CAMS LATEST TEST QUESTIONS & CAMS VALID TEST TESTKING

CAMS Latest Test Questions & CAMS Valid Test Testking

CAMS Latest Test Questions & CAMS Valid Test Testking

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q376-Q381):

NEW QUESTION # 376
What are some red flags financial institutions should be aware of when trying to verify the identity of a customer? Choose 3 answers

  • A. Customer not having a connected phone
  • B. Customer being new to the community
  • C. Customer having unusual documents from a foreign country
  • D. Customer having no permanent address

Answer: B,C,D


NEW QUESTION # 377
A bank's transaction surveillance system triggers an alert for a deposit of 250.000 USO into a client's account.
According to the bank's KYC information, the client works for a financial advisory firm, and earns approximately 100,000 USD per year. Which actions should be taken? (Select Three.) File the suspicious transaction immediately to the financial intelligence unit.

  • A. Review the alert if the deposit is made in cash.
  • B. Contact the client advisor to learn if he has any insight on the transaction background.
  • C. Discard the alert as a false positive hit
  • D. Request information and documentation from the client on the background of the transaction.
  • E. Review the transaction background in the bank's transaction platform.

Answer: B,D,E

Explanation:
According to the Certified Anti-Money Laundering Specialist (CAMS) Manual , 6th edition, if a bank's transaction surveillance system triggers an alert for a deposit of 250.000 USD into a client's account, the bank should take the following actions:
Request information and documentation from the client on the background of the transaction (CAMS Manual, 6th edition, page 46).
Contact the client advisor to learn if he has any insight on the transaction background (CAMS Manual,
6th edition, page 47).
Review the transaction background in the bank's transaction platform (CAMS Manual, 6th edition, page
47).
Discarding the alert as a false positive hit and reviewing the alert if the deposit is made in cash should not be done.
The bank should request additional information and documentation from the client to better understand the nature of the transaction. Additionally, the bank should reach out to the client advisor to learn if they have any insight on the transaction background. Finally, the bank should review the transaction background in the bank's transaction platform to determine if any additional alerts or anomalies are present. (CAMS Manual, 6th Edition, Pages 117-118)


NEW QUESTION # 378
In the FATF 40 recommendations, the focus of AML efforts has been expanded beyond Financial Institutions. Which three businesses and/or professions are covered? Choose 3 answers

  • A. casinos, when customers engage in financial transactions equal to or above a designated Threshold
  • B. Real estate agents when they are involved in transactions for clients concerning buying and selling properties
  • C. Dealers in art, when they engage in any cash transaction with a customer at or above a designated threshold
  • D. Trust and company service providers

Answer: B,C,D


NEW QUESTION # 379
According to the USA PATRIOT Act, under which condition would US financial institutions (Fls) maintain correspondent accounts for foreign shell banks?

  • A. US Fls cannot maintain correspondent bank accounts for foreign shell banks.
  • B. US Fls must be certified by the Financial Action Task Force to maintain correspondent accounts for foreign shell banks.
  • C. US Fls can open correspondent bank accounts for foreign shell banks but only in certain countries.
  • D. US Fls must undertake a rigorous, risk-based approval process to open correspondent bank accounts for foreign shell banks.

Answer: A

Explanation:
According to section 313 of the USA PATRIOT Act, a covered financial institution (generally any U.S. bank or broker dealer in securities) is prohibited from establishing, maintaining, administering, or managing a correspondent account in the U.S. for, or on behalf of, a foreign shell bank. A foreign shell bank is defined as a foreign bank that does not have a physical presence in any country. The only exception to this prohibition is if the foreign shell bank is a regulated affiliate of a depository institution, credit union, or foreign bank that maintains a physical presence in the U.S. or a foreign country, respectively. In that case, the U.S. financial institution must obtain a written certification from the foreign bank that it does not provide banking services to any other foreign shell banks.
Reference:
Here's Why A Process Agent Is Required Under a Certification by a Foreign Bank, Cogency Global, September 2020.
Definition of "Foreign Shell Bank" and "Foreign Bank", FinCEN, April 2003.
USA PATRIOT Act, FinCEN, accessed February 2024.


NEW QUESTION # 380
What core objective does the Egmont Group suggest would lead to an effective national Financial Intelligence Unit (FIU)?

  • A. The FIU must operate from physically separated premises from other law enforcement agencies and government offices.
  • B. The FIU must be able to promote the value of the government's commitment to embed a corruption free society within the country.
  • C. The FIU meets the Egmont Group assessment criteria.
  • D. The FIU must have absolute trust amongst national and international stakeholders before sensitive information will be exchanged with confidence.

Answer: D

Explanation:
According to the Anti-Money Laundering Specialist (the 6th edition) resources, the Egmont Group is an international network of FIUs that facilitates and prompts the exchange of information, knowledge, and cooperation among its members to combat money laundering, terrorist financing, and associated predicate offences1. The Egmont Group suggests that one of the core objectives that would lead to an effective national FIU is to have absolute trust amongst national and international stakeholders before sensitive information will be exchanged with confidence2. This means that the FIU should establish and maintain a high level of credibility, professionalism, and integrity in its operations, and ensure that the information it receives and disseminates is protected and used appropriately. The FIU should also comply with the Egmont Group's principles and standards for information exchange, and foster a culture of mutual trust and cooperation with other FIUs and relevant authorities3.
The other three options are incorrect because:
The FIU must operate from physically separated premises from other law enforcement agencies and government offices is not a core objective that the Egmont Group suggests for an effective national FIU. While the FIU should have operational independence and autonomy, and be free from undue influence or interference, it does not necessarily have to be physically separated from other agencies or offices. The FIU may be located within the judicial, law enforcement, administrative, or hybrid model, depending on the country's legal and institutional framework4.
The FIU meets the Egmont Group assessment criteria is not a core objective that the Egmont Group suggests for an effective national FIU. While meeting the Egmont Group assessment criteria is a requirement for becoming and remaining a member of the Egmont Group, it is not an objective in itself. The assessment criteria are based on the FATF recommendations and the Egmont Group's own documents, and they serve as a benchmark for evaluating the FIU's compliance and effectiveness5.
The FIU must be able to promote the value of the government's commitment to embed a corruption free society within the country is not a core objective that the Egmont Group suggests for an effective national FIU. While the FIU may contribute to the prevention and detection of corruption, as well as the recovery of illicit assets, by analyzing and sharing financial intelligence, it is not the sole or primary responsibility of the FIU to promote the value of the government's commitment to embed a corruption free society within the country. This is a broader and more complex goal that involves multiple actors and factors, such as political will, legal framework, institutional capacity, civil society, media, and international cooperation.
Reference:
1: ACAMS, CAMS Study Guide, 6th Edition, Chapter 3, p. 64 2: Egmont Group, Egmont Group of Financial Intelligence Units Principles for Information Exchange Between Financial Intelligence Units, June 2013, 3, p. 2 3: Egmont Group, Egmont Group of Financial Intelligence Units Principles for Information Exchange Between Financial Intelligence Units, June 2013, 3, p. 3-4 4: ACAMS, CAMS Study Guide, 6th Edition, Chapter 3, p. 67 5: Egmont Group, Egmont Group of Financial Intelligence Units Support and Compliance Process, June 2013, [6], p. 3-4 : ACAMS, CAMS Study Guide, 6th Edition, Chapter 4, p. 91-92


NEW QUESTION # 381
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