Latest CAMS Actual Free Exam Questions Updated 512 Questions
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The Certified Anti-Money Laundering Specialist (CAMS) certification is a globally recognized credential for professionals working in the anti-money laundering (AML) field. The CAMS exam is designed to test a candidate's knowledge and understanding of AML laws, regulations, and best practices. It is one of the most prestigious certifications in the AML industry, and it is highly valued by employers and regulatory agencies around the world.
In order to be eligible to take the CAMS certification exam, candidates must have a minimum of 40 hours of AML training or two years of AML-related work experience. Additionally, candidates must pass a background check and adhere to the ACAMS Code of Ethics and Professional Conduct. Once certified, CAMS professionals are required to complete 20 hours of continuing education every two years in order to maintain their certification.
NEW QUESTION # 230
What is one recommendation of the Basel Committee's 2001 paper Customer Due Diligence for Banks"?
- A. Banks should develop dear descriptions of acceptable customers
- B. Certain types of private banking can be exempt from KYC procedures
- C. Numbered accounts should not be allowed
- D. Politically Exposed Persons (PEPs) should not be accepted as customers
Answer: A
NEW QUESTION # 231
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. The compliance officer immediately checks the official's account and new account the official opened at the bank a few weeks ago. The compliance officer's investigation of these accounts discloses that the official's long-standing account had no unusual activity and that the recently opened had no activity since it was opened. What should the compliance officer do next?
- A. Call the competent authorities to assess the need to file a suspicious transaction report
- B. Call the office to confirm the need for multiple accounts
- C. Wait until the new account receives funds and confirm their source
- D. Meet with staff who opened the account to understand its nature and purpose
Answer: A
NEW QUESTION # 232
A U.K. real estate agent has three foreign clients interested in purchasing an apartment building, valued at E30 million, in the outskirts of London as an investment property. The clients are not willing to have their names provided to the bank. The clients want the purchase to be made in the names of three private companies for privacy reasons. The plan is to wire the funds into an account held in the name of another private company at a bank in London.
Which red flag should stop the agent from discussing this potential purchase further?
- A. The clients want the purchase to be made in the names of the private companies
- B. The clients have the funds necessary to fund a E30 million purchase
- C. The clients are not willing to have their names provided to the bank
- D. The clients are foreign
Answer: C
NEW QUESTION # 233
According to experts, what is the most effective way to prevent money laundering through financial institutions?
- A. Instituting a policy prohibiting the acceptance of funds intended for terrorist financing
- B. Ensuring that transaction monitoring systems can identify terrorist financing
- C. Collecting information on beneficial owners and foreign customers
- D. Implementing a sound customer due diligence program
Answer: D
NEW QUESTION # 234
Your company develops an API application that is orchestrated by using Kubernetes.
You need to deploy the application.
Which three actions should you perform? Each correct answer presents part of the solution.
NOTE: Each correct selection is worth one point.
- A. Create an Azure Container Registry instance.
- B. Create a Kubernetes cluster.
- C. Create a container image file.
- D. Create a Web App for Containers.
- E. Create an Azure container instance.
Answer: A,B,C
Explanation:
Explanation/Reference:
References:
https://docs.microsoft.com/en-us/azure/aks/tutorial-kubernetes-prepare-app
NEW QUESTION # 235
When requested by law enforcement via legal process to provide records or documentation, what should the officers of financial institution do?
- A. Provide all records and documents the officer believes would be pertinent to the lawenforcement agent's investigation
- B. Not act on the legal process until the bank officer has contact w4h the agent and learns whatthe agent is investigating
- C. if there is no basis for contesting the request, provide what is requested
- D. Refuse to provide any records or documents until the agent narrows the scope of the requestdown to what he or she actually needs
Answer: B
NEW QUESTION # 236
Which action should financial institutions with cross border correspondent banking activity be required to perform according to the Financial Action Task Force 40 Recommendations?
- A. Identify natural persons who own or control more than 5%
- B. Obtain a third party independent review of the respondent's anti-money laundering program
- C. Obtain senior management approval before establishing the relationship
- D. Gather a list of their politically exposed customers
Answer: C
Explanation:
Reference:
https://www.fatf-gafi.org/media/fatf/documents/recommendations/pdfs/FATF%20Recommendations%202012.p (15)
NEW QUESTION # 237
In 2004, Consolidated KYC Risk Management was issued by the Basel Committee on Banking Supervision (BCBS). What is a key message in this document?
- A. Consolidated KYC risk management for a group is critical and trumps jurisdictional rules hat limitinformation sharing
- B. Policies and procedures should be designed not merely to comply strictly with all relevant lawsand regulations
- C. KYC Risk Management required a yearly consolidation effort
- D. KYC Risk Management means as established decentralized process for promulgating policies andprocedures
Answer: A
NEW QUESTION # 238
What are three factors a financial institution should examine with regard to a new customer who is opening up a new account? Choose 3 answers
- A. The country or location where the customer is from or does business
- B. The previous financial institutions where the customer has banked
- C. The type and size of the business the customer runs
- D. The legal structure of the customer's business
Answer: B,C,D
NEW QUESTION # 239
An account officer who maintains an excellent relationship with the finance manager for a correspondent bank customer learns that many records for the correspondent bank have been requested by law enforcement. In the interest of maintaining a good relationship with the customer, the account officer sets up a meeting to discuss the legal request with the customer. The account officer intends to discuss points related to the investigation during the meeting.
What should an anti-money laundering specialist recommend?
- A. Cancelled the meeting as he has already behaved inappropriately by alerting to the investigation
- B. Let the account manager's manager know what conversations have taken place with the customer and document the account file accordingly
- C. Limit discussions about the investigation with the customer and by satisfied that the account manager has provided proper notice to the customer
- D. Discuss all the points being investigated by law enforcement to ensure the correspondent bank is well prepared when approached
Answer: C
NEW QUESTION # 240
A foreign bank's compliance officer receives a request for information from a US bank, alerting the foreign bank to the possibility that it may have transferred funds on behalf of an Office of Foreign Assets Control (OFAC>-sanctioned person, who holds an account with the foreign bank. Which statements are true with respect to said funds and the information in relation to the transaction under scrutiny? (Select Two.)
- A. The USA PATRIOT Act authorizes the Secretary of the Treasury or the Attorney General to subpoena records from the foreign bank that maintains a correspondent account with a US bank,
- B. US authorities have no power (in terms of the USA PATRIOT Act) to sanction the foreign bank for transferring funds on behalf of an OFAC-sanctioned entity.
- C. If the funds are seized, then the foreign bank would be within its rights to dispute such seizure.
- D. US authorities are only permitted to seize the funds transferred by the foreign bank under OFAC sanctions if there is an equivalent sanctions regime of the UN which has been contravened.
- E. If a US citizen were part of the foreign bank's Board deliberations where a decision was made to onboard the OFAC-sanctioned entity as a client, then they can be confronted with criminal charges.
Answer: A,C
Explanation:
Explanation
According to the USA PATRIOT Act, US authorities do have the power to subpoena records from foreign banks that maintain correspondent accounts with US banks. This is known as a "section 314(a) request," which allows law enforcement to obtain information related to suspected terrorist financing or money laundering.
However, US authorities are not limited to seizing only funds transferred under OFAC sanctions if there is an equivalent UN sanctions regime that has been contravened. The US government can impose its own sanctions that are independent of the UN, and can seize funds or take other actions to enforce those sanctions.
Therefore, the correct answers to the question are A and C:
If the funds are seized, then the foreign bank would be within its rights to dispute such seizure. C. The USA PATRIOT Act authorizes the Secretary of the Treasury or the Attorney General to subpoena records from the foreign bank that maintains a correspondent account with a US bank.
NEW QUESTION # 241
A local law enforcement officer, who is conducting a criminal investigation, requests information about a customer.
Which two actions should the bank take? (Choose two.)
- A. Review the money laundering risk posed by the account
- B. Close the account immediately
- C. Monitor the account for suspicious activity
- D. File a suspicious transaction report
Answer: A,C
NEW QUESTION # 242
What must be materially true regarding transactions for United States (U.S.) sanctions laws to have jurisdiction?
- A. Transactions are identified as proceeds of foreign corruption
- B. Transactions are stripped of beneficial owner information
- C. Transactions are traced to illegal proceeds
- D. Transactions are processed by a U.S. person
Answer: D
NEW QUESTION # 243
What are three elements of a sound Customer Due Diligence Program?
- A. Training as to how and to what extent to identify prospective customers
- B. Determination of what type of customer the financial institution will accept
- C. Determination of who in the institution should be assigned to the prospective customer as aliaison
- D. Obtaining date of birth and address of a prospective customer
Answer: A,B,D
NEW QUESTION # 244
What are some useful tools or methods in conducting an internal AML investigation? Choose 3 answers
- A. Exploring leads through internet searches
- B. Subpoenaing the owners of the relevant accounts
- C. Interviewing knowledgeable employees of the institution
- D. Reviewing documents, particularly of relevant accounts
Answer: A,C,D
NEW QUESTION # 245
Which of the following is the most common risk with a Personal or Private Investment Company (PIC)?
- A. They are not publicly traded
- B. They are usually established in financial secrecy havens
- C. They often lack transparent ownership
- D. They are almost always owned by politically exposed persons
Answer: C
NEW QUESTION # 246
What are two requirements of United States financial institutions when conducting business with an international financial institution as a result of the USA PATRIOT Act? (Choose two.)
- A. Performing enhanced due diligence on shell banks
- B. Performing due diligence on correspondent accounts
- C. Visiting the head office of the international financial institution
- D. Complying with Special Measures issued under the USA PATRIOT Act
Answer: B,D
NEW QUESTION # 247
A close relative of a privately-owned bank's senior manager requests to open an account. Because of this relationship, the staff expedites the opening of the account without following established account-opening procedures. Applying the Basel Committee on Banking Supervision principles, which of the following poses the highest operational risk?
- A. The possibility of lawsuits that adversely affect the operations of a bank.
- B. The bank's exposure to politically exposed persons.
- C. Not having appropriate information to share with Financial Intelligence Units.
- D. Failure to conduct proper due diligence.
Answer: D
NEW QUESTION # 248
A compliance officer of a financial institution is reviewing a payment for sanctions compliance between two parties in Europe and Asia. The payment is in Euros and involves the provision of services to a company located in a jurisdiction subject to Office of Foreign Assets Control secondary sanctions. Which factor is most important in determining the compliance officer's response?
- A. Secondary sanctions only target specific sectors of the economy such as the banking and finance sectors.
- B. The threat of US sanctions against foreign individuals and entities continues to exist despite the absence of a US nexus.
- C. Asset freezes only prohibit US companies from engaging in certain activities with counterparts from a sanctioned jurisdiction.
- D. A one-off commercial transaction conducted between parties in Europe and Asia is not subject to secondary sanctions.
Answer: B
Explanation:
Explanation
The threat of US sanctions against foreign individuals and entities continues to exist despite the absence of a US nexus. This is stated in the Certified Anti-Money Laundering Specialist (the 6th edition) manual on page
591, which states: "It is important to note that the threat of US sanctions against foreign individuals and entities continues to exist even when there is no direct US nexus (i.e., no US persons or assets involved)."
NEW QUESTION # 249
What does designing a country as being of "prime money laundering concern" allow the U.S. government to do?
- A. Obtain transactional information from U.S.-owned subsidiary banks located outside the U.S.
- B. Ensure the inclusion of that country into the office of Foreign Asset Control country sanctions programs
- C. Close some or all correspondent or payable-through accounts
- D. Ensure the inclusion of that country onto FATF's Non-Cooperative Country and Territory list
Answer: B
NEW QUESTION # 250
Under requirements for correspondent accounts in the USA PATRIOT Act, the word "certification" refers to a written representation by a
- A. respondent bank, certifying that they do not do business with politically exposed persons.
- B. federal receiver" certifying that he is not the beneficial owner of the correspondent account.
- C. correspondent bank, certifying that they do not open correspondent accounts for alternative remittance companies.
- D. respondent bank, certifying that they do not do business with shell banks.
Answer: C
NEW QUESTION # 251
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