EXAM CAMS PASS4SURE & STUDY MATERIALS CAMS REVIEW

Exam CAMS Pass4sure & Study Materials CAMS Review

Exam CAMS Pass4sure & Study Materials CAMS Review

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Tags: Exam CAMS Pass4sure, Study Materials CAMS Review, CAMS Test Pdf, CAMS Latest Test Camp, New CAMS Study Materials

BTW, DOWNLOAD part of PracticeVCE CAMS dumps from Cloud Storage: https://drive.google.com/open?id=1LmV3amXmjIN5KPCoZ9xLVVdqu3P_cyPX

The three versions of our CAMS training materials each have its own advantage, now I would like to introduce the advantage of the software version for your reference. On the one hand, the software version can simulate the real CAMS examination for all of the users in windows operation system. By actually simulating the real test environment, you will have the opportunity to learn and correct your weakness in the course of study. So that you can get your best pass percentage by our CAMS Exam Questions.

ACAMS CAMS (Certified Anti-Money Laundering Specialists) Exam is a certification program that has gained significant popularity in the financial industry. The program offers an extensive curriculum that covers various elements of anti-money laundering (AML) compliance, such as risk management, regulatory requirements, and investigation procedures. The CAMS certification is recognized globally and is considered a benchmark for AML professionals who are looking to advance their careers.

ACAMS CAMS (Certified Anti-Money Laundering Specialists) Exam is a globally recognized certification that provides professionals with the knowledge and skills needed to detect, prevent and report money laundering activities. The CAMS Certification is considered as the gold standard in the AML (Anti-Money Laundering) industry and is highly respected by employers and regulators around the world. Certified Anti-Money Laundering Specialists certification is designed for professionals working in the financial sector, including banks, credit unions, securities firms, and money services businesses.

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Practical ACAMS CAMS: Exam Certified Anti-Money Laundering Specialists Pass4sure - Top PracticeVCE Study Materials CAMS Review

The ACAMS CAMS certification exam syllabus is changing with the passage of time. As a CAMS exam candidate you have to be aware of these ACAMS CAMS exam changes. To give you complete knowledge about the ACAMS CAMS Exam Topics, the PracticeVCE has hired a team of experts that consistently work on these changes and add these changes in ACAMS CAMS exam practice test questions.

The Certified Anti-Money Laundering Specialists (CAMS) certification is recognized as the gold standard in AML certifications. AML professionals who earn the CAMS certification demonstrate their expertise in anti-money laundering detection, prevention, and enforcement. The CAMS Certification is offered by the Association of Certified Anti-Money Laundering Specialists (ACAMS), a leading international organization dedicated to fighting financial crime.

ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q320-Q325):

NEW QUESTION # 320
What was cited by the Wolfsberg Group in its Statement on the Suppression of the Financing of Terrorism as being vulnerable to terrorist financing?

  • A. Trade finance
  • B. Correspondent banking
  • C. Alternative remittance
  • D. Private banking

Answer: C

Explanation:
Alternative remittance, also known as underground banking or informal value transfer systems, is a method of transferring money or value without using formal financial institutions or channels. It is often used by migrant workers, refugees, or people who lack access to formal banking services. However, it can also be exploited by criminals and terrorists to move funds across borders without detection or regulation. The Wolfsberg Group, a group of leading international banks that promotes best practices in anti-money laundering and counter- terrorist financing, cited alternative remittance as one of the sectors and activities that are widely used for the financing of terrorism in its Statement on the Suppression of the Financing of Terrorism. The Wolfsberg Group recommended that financial institutions apply enhanced and appropriate due diligence to customers engaged in alternative remittance and report any suspicious transactions to the relevant authorities.
Wolfsberg Group (2002). Wolfsberg Statement on Anti-Terrorism Financing1 Pieth, M. (ed.) (2002). Financing Terrorism. Springer, Dordrecht2 ACAMS (2020). CAMS Certification Package (6th Edition)3


NEW QUESTION # 321
Combating the Financing of Terrorism (CFT)]
Which elements can trigger a review of the existing relationship during the opening of a new account? (Select Two.)

  • A. Estimated total income decrease
  • B. Incoming transfers from high-risk jurisdictions
  • C. Regular checks on the flow of funds
  • D. A false positive result for name screening
  • E. Recent adverse media on the client

Answer: B,E

Explanation:
According to the Certified Anti-Money Laundering Specialist (CAMS) Sixth Edition manual, elements that can trigger a review of the existing relationship during the opening of a new account include recent adverse media on the client (page 60) and incoming transfers from high-risk jurisdictions (page 61). The other elements listed, such as regular checks on the flow of funds, a false positive result for name screening, and an estimated total income decrease, are not triggers for a review.


NEW QUESTION # 322
A customer comes into a financial institution and deposits a large amount of cash. He has never done that before. When asked about the deposit, he indicates he recently sold a used car and received cash.
He does not trust forms of payment and is wary of copyright money orders. What should the bank do?

  • A. The institution should close the account before another issues arise
  • B. The bank has received a plausible explanation, so it should do nothing
  • C. While the explanation appears plausible, the institution should, for a period of time, monitor the account for cash transactions and suspicious activity
  • D. While the explanation may be plausible, the institute should nonetheless file a Suspicious Transaction Report to protect itself

Answer: C

Explanation:
A large cash deposit is a potential indicator of money laundering, especially if it is inconsistent with the customer's profile or behavior. Therefore, the bank should ask the customer about the source and purpose of the funds, and verify the information if possible. In this case, the customer claims to have sold a used car and received cash, which may be a reasonable explanation. However, the bank should not rely solely on the customer's statement, but should also monitor the account for any further cash transactions or suspicious activity that may indicate money laundering. For example, the bank should check if the customer withdraws the cash soon after the deposit, transfers the funds to other accounts or jurisdictions, or engages in structuring or smurfing to avoid reporting thresholds.
The bank should not do nothing, as this may expose the bank to regulatory or reputational risks, or facilitate money laundering. The bank should also not file a Suspicious Transaction Report (STR) unless there are other grounds to suspect money laundering, as this may be premature or unnecessary. The bank should not close the account before another issues arise, as this may be disproportionate or discriminatory, and may also alert the customer to the bank's suspicion.
Reference:
[ACAMS Study Guide for the CAMS Certification Examination, 6th Edition], Chapter 4: Conducting or Supporting the Investigation Process, pp. 103-104, 107-108.
Customer Identification Program - Overview, Federal Financial Institutions Examination Council, April 2018, pp. 1-2, 4-5.
Suspicious Activity Reporting - Overview, Federal Financial Institutions Examination Council, April 2018, pp. 1-2, 4-5.
18 AML Analyst Interview Questions (With Example Answers), ResumeCat, accessed on February 9, 2024.


NEW QUESTION # 323
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 3 only
  • B. 1, 3, and 4 only
  • C. 1, 2, and 4 only
  • D. 2, 3, and 4 only

Answer: D

Explanation:
According to the USA PATRIOT Act, the four minimum elements required for an anti-money laundering program for a foreign bank with branches in the United States are:
* An ongoing employee training program. This is to ensure that the employees are aware of the anti- money laundering policies and procedures, the legal and regulatory requirements, the red flags and indicators of suspicious activity, and their roles and responsibilities in detecting and reporting money laundering and terrorist financing.
* The designation of a compliance officer. This is to ensure that there is a person responsible for overseeing the implementation and effectiveness of the anti-money laundering program, ensuring compliance with the applicable laws and regulations, and liaising with the regulators and law enforcement agencies.
* An independent audit function to test the program. This is to ensure that the anti-money laundering program is periodically reviewed and evaluated by an independent and qualified auditor, who can assess the adequacy and effectiveness of the program, identify any weaknesses or deficiencies, and recommend corrective actions or improvements.
* The development of internal policies, procedures, and controls. This is to ensure that the foreign bank has a written and documented anti-money laundering program that establishes the standards, guidelines, and processes for preventing, detecting, and reporting money laundering and terrorist financing, and that the program is consistent with the risk profile and business activities of the foreign bank.
The development of a Know Your Customer program is not a minimum element required under the USA PATRIOT Act, although it is a recommended best practice and may be required by other laws or regulations.
CAMS Study Guide - 6th Edition, Chapter 5, pages 141-142
CAMS Certification Exam Outline, Domain 2, Task 2.2, Skill 2.2.1
Anti-Money Laundering Initiatives Under the USA Patriot Act, FindLaw, March 2008
[The U.S. PATRIOT Act and AML: What You Need to Know], Dow Jones Risk & Compliance, June 2020


NEW QUESTION # 324
Which precaution will a money launderer take to avoid detection when sending electronic transfers?

  • A. Misspelling names to foil watch-list filtering systems
  • B. Using round dollar amounts, so funds appear to be gifts or loans
  • C. Varying the amounts of transactions and using reputable organizations
  • D. Using cover payments for all electronic transfers

Answer: A


NEW QUESTION # 325
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Study Materials CAMS Review: https://www.practicevce.com/ACAMS/CAMS-practice-exam-dumps.html

BTW, DOWNLOAD part of PracticeVCE CAMS dumps from Cloud Storage: https://drive.google.com/open?id=1LmV3amXmjIN5KPCoZ9xLVVdqu3P_cyPX

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