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CAMS Exam topics
Candidates must know the exam topics before they start of preparation. Because it will really help them in hitting the core. Our CAMS dumps will include the following topics:
- Maintenance of an effective AML/CFT compliance program
- The Financial Action Task Force (FATF) Recommendations, the Basel Committee’s Report on client Due Diligence and also the Wolfsberg cluster Principles
- Recognition of AML compliance risks
- The assistance of institutional investigations
- How to manage and support a money laundering investigation
- AML/CFT compliance program designs in several business settings
- Money laundering and terrorist financing methods
- Important elements of an Anti-Money Laundering (AML) program
- Comply standards for anti-money laundering (AML) and combating the financing of terrorism (CFT)
- Money laundering risks and strategies, like Black Market Peso Exchange and import and export price manipulation
- SAR and STR filing
- Conducting or supporting the investigation process
Certification Path
The CAMS Certified Anti-Money Laundering Specialist certification path includes only one CAMS certification exam.
NEW QUESTION 162
You need to configure versioning and logging for Azure Machine Learning models.
Which Machine Learning service application should you use?
- A. Activities
- B. Experiments
- C. Models
- D. Deployments
- E. Pipelines
Answer: D
Explanation:
Explanation/Reference:
References:
https://docs.microsoft.com/en-us/azure/machine-learning/service/how-to-enable-logging#logging-for-deployed- models
NEW QUESTION 163
Who has the ultimate responsibility within a bank for ensuring that the bank has a comprehensive and effective Bank Secrecy Act / anti-money laundering (BSA/AML) program and oversight framework that is reasonably designed to ensure compliance with applicable regulations?
- A. Business line managers
- B. BSA/AML compliance officer
- C. Board of directors
- D. Senior management
Answer: C
Explanation:
Explanation/Reference:
NEW QUESTION 164
A client who owns a swimming pool company requests to open 19 accounts at a bank, each with a debit card for its swimming pool technicians. When asked about the purpose of each account, the client explains that each technician needs a separate checking account to purchase pool chemicals.
Which available source could be used in the bank's internal investigation on this client's activities?
- A. Local law enforcement investigation report
- B. Interview swimming pool technicians and chemical suppliers
- C. Client's credit bureau report
- D. Internet search showing how such business are typically operated
Answer: D
NEW QUESTION 165
What is one of the indicia of a Black Market Peso Exchange?
- A. A wire transfer from a third party not connected with a transaction
- B. A large deposit of pesos converted into U.S. dollars
- C. An illegal entity that exchanges pesos for U.S. dollard for illegal immigrants
- D. A transfer of U.S. dollars to Central or Sourth America to be converted into pesos
Answer: A
NEW QUESTION 166
Once a financial institution has reported suspicious transactions on a valued customer, it should cooperate with competent authorities by
- A. Submitting information upon receiving a legal request from parties involved in a civil lawsuit.
- B. Hinting to the customer that she should come in and explain her behavior.
- C. Providing the supporting documentation to competent authorities upon request.
- D. Maintaining adequate written documentation of all individuals and transactions reported.
Answer: C
NEW QUESTION 167
A bank compliance officer has implemented enhanced monitoring rules that have identified some unusual activity that may be indicative of human trafficking.
Which red flag should prompt additional transactional review?
- A. Cash deposits that occur in cities where the customer does not reside or conduct business
- B. Cash deposits that occur in cities where the customer does not reside or conduct business followed by same-day withdrawals
- C. Cash deposits that occur in cities where the customer resides and conducts business
- D. Wire transfer activity from countries with significant migrant populations
Answer: A
NEW QUESTION 168
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. Dealers in art, when they engage in any cash transaction with a customer at or above a designated threshold
- B. Real estate agents when they are involved in transactions for clients concerning buying and selling properties
- C. Trust and company service providers
- D. casinos, when customers engage in financial transactions equal to or above a designated Threshold
Answer: A,B,C
NEW QUESTION 169
Which three definitions of money laundering are included in the expanded definition of the European Union Fourth Directive? (Choose three.)
- A. The transfer of cash in excess of 15,000 euros across country borders regardless of whatever the cash was derived from criminal activity
- B. The acquisition or use of property knowing, when it was received, that it was derived from criminal activity
- C. The conversion or transfer of property with knowledge that it is derived from criminal activity
- D. The creation of shell companies to disguise the identity of its owners
- E. Concealing or disguising the nature, source, location, disposition, movement, rights with respect to, or ownership of property, knowing that the property is derived from criminal activity
Answer: B,C,E
NEW QUESTION 170
A financial institution receives a regulatory enforcement action because of deficiencies in its anti-money laundering program.
Which action should the board of directors take?
- A. Instruct the compliance officer to develop a plan to remediate the institution's anti-money laundering program
- B. Hire an attorney with instructions to protest the enforcement action
- C. Terminate the compliance officer and staff
- D. Purchase and install a new suspicious activity monitoring system
Answer: A
NEW QUESTION 171
What is a major money laundering risk associated with a number of prepaid cards as opposed to credit or debit cards?
- A. The anonymous access to funds
- B. The global access to cash through ATMs
- C. The inability to load the card with cash
- D. The risk of losing the prepaid cards
Answer: A
NEW QUESTION 172
A casino incorporated in an offshore location approaches a financial institution to open an account relationship. The casino operates in a country that complies with Financial Action Task Force 40 Recommendations. The casino provides documentation of beneficial ownership. According to the Financial Action Task Force 40 Recommendations, the primary concern for the financial institution prior to opening the account is to
- A. Ensure the financial institution knows the casino's customers.
- B. Secure gaming insurance.
- C. Determine whether the casino conducts on-line gaming.
- D. Verify the casino is licensed.
Answer: D
NEW QUESTION 173
Which example describes the vulnerability of the securities sector for money laundering?
- A. Broker-dealers generally have a higher percentage of inexperienced staff
- B. A broker-dealer must have a customer identification program in place
- C. Compensation for broker-dealers is generally based on commissions
- D. A non-U.S. person seeks to open a brokerage account with a U.S. broker-dealer
Answer: C
NEW QUESTION 174
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. respondent bank, certifying that they do not do business with shell banks.
- D. correspondent bank, certifying that they do not open correspondent accounts for alternative remittance companies.
Answer: D
Explanation:
Explanation
Explanation/Reference:
The information contained in this Certification is sought pursuant to Sections 5318(j) and 5318(k) of Title 31 of the United State Code, as added by sections 313 and 319(b) of the USA PATRIOT Act of 2001 (Public Law 107-56).
This Certification should be completed by any foreign bank that maintains a correspondent account with any
U.S. bank or broker-dealer in securities (a covered financial institution as defined in 31 CFR 1010.605(e)). An entity that is not a foreign bank is not required to complete this Certification.
A foreign bank is a bank organized under foreign law and located outside of the United States (see definition at 31 CFR 1010.100(u)). A bank includes offices, branches, and agencies of commercial banks or trust companies, private banks, national banks, thrift institutions, credit unions, and other organizations chartered under banking laws and supervised by banking supervisors of any state (see definition at 31 CFR
1010.100(d)).
A correspondent account for a foreign bank is any account to receive deposits from, make payments or other disbursements on behalf of a foreign bank, or handle other financial transactions related to the foreign bank.
Special instructions for foreign branches of U.S. banks: A branch or office of a U.S. bank outside the United State is a foreign bank. Such a branch or office is not required to complete this Certification with respect to Correspondent Accounts with U.S. branches and offices of the same U.S. bank.
NEW QUESTION 175
What are some of the methods for sharing information and cooperating on an international basis? Choose 3 answers
- A. Regulatory sharing through Supervisory Channels
- B. International Money Laundering Information Network
- C. Mutual Assistance Legal Treaties
- D. Issuance subpoenas
Answer: A,B,C
NEW QUESTION 176
How should a financial institution respond to a verbal request from a law enforcement agency to keep an account open to assist in an investigation?
- A. Agree to keep the account open
- B. Request a subpoena to maintain the account
- C. Request a search warrant from the local court
- D. Request a letter on the agency's letterhead
Answer: D
Explanation:
Explanation
Explanation/Reference: http://files.acams.org/pdfs/English_Study_Guide/Chapter_5.pdf (12)
NEW QUESTION 177
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