the EU
- D. Establish a consistent regulatory environment across the EU to prevent money laundering
Answer: D
NEW QUESTION 224
Trusts established in certain offshore jurisdictions make good vehicles to lay under money for which of the following reasons?
- A. Names of the settlor and beneficiaries are into publicly available.
- B. Trusts are typically set up to minimize taxes.
- C. Trusts may hold assets of significant size.
- D. Offshore jurisdictions are unfamiliar with trust.
Answer: B
NEW QUESTION 225
What is the intentional evasion of a reporting or recordkeeping requirement?
- A. Money laundering
- B. Structuring
- C. Layering
- D. Placement
Answer: A
NEW QUESTION 226
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Step 1: Fill your contact and membership information form Step 2: Select your CAMS exam package and certification language Step 3: Select any payment method and write the certification name Step 4: Mail or Fax exam application with attached necessary documents (diploma, copies etc) that fulfill the 40 credit prerequisite to this address:
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