[2022] CAMS Exam Dumps, Test Engine Practice Test Questions
Pass CAMS exam [Oct 26, 2022] Updated 405 Questions
CAMS Certified Anti-Money Laundering Specialist Exam
CAMS Certified Anti-Money Laundering Specialist Exam is designed by the Association of certified anti-money laundering specialist (ACAMS) is a global membership organization that provides training and certification, of anti-money laundering professionals worldwide. ACAMS is supporting financial AML professionals through knowledge sharing and skills development. CAMS exam tests candidates basic knowledge on setting up an AML compliance program, money laundering schemes, various international AML regulations, and how to handle AML investigations. CAMS exam is internationally recognized and a good designation for those who are looking to work in the AML field.
NEW QUESTION 10
Which two actions should Financial Intelligence Units (FIUs) take when submitting a request to another FIU? (Choose two.)
- A. Send the same request to all FIUs
- B. Make best efforts to provide complete and factual information
- C. Provide feedback on how the information was used
- D. Disclose the reason and purpose for the request
Answer: B,D
NEW QUESTION 11
What does the Basel Committee's Customer Due Diligence for Banks paper suggest that a bank needs to have in place when establishing an account for a corporate business entity?
- A. A process to ensure that the approval of senior management is obtained prior to opening the account
- B. An understanding of the structure of the company
- C. A fee structure that reflects the banks' costs in monitoring the risks associated with entity's business activities
- D. A policy requiring all identified beneficial owners to undergo a national police check
Answer: D
Explanation:
Explanation/Reference: https://www.bis.org/publ/bcbs77.pdf
NEW QUESTION 12
A bank is preparing for its anti-money laundering independent review, which is performed every two years under the direction of the compliance officer. The bank's corporate audit department will conduct the review. The compliance officer will review the final report before it is released to the Board of Directors.
What is the issue with this situation?
- A. Independent reviews must be performed annually
- B. There is a conflict of interest with the management of the review process
- C. The review must be performed by a group outside of the bank
- D. The final report must be presented directly to the board of directors
Answer: C
NEW QUESTION 13
To ensure that an institution's anti-money laundering program is current, which step should be taken?
- A. The program should be evaluated and updated at least every six months be the Board of Directors
- B. The program should be reassessed at least annually
- C. The program should be reviews by a federal law enforcement officer for gaps in controls
- D. The program should be sent to the institution's government regulator on a periodic basis
Answer: B
NEW QUESTION 14
When and how should an institution appraise the AML risk of a newly developed product?
Choose 3 answers
- A. The institution should request the Compliance Officier to review and evaluate the AML riskprior to the product going live
- B. The institution should roll the product out on a preliminary basis to determine what risksdevelop with regard to the product
- C. The institution should evaluated where, how and to what extent the product is going to be used
- D. The institution should review previous administrative actions to determine if the product hascreated problems for other institutions
Answer: A,B,C
NEW QUESTION 15
After review of the financial institution's enterprise-wide anti-money laundering risk assessment, the new compliance officer identifies several deficiencies that need attention.
Which deficiency could lead to the highest potential for unmitigated risk?
- A. The risk assessment is managed by a different team from the previous assessment therefore disrupting continuity of institutional knowledge.
- B. The risk assessment is several years old and does not cover all current products and services.
- C. The risk assessment does not anticipate potential risks even though the financial institution has no immediate plans involving those risks.
- D. The risk assessment is revisited too frequently thereby diverting critical resources from other compliance tasks.
Answer: B
NEW QUESTION 16
A bank maintains a relationship with a customer who owns a small bakery business.
Which customer action indicates potential money laundering?
- A. The customer has multiple bank accounts at several locations
- B. The customer continually makes regular cash deposits
- C. The customer recently wired a large amount to a foreign jurisdiction where family is located
- D. The customer purchased property insurance that is twice the value of the business
Answer: A
NEW QUESTION 17
What do Financial Action Task Force (FATF)-style regional bodies do for their members to help combat money laundering and terrorist financing?
- A. They assist member countries in penalizing entities that violate FATF standards and recommendations
- B. They provide technical assistance to members in implementing FATF recommendations
- C. They supervise member country financial institutions relating to anti-money laundering and terrorist financing
- D. They work with members on areas of concern outside of anti-money laundering and terrorist financing
Answer: C
Explanation:
Explanation/Reference: https://www.fatf-gafi.org/media/fatf/documents/brochuresannualreports/FATF30-(1989-2019).pdf
NEW QUESTION 18
You are developing a mobile application that will perform optical character recognition (OCR) from photos.
The application will annotate the photos by using metadata, store the photos in Azure Blob storage, and then score the photos by using an Azure Machine Learning model.
What should you use to process the data?
- A. Azure Event Hubs
- B. Azure Functions
- C. Azure Stream Analytics
- D. Azure Logic Apps
Answer: A
NEW QUESTION 19
An organization uses an automated surveillance system that generates a very large volume of anti-money laundering alerts. The monthly volume of alerts has increased over the last year causing the compliance staff to fall significantly behind reviewing the alerts. As a result, the system settings are under review to determine if they are appropriate.
Which action should be included in the evaluation of system settings?
- A. Compare settings to organizations within its peer group
- B. Review parameter settings based on the latest risk assessment
- C. Calibrate parameters based on staffing capabilities to clear alerts
- D. Flag filters with no history of generating an alert for removal
Answer: B
NEW QUESTION 20
A businessman requests a European private bank to open a numbered or alternate name account. According to the Basel Committee on Banking Supervision principles, which of the following is the most important question the banker should ask?
- A. Who will inherit the proceeds in the event of the businessman's death?
- B. Who will control the account?
- C. How much money will be deposited into the account?
- D. What account-opening date should I record'!'
Answer: B
NEW QUESTION 21
Which three are best practices for embedding compliance into an institution's culture? Choose 3 answers.
- A. Requiring senior management oversea and implement the institution's AML policy
- B. Requiring periodic and on-going training on AML issues and procedures
- C. Incorporating compliance with the institution's AML policy into the annual evaluation process
- D. Having the Compliance Officer review and approve the institution's AML policy
Answer: B,C,D
NEW QUESTION 22
Which action should an FIU consider taking when it has information that might be useful to another FIU?
- A. Supply the information to the other FIU spontaneously as soon as the relevance of sharing the information is identified
- B. In accordance with Wolfsburg guidelines, submit the information to the other FIU in written form
- C. Take no action until contacted by the other FIU
- D. Request approval from the Egmont Group prior to sharing the information with the other FIU
Answer: A
NEW QUESTION 23
The anti-money laundering specialist of a small bank has identified suspicious activity at a branch located in an area of town where drug dealers are known to operate. An investigation of this activity discloses that the suspicious transactions occurred within the last 3 months and were processed by the same teller (cashier). The teller (cashier) did not file an internal report of unusual activity on these transactions. When checking personnel files, the specialist finds that the teller (cashier) has been a trusted employee for over 15 years, has an impeccable work record, and has participated in several anti-money laundering training sessions. The specialist recently became aware that the employee's daughter has contracted a rare disease and is undergoing a very expensive treatment program. Regarding the teller's (cashier's) failure to report the unusual activity to the institution, the specialist should recommend
- A. Suspending the teller's (cashier's) employment.
- B. Refreshing anti-money laundering training for the teller (cashier).
- C. Directing the teller (cashier) to file a suspicious transaction report.
- D. Continuing to monitor the accounts.
Answer: D
NEW QUESTION 24
Which two statements in the Wolfsberg Group's "Suppression of the Financing of Terrorism" define the role financial institutions should play in the fight against terrorism? (Choose two.)
- A. Financial institutions need to assist competent authorities in fighting terrorist financing through prevention, detection and information sharing.
- B. Financial institutions need to continuously analyze the types of activity related to terrorist financing and develop models that in the long term will drive down terrorism.
- C. Financial institutions should have financial intelligence units dedicated to the investigation of activity that would lead to the detection of terrorist financing as a means to decrease global terrorism.
- D. Financial institutions should apply extra due diligence whenever they see suspicious or irregular activities, especially when customers are engaged in sectors or activities that have been identified by competent authorities as being used for the financing of terrorism.
Answer: A,D
NEW QUESTION 25
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. 2, 3, and 4 only
- C. 1, 2, and 4 only
- D. 1, 3, and 4 only
Answer: B
NEW QUESTION 26
An anti-money laundering specialist at a financial institution has received a legal request to provide all transaction records for a specific individual since 2004. Which three items should be delivered?
- A. Signature cards from accounts opened by that individual since 2004
- B. All security trading activities for that individual since 2004
- C. Monthly statements and transaction activities for that individual since 2004
- D. All wire transfer for that individual since 2004
Answer: B,C,D
NEW QUESTION 27
With which person(s) should an anti-money laundering officer coordinate when implementing a new hire screening program?
- A. Human Resources
- B. Internal Auditor
- C. Local Financial Intelligence Unit
- D. Institution's Regulator
Answer: A
NEW QUESTION 28
What was cited by the Wolfsburg Group in its Statement on the Suppression of the Financing of Terrorism as being vulnerable to terrorist financing?
- A. Trade finance
- B. Private banking
- C. Alternative remittance
- D. Correspondent banking
Answer: C
NEW QUESTION 29
In some instances, a financial institution may receive a warrant from law enforcement authorities to search its premises. A search warrant is a grant of permission from a court for a law enforcement agency to search certain designated premises and seize specific categories of items or information. Generally, what is the required threshold for the requesting agency to establish in order to obtain a search warrant of a financial institution?
- A. Probable cause
- B. A preponderance of the evidence
- C. Reasonable belief
- D. Clear and convincing proof
Answer: A
NEW QUESTION 30
Which three elements should be considered in an institution's enhanced due diligence process to assure itself that it has secured sufficient understanding of its higher risk respondent bank customers according to the Wolfsberg Principles on Correspondent Banking?
- A. A risk-based determination as to whether or not the respondent is a shell bank
- B. The sources of wealth for all significant ownership interests
- C. The quality of the respondent's AML and client identification controls
- D. Whether a Politically Exposed Person (PEP) has an interest or management role in therespondent
Answer: A,B,C
NEW QUESTION 31
What is a key objective of the Egmont Group?
- A. To issue binding standards that establish consistently operated Financial Intelligence Units in member jurisdictions.
- B. To safeguard the financial system from illicit use and combat money laundering and promote national security.
- C. To find ways to promote the development of Financial Intelligence Units and the sharing of expertise.
- D. To provide best practices for financial institutions on how to report suspicious activity to best share the information with law enforcement.
Answer: B
NEW QUESTION 32
Which three are principles found in the document "Principles of information Exchange between Financial Intelligence Units (FIUs)"?
- A. It should be possible for communication between FIUs to take place directly and without intermediaries
- B. The Egmont principle of free exchange of information at the FIU level should be possible on the basis of reciprocity, including spontaneous exchange
- C. Differences in the definition of offenses that fall under the competence of FIUs should be before free exchange of information takes place
- D. The exchange of information between FIUs should take place as informally and as rapidly as possible and with no prerequisites, while guaranteeing protection of privacy and confidentiality of the shared data
Answer: A,B,D
NEW QUESTION 33
In which two ways does a government Financial Intelligence Unit interact with public and private sectors?
(Choose two.)
- A. It disseminates information and the results of its analysis to competent authorities
- B. It governs the methods of investigation used by competent authorities
- C. It receives and analyzes disclosures filed by financial and non-bank institutions
- D. It mediates disputes between financial institutions and investigative authorities
Answer: A,C
NEW QUESTION 34
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