Free PDF High Hit-Rate ACAMS - CAMS - Dump Certified Anti-Money Laundering Specialists Collection

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Topics Covered

All in all, the CAMS exam is based on four domains. The first of which is Risks and Methods of Money Laundering & Terrorism Financing. This topic accounts for 26% of the exam items and consists of several subdomains. Thus, the following is a brief portion of the list of those subdomains: recognize ways of money laundering used by banks and similar institutions, by insurance companies, by broker-dealers, capital markets, or investment advisors. What's more, you need to also be aware of recognizing methods of money laundering utilized by organizations such as casinos or other game-related industries, by companies dealing with precious metals or other high-value goods, real estate, etc. In addition, here, you need to know more about the red flags, commercial transactions, human trafficking, and the like.

The second objective is Compliance Standards for Anti-money Laundering (AML) and Combating the Financing of Terrorism (CFT) which stands for 25% of all test content. In particular, this domain consists of 11 areas. So, to master this topic in full, you need to learn to recognize the main aspects of the EU Directives on money laundering, the USA PATRIOT Act, and the OFAC sanctions. On top of that, you need to touch on how to identify the FATF 40 Recommendations and how to deal with the aspects of the BASEL Committee Customer Due Diligence Principles including the coverage of Egmont Group objectives.

The third section the real exam tests individuals on are AML, CFT, and Sanctions Compliance Programs that covers 28% of the exam and consists of 31 subdomains. In all, under this category, you have to recognize the main items of an anti-money laundering training program and the part that senior management and director boards play in how an organization deals with anti-money laundering oversight. Then, you need to also be proficient in handling AML tools, governance, audits, and situation.

The last part covered is Conducting and Supporting the Investigation Process detailing 21% of the exam questions. All in all, such a portion focuses on recognizing suitable methods of conducting interviews for potential parties involved in an anti-money laundering event, dealing with public source information or other sources of information that may be available for use in an investigation given a specific scenario, accepting ways in which law enforcement organizations may request data from an institution with regards to money laundering, etc.

The CAMS certification is highly valued by employers in the financial services industry, as it demonstrates a commitment to compliance and risk management. In addition, many regulatory agencies and law enforcement organizations recognize the CAMS certification as a mark of expertise in the AML field. Professionals who hold the CAMS certification may have access to more job opportunities, higher salaries, and greater career advancement prospects.

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ACAMS CAMS (Certified Anti-Money Laundering Specialists) Exam is an internationally recognized certification for professionals in the anti-money laundering (AML) industry. The CAMS certification is a testament to a professional's expertise in identifying and mitigating money laundering risks, as well as their commitment to ethical and legal AML practices. Certified Anti-Money Laundering Specialists certification is administered by the Association of Certified Anti-Money Laundering Specialists (ACAMS), an organization that is dedicated to advancing the AML profession through education, certification, and networking.

ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q31-Q36):

NEW QUESTION # 31
An anti-money laundering specialist notes a significant reduction in suspicious transaction report filings at a particular branch. Which of the following actions is most appropriate?

A. Review branch exception reports to determine changes in activity in accordance with customer profiles.
B. Analyze the branch activity reports to determine whether there has been a decrease in branch activity.
C. Review staff records to see whether inexperienced personnel are in critical positions without appropriate training.
D. Place the branch on the watchlist to assure a review during the next quarter.

Answer: A

Explanation:
A significant reduction in suspicious transaction report (STR) filings at a particular branch could indicate that the branch is not properly identifying and reporting suspicious activities, or that the branch is experiencing a change in customer behavior or risk profile. Therefore, the most appropriate action for an anti-money laundering specialist is to review the branch exception reports, which are reports that highlight transactions or activities that deviate from the expected or normal patterns, based on the customer profiles and risk assessments. By reviewing the branch exception reports, the specialist can determine whether there are any changes in activity that warrant further investigation or reporting, or whether there are any gaps or weaknesses in the branch's compliance program or procedures.
The other options are not as appropriate as reviewing the branch exception reports, as they do not directly address the issue of suspicious activity reporting. Placing the branch on the watchlist may be a subsequent action, but it does not provide immediate insight into the reason for the reduction in STR filings. Analyzing the branch activity reports may show whether there has been a decrease in branch activity, but it does not explain why the activity has decreased, or whether the remaining activity is suspicious or not. Reviewing the staff records may reveal whether inexperienced personnel are in critical positions without appropriate training, but it does not account for other factors that may affect the branch's compliance performance, such as management oversight, internal controls, or customer risk.
References: ACAMS CAMS Certification Study Guide (6th edition), page 361; ACAMS CAMS Certification Video Training Course, Module 2, Lesson 12; What Is a Suspicious Activity Report (SAR)? Triggers and Filing3; Reporting suspicious transactions to FINTRAC4.

NEW QUESTION # 32
A personal banking customer who simultaneously opens several accounts will most likely cause further inquiry in which of the following scenarios?

A. A checking and a savings account.
B. An individual account and a joint spousal account.
C. Accounts with almost identical names.
D. A personal account and a corporate account.

Answer: C

NEW QUESTION # 33
An auction house dealing in fine art and antiques sells a well-known painting at a price of $12 million to an agent bidding for a group of local investors. The same painting sold ten years prior at auction for $5 million.
The auction house receives payment for the painting via wire transfer from an account maintained in an offshore jurisdiction by the investor group. No beneficial ownership information is available for the account.
What are the two money laundering red flags? (Choose two.)

A. Lack of beneficial ownership details for the originating account.
B. Payment is received from an account in an offshore jurisdiction.
C. An agent bids on the painting for a group of investors.
D. The payment is received via wire transfer.
E. The painting has more than doubled its value in ten years.

Answer: A,B

Explanation:
The payment received from an account in an offshore jurisdiction and the lack of beneficial ownership details for the originating account are two money laundering red flags. Offshore jurisdictions are often used by money launderers to hide the source and destination of their funds, as they typically have low transparency and weak regulatory oversight. The absence of beneficial ownership information makes it difficult to identify the true owners and controllers of the funds, and to assess the legitimacy and risk of the transaction. These factors increase the possibility that the payment is related to money laundering, tax evasion, or other illicit activities.
References:
ACAMS CAMS Certification Study Guide, 6th Edition, page 33
ACAMS CAMS Certification Exam Outline, 6th Edition, Domain 1, Task 1.2
ACAMS CAMS Certification Video Training Course, Module 1, Lesson 1.2
Exam CAMS: Certified Anti-Money Laundering Specialist (the 6th edition), Question 315

NEW QUESTION # 34
A bank's anti-money laundering section receives an anonymous tip that a customer might be engaging in possible money laundering.
Which two facts should be considered during the course of an investigation into this matter? (Choose two.)

A. The customer's account has had a large volume of activity, but the month-end balance is usually low
B. The customer is issuing a number of wires to several relatively high-risk jurisdictions
C. The customer has had a long-standing account at the bank
D. The customer is on the exempt list for currency transaction reporting requirements

Answer: A,B

NEW QUESTION # 35
A foreign bank maintains a correspondent account in the US. According to an investigation carried out by US authorities, the specific correspondent account seems to have facilitated a transaction involving tainted funds.
Which allows the US authorities to seize the funds of the foreign bank held with the US bank?

A. Regulations of the OFAC, US Department of Treasury
B. The 6th EU AML Directive
C. The FinCEN CDD Final Rule
D. The USA PATRIOT Act

Answer: D

Explanation:
The USA PATRIOT Act is a comprehensive legislation that was enacted in 2001 to enhance the powers and tools of the US authorities to combat money laundering, terrorist financing, and other threats to the national security and the integrity of the financial system. The USA PATRIOT Act contains several provisions that affect the relationship between US banks and foreign banks that maintain correspondent accounts in the US.
One of these provisions is Section 319, which allows the US authorities to seize the funds of a foreign bank held with a US bank, if the foreign bank refuses to comply with a subpoena or a request for records related to the correspondent account. This provision is intended to prevent foreign banks from using their correspondent accounts in the US to facilitate transactions involving tainted funds, such as proceeds of crime, funds intended to support terrorism, or funds subject to sanctions or asset freezing orders. Section 319 also requires US banks to maintain records of the owners and agents of foreign banks that have correspondent accounts with them, and to terminate such accounts if requested by the US authorities.
Therefore, if a foreign bank maintains a correspondent account in the US, and the US authorities find out that the account has been used to facilitate a transaction involving tainted funds, the US authorities can seize the funds of the foreign bank held with the US bank, under the authority of the USA PATRIOT Act.
References:
CAMS Study Guide - 6th Edition, Chapter 1, Section 1.2, page 10
USA PATRIOT Act, Section 319, page 55-57
The USA PATRIOT Act: A Legal Analysis, Section III, page 9-10
[The USA PATRI
Reference:
https://www.fincen.gov/fact-sheet-section-312-usa-patriot-act-final-regulation-and-notice-proposed-rulemaking

NEW QUESTION # 36
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