HIGH PASS-RATE LATEST CAMS EXAM LABS - 100% PASS CAMS EXAM

High Pass-Rate Latest CAMS Exam Labs - 100% Pass CAMS Exam

High Pass-Rate Latest CAMS Exam Labs - 100% Pass CAMS Exam

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The CAMS certification exam is highly regarded by employers and regulatory agencies worldwide, as it demonstrates the candidate’s commitment to the highest standards of AML and financial crime prevention. CAMS exam covers four key areas of AML and financial crime prevention: risk assessment, customer due diligence, transaction monitoring, and investigations. Candidates must pass a 120-question multiple-choice exam within a four-hour time limit, and they must score at least 75% to pass. The CAMS certification is valid for three years, and continuing education is required to maintain the certification.

The CAMS Exam is a comprehensive test that covers a wide range of topics related to AML, including federal and international AML laws and regulations, financial crimes, compliance programs, and risk assessments. CAMS exam consists of 120 multiple-choice questions that must be completed within four hours. Candidates must answer at least 75% of the questions correctly to pass the exam and earn the CAMS certification.

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The 2Pass4sure Certified Anti-Money Laundering Specialists (CAMS) exam dumps are ready for quick download. Just choose the right CAMS exam questions format and download it after paying an affordable Certified Anti-Money Laundering Specialists in CAMS Practice Questions charge and start this journey. Best of luck in the ACAMS CAMS exam and career!!!

The CAMS exam is a comprehensive test that covers a wide range of topics related to AML, including the history of money laundering, the international regulatory environment, risk assessment, customer due diligence, and transaction monitoring. CAMS Exam is designed to assess the knowledge and skills of AML professionals and to ensure that they have the necessary expertise to detect and prevent money laundering activities.

ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q219-Q224):

NEW QUESTION # 219
The compliance officer for a bank is reviewing on-boarding documents for a new business account for a domestic corporation. The officer is unable to verify the identity of the beneficial owners of the company.
Only
information on the nominee owners was provided, and none of the listed addresses are local. The purpose of the business and future expected activity were disclosed to include cash letters, money orders and international remittance transfers.
Which red flag identifies a heightened money laundering risk?

  • A. The names provided at account opening are identified as the corporation's representative nominees
  • B. Expected activity was advised to include cash letter and money orders
  • C. Account signer's government issued identification lists addresses outside of where the branch account was opened
  • D. The nature and purpose of the business include international remittance transfers

Answer: D


NEW QUESTION # 220
What is the primary action a financial institution should take before formulating its anti-money laundering program?

  • A. It should ensure that its training modules for all employees cover all relevant AML issues
  • B. It should perform a comprehensive risk analysis
  • C. It should determine how extensive and well-trained the compliance staff is
  • D. It should consult with its correspondent banks to determine the nature and extent of their AML programs

Answer: B

Explanation:
A comprehensive risk analysis is the first and most important step in developing an effective anti-money laundering program. A risk analysis helps a financial institution identify and assess its exposure to money laundering and terrorist financing risks, based on its products, services, customers, geographic locations, and other factors. A risk analysis also enables a financial institution to tailor its policies, procedures, controls, and training to mitigate the specific risks it faces. A risk analysis should be conducted periodically and updated as necessary to reflect changes in the institution's risk profile.
References:
ACAMS Study Guide for the CAMS Certification Examination, 6th Edition, Chapter 2: Compliance Standards for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT), Section 2.1: Risk-Based Approach, p. 29-30 ACAMS Risk Assessment, What is Anti-Money Laundering (AML) Risk Assessment?
How to Conduct an AML Risk Assessment - Assess Key Risk Drivers


NEW QUESTION # 221
An anti-money laundering consultant audits a bank's current anti-money laundering policies, procedures and controls. The bank serves high-income, high net-worth clients who include non-residents and offshore businesses. During a review of the custom list, theanti-money laundering consultant determines that he and the bank have mutual clients. The bank's written anti-money laundering program includes a process for the bank to establish the identity of the person with whom they conduct business, but does not address monitoring of customer account activity.
The consultant should recommend the bank:

  • A. Continue to follow the current written anti-money laundering program.
  • B. Reduce the risk rating on the mutual customers.
  • C. Revise the procedures to better assess ongoing customer activity.
  • D. Focus on high-risk customer acceptance procedures.

Answer: C

Explanation:
According to the ACAMS Study Guide, an effective AML program should include four key elements:
internal controls, independent testing, designated compliance officer, and training1. Internal controls are policies, procedures, and processes that help prevent, detect, and report money laundering and terrorist financing activities. One of the essential components of internal controls is customer due diligence (CDD), which involves identifying and verifying the customer, understanding the nature and purpose of the customer relationship, and conducting ongoing monitoring of customer transactions and risk profiles2. Ongoing monitoring is crucial for detecting and reporting suspicious activities, updating customer information, and reassessing customer risk ratings3.
In this case, the bank's written AML program does not address monitoring of customer account activity, which is a significant gap in its internal controls. The bank serves high-income, high net-worth clients who include non-residents and offshore businesses, which are considered high-risk customers for AML purposes4. The bank should have enhanced due diligence (EDD) measures for these customers, such as obtaining additional information, conducting more frequent reviews, and applying stricter transaction limits5.
The fact that the consultant and the bank have mutual clients does not affect the risk rating or the due diligence requirements of those customers. Therefore, the consultant should recommend the bank to revise its procedures to better assess ongoing customer activity and comply with the AML standards.
:
1: ACAMS Study Guide, Chapter 2: Developing an Effective Anti-Money Laundering Program
2: ACAMS Study Guide, Chapter 3: Conducting Customer Due Diligence
3: ACAMS Study Guide, Chapter 4: Ongoing Monitoring and Suspicious Activity Reporting
4: ACAMS Study Guide, Chapter 5: Identifying High-Risk Customers
5: ACAMS Study Guide, Chapter 6: Applying Enhanced Due Diligence Measures


NEW QUESTION # 222
According to experts, what is the most effective way to prevent money laundering through financial institutions?

  • A. Collecting information on beneficial owners and foreign customers
  • B. Instituting a policy prohibiting the acceptance of funds intended for terrorist financing
  • C. Implementing a sound customer due diligence program
  • D. Ensuring that transaction monitoring systems can identify terrorist financing

Answer: C

Explanation:
Implementing a sound customer due diligence (CDD) program is the most effective way to prevent money laundering through financial institutions, according to experts. CDD is the process of identifying and verifying the identity of customers and assessing their risk profile, source of funds, and expected activity. CDD helps financial institutions to detect and prevent money laundering by enabling them to know their customers, monitor their transactions, and report any suspicious or unusual behavior. CDD is also a key requirement of the international standards and best practices for anti-money laundering and combating the financing of terrorism (AML/CFT), such as the Financial Action Task Force (FATF) Recommendations and the Basel Committee on Banking Supervision (BCBS) Guidelines.
The other options are not as effective as CDD, as they are either too narrow or too broad in scope. Ensuring that transaction monitoring systems can identify terrorist financing is important, but it does not address the broader issue of money laundering, which may involve other types of criminal proceeds or activities. Collecting information on beneficial owners and foreign customers is a part of CDD, but it is not sufficient by itself, as it does not cover the risk assessment and ongoing monitoring aspects of CDD. Instituting a policy prohibiting the acceptance of funds intended for terrorist financing is a good practice, but it is not a preventive measure, as it relies on the assumption that the funds are already identified as such, which may not be the case.
Reference:
Customer Due Diligence - FATF-GAFI.ORG
Sound management of risks related to money laundering and financing of terrorism - Bank for International Settlements CAMS Study Guide 6th Edition, page 36-37.


NEW QUESTION # 223
An anti-money laundering expert is hired by a new Internet bank to assess the money laundering threat to the bank. Because it is an o line bank the most important recommendation for the expert to make is that the bank

  • A. ensure that a firewall is set up to protect the transactions.
  • B. set up automated programs to analyze transaction for money laundering activity.
  • C. ensure that prospective new customers can be properly identified.
  • D. limit the amount which can be processed per transaction.

Answer: C

Explanation:
One of the main challenges and risks for online banks is the verification of customer identity and the prevention of identity fraud. Online banks are more vulnerable to moneylaundering and terrorist financing because they do not have face-to-face contact with their customers and may rely on third-party sources or digital methods to verify customer information. Therefore, the most important recommendation for the anti- money laundering expert to make is that the online bank ensures that prospective new customers can be properly identified and that their identity documents and information are verified using reliable and independent sources. This is also in line with the international standards and best practices for anti-money laundering and counter-terrorist financing, such as the FATF Recommendations, the Basel Committee on Banking Supervision principles, and the EU's Fifth Anti-Money Laundering Directive123 The other options are less important or less effective than ensuring customer identification. Limiting the amount that can be processed per transaction may reduce the exposure to large-scale money laundering, but it does not prevent the use of multiple transactions or accounts to launder smaller amounts. Setting up automated programs to analyze transactions for money laundering activity may enhance the detection and reporting of suspicious transactions, but it does not address the root cause of money laundering, which is the concealment of the source and ownership of illicit funds. Ensuring that a firewall is set up to protect the transactions may improve the security and confidentiality of the online banking system, but it does not prevent the misuse of the system by money launderers who have legitimate access to the system123
:
1: Anti-Money Laundering Guide for Digital Banks by sanctions.io, 2022
2: The fight against money laundering: Machine learning is a game changer by McKinsey, 2021
3: FATF Guidance on Digital Identity, 2020


NEW QUESTION # 224
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