Valid CAMS Exam Q&A PDF CAMS Dump is Ready (Updated 542 Questions)
Exam Questions and Answers for CAMS Study Guide
What is the duration of the CAMS Exam
Format: Multiple choices, multiple answers Length of Examination: 3 1/2 hours
NEW QUESTION 204
What is one of the indicia of a Black Market Peso Exchange?
- A. An illegal entity that exchanges pesos for U.S. dollard for illegal immigrants
- B. A large deposit of pesos converted into U.S. dollars
- C. A wire transfer from a third party not connected with a transaction
- D. A transfer of U.S. dollars to Central or Sourth America to be converted into pesos
Answer: A
NEW QUESTION 205
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. Account signer's government issued identification lists addresses outside of where the branch account was opened
- B. The names provided at account opening are identified as the corporation's representative nominees
- C. The nature and purpose of the business include international remittance transfers
- D. Expected activity was advised to include cash letter and money orders
Answer: B
NEW QUESTION 206
When requested by law enforcement via legal process to provide records or documentation, what should the officers of financial institution do?
- A. Refuse to provide any records or documents until the agent narrows the scope of the request down to what he or she actually needs
- B. Not act on the legal process until the bank officer has contact w4h the agent and learns what the agent is investigating
- C. if there is no basis for contesting the request, provide what is requested
- D. Provide all records and documents the officer believes would be pertinent to the law enforcement agent's investigation
Answer: B
NEW QUESTION 207
According to experts, what is the most effective way to prevent money laundering through financial institutions?
- A. Implementing a sound customer due diligence program
- B. Instituting a policy prohibiting the acceptance of funds intended for terrorist financing
- C. Ensuring that transaction monitoring systems can identify terrorist financing
- D. Collecting information on beneficial owners and foreign customers
Answer: A
NEW QUESTION 208
A bank customer operates a fuel station as a sole proprietorship. The customer places deposits and other credits in a business account. The customer routinely transfers money from the business account to a brokerage account where he invests in money market securities. The customer also routinely makes monthly transfers to a credit card and line of credit to pay off balances. The volume of activity flowing through the business account has doubled in the past 3 months. An internal investigator reviews business account statements and credit card activity for the past 3 months, scans media articles about the customer, and interviews the account officer about the customer and account activity. This internal investigation did not provide an explanation for the increased activity1. Which of the following should the anti-money laundering specialist recommend to the internal investigator?
- A. No additional steps are necessary because this was a thorough review of the activity.
- B. Review activity in all related customer accounts in the past year.
- C. Concentrate on trades made in the brokerage account.
- D. Analyze account activity for selected accounts since the accounts were opened.
Answer: D
NEW QUESTION 209
What are two sources for maintaining up-to-date sanctions information? (Choose two.)
- A. U.S. Federal Bureau of Investigation's National Security Letters
- B. U.S. Department of the Treasury Office of Foreign Assets Control
- C. Financial Action Task Force's list of High Risk and Non-Cooperative Jurisdictions
- D. U.S. Department of the Treasury - Section 311 - Special Measures
Answer: B,C
NEW QUESTION 210
The Egmont Group is a worldwide organization of
- A. law enforcement authorities.
- B. central banks.
- C. financial intelligence units.
- D. banking regulators.
Answer: C
NEW QUESTION 211
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. Numbered accounts should not be allowed
- C. Politically Exposed Persons (PEPs) should not be accepted as customers
- D. Certain types of private banking can be exempt from KYC procedures
Answer: A
NEW QUESTION 212
The marketing department presents to an anti-money laundering specialist a business plan targeting individuals holding important public positions. In addition to obtaining the proper identification and basic information from these customers, what else should the anti-money laundering specialist recommend a financial institution do to check the background and conduct enhanced due diligence based on public information?
- A. Identify a person fully, including their political history.
- B. Determine if a client appears on the Basel Committee on Banking Supervision's list of public officials.
- C. Identify people and companies that are clearly related.
- D. Investigate the source of funds.
Answer: D
NEW QUESTION 213
To ensure compliance with economic sanctions established by governmental authorities in the jurisdictions where it operates, a financial institution requires that all new and existing customers be screened at onboarding and quarterly thereafter.
Is this step sufficient to ensure compliance?
- A. Yes, this is recommended by the international guidance
- B. No, it is necessary to screen and perform enhanced due diligence on new relationships
- C. No, screening should occur promptly after list updates
- D. Yes, screening all existing customer relationships ensures the institutions is not dealing with a sanctioned individual or entity
Answer: A
NEW QUESTION 214
Which of the following facilitates law enforcement agents obtaining evidence from authorities in a foreign country relating to criminal activity?
- A. The World Wide Network of Information Sharing
- B. The International Agreement for Mutual Assistance
- C. USA PATRIOT Act Communications System
- D. Mutual Legal Assistance Treaties
Answer: D
NEW QUESTION 215
Which three circumstances are indicators for defining a customer as required additional diligence according to the Wolfsburg Principles on Private Banking? Choose 3 answers
- A. Persons determined to be Politically Exposed Persons (PEPs)
- B. Persons residing in a having funds from countries with inadequate AML standards
- C. Persons engaged in business activities known to be susceptible to money laundering
- D. Persons who receive funds from a correspondent banking relationship
Answer: A,B,C
NEW QUESTION 216
According to the Financial Action Task Force 40 Recommendations, Designated Non-Financial Businesses and Professions include
- A. hawala operators.
- B. money services businesses.
- C. commodities traders.
- D. real estate agents.
Answer: D
NEW QUESTION 217
Which element is generally required of all anti-money laundering programs?
- A. Annual in-person AML training for all employees
- B. An enhanced due diligence program for all new customers
- C. A computer-based suspicious activity monitoring system
- D. A qualified compliance officer to manage the program
Answer: D
NEW QUESTION 218
The anti-money laundering compliance officer for a small money transmitter has several agent locations in the same geographic area in the United States. The customers are immigrants from Country A and the majority of the funds are remitted to Country A.
In a meeting with one of the agents, it is recently discovered that two new customers have been coming in three times a week and sending funds to the same recipient in Country
B. Each cash transaction always totals exactly
$8,000.
What should alert the agent to possible money laundering activity by the two customers?
- A. Each of their transactions is just below the cash reporting threshold
- B. They remit funds to the same person
- C. It is unusual for customers to remit to Country B
- D. They have been coming in three times a week
Answer: B
NEW QUESTION 219
......
Who should take the CAMS exam
The CAMS certification is an internationally-recognized credential that identifies persons who earn it as possessing specialized AML knowledge. AML professionals who earn the CAMS designation position themselves to be leaders in the business and to expertise professional growth. If a candidate wants significant improvement in career growth needs enhanced knowledge, skills, and talents. The CAMS certification provides proof of this advanced knowledge and skill. If a person fulfills the following eligibility requirements of the CAMS exam then he should take this exam.
- Document a minimum of 40 qualifying credits based on education, other professional certification and professional expertise in the field.
- Provide three professional references.
- Submit supporting documents.
Certification dumps - CAMS Certification CAMS guides - 100% valid: https://www.actual4labs.com/ACAMS/CAMS-actual-exam-dumps.html
100% Pass Your CAMS Certified Anti-Money Laundering Specialists at First Attempt with Actual4Labs: https://drive.google.com/open?id=1711753HfzFGZXPwy81N5mS_RcV3EfcMU