CAMS Exam Brain Dumps - Study Notes and Theory [Nov-2022]
100% Guaranteed Results CAMS Unlimited 405 Questions
Career Path
After obtaining this specialist-level CAMS certification, individuals may go on to get more advanced CAMS designations by ACAMS, which are offered in three fields. Thus, they are the Advanced CAMS - Audit, Advanced CAMS - Financial Crimes Investigations, and Advanced CAMS - Risk Management.
NEW QUESTION 166
What is a criterion for FATF membership?
- A. The country should be a member of a FATF-style regional body
- B. The country should be democracy
- C. The country should have already implemented the standards of the European Union Directives
- D. The country should have already implemented all of the FATF Recommendations
Answer: A
NEW QUESTION 167
Which statement about a multinational institution's ability to fully investigate unusual activity in all its foreign operations is correct?
- A. Enterprise-wide compliance oversight rules issued in the global institution's headquarters country will override any local limitations in other countries.
- B. The institution should consult with the customer and request permission to conduct a full investigation into all the accounts.
- C. Certain account documents may be stored only in local language which will prohibit a global assessment.
- D. Local privacy and data protection laws may prevent an affiliate from sharing information.
Answer: A
Explanation:
Explanation
NEW QUESTION 168
A junior account manager within an international private bank in Country A noticed that one of his valued customers, who has held an account for several years in the institution, started making cash deposits in batches through various banks in Country B.
The account never received cash deposits and the junior account manager knew that banks in Country B were located very close to each other. What should the junior account manager do?
- A. Close the account.
- B. Offer the customer a more secure method of depositing in the hope of learning something more during the conversation.
- C. File a suspicious transaction report with the Financial Intelligence Unit.
- D. Notify the anti-money laundering specialist of his bank, but do not call the customer.
Answer: C
NEW QUESTION 169
The purpose of an anti-money laundering program should be to do what?
- A. Detect and report cash structuring and suspicious wire transactions
- B. Detect all illegal activity perpetrated by customers
- C. Avoid criticism and sanctions from government regulators
- D. Focus monitoring efforts on riskier transactions and customers
Answer: D
NEW QUESTION 170
A bank has opened a new account for a well-known attorney to manage client funds. During the first six months, bank staff observe the account receives multiple deposits via wire transfer. They also observe that the attorney withdraws cash, makes payments to various people, and transfers funds to the law firm's account online.
What is considered a red flag for potential money laundering in this situation?
- A. Making payment to various people
- B. Withdrawing cash
- C. Receiving multiple deposits via wire transfer
- D. Transferring funds to his law firm's account online
Answer: C
NEW QUESTION 171
When providing reporting of STRs to the board, which of the following should be provided?
- A. All the STRs filed with the national FIU
- B. A summary of all key STRs, including PEPs and key employees
- C. A numerical summary of all the STRs and a summary of key STRs, including PEPs, key employees
- D. A numerical summary of all the STRs
Answer: B
NEW QUESTION 172
A key element required to ensure an anti-money laundering compliance program is effectively embedded into an institution's culture is
- A. peer review.
- B. ongoing training.
- C. an internal audit.
- D. a record retention policy.
Answer: B
NEW QUESTION 173
A client is a wholesale auto business that operates as a used car lot. The client regularly ships vehicles internationally. In a four-month period, the client received wires totaling $ 1,250,000 from a dealer in Benin in West AfricA. All wires originated from Benin and were in increments of $50,000.
Account debits made to the account were payable to various transport companies. All incoming checks reference various vehicles purchased. Dock shipping receipts produced by the client to support account activity identify the vehicles but cannot easily be tied to the wires receives.
What is the suspicious behavior?
- A. Wires received are in large, even dollar amounts
- B. Vehicles are regularly shipped internationally
- C. The dock shipping receipts match the vehicles
- D. Account debits are payable to transport companies
Answer: A
NEW QUESTION 174
After several months of research, the Director of Marketing and the Managing Director of Business Development received approval to launch a branded, stored-value card that will be marketed to the diverse, primarily non-resident population that comprises the bank's current customer demographics. The Chief Credit Officer and the Risk Officer have also been involved in the efforts to develop the card. After the card is launched, the anti-money laundering officer is consulted. The anti-money laundering officer should advise the bank that compliance should have been involved
- A. After product development to confer with the legal department.
- B. After product development to perform an assessment of the product.
- C. During product development to perform a risk assessment of the product.
- D. During product development to develop reports for the Board.
Answer: C
NEW QUESTION 175
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 are foreign
- B. The clients have the funds necessary to fund a E30 million purchase
- C. The clients want the purchase to be made in the names of the private companies
- D. The clients are not willing to have their names provided to the bank
Answer: D
NEW QUESTION 176
In general, what is an element that a financial institution or business does not have to specifically address in an anti-money laundering program?
- A. A designated compliance officer with day-to-day oversight over the AML program
- B. An ongoing employee training program
- C. A description of its OFAC program to address government watch list screening
- D. A system of internal policies, procedures and controls
Answer: C
NEW QUESTION 177
To deter money laundering through new accounts, a financial institution should:
1. document the identity of the party opening the account.
2. determine the beneficial owner(s) of the account.
3. query owners' names against Financial Action Task Force databases.
4. seek to determine the source of deposited funds.
- A. 1, 2, and 4 only
- B. 2, 3, and 4 only
- C. 1, 2, and 3 only
- D. 1, 3, and 4 only
Answer: A
NEW QUESTION 178
Which two methods have terrorist groups used to diversify their revenue stream and to fund their operations?
(Choose two.)
- A. Smuggling cultural artifacts
- B. Engaging in civil conflict
- C. Human trafficking
- D. Engaging in wire transfer activity
Answer: A,C
Explanation:
Explanation
Art and Antiquities: Conduits for Money Laundering and Terrorist Financing Why Fight the Antiquities Trade?
More recently, groups like Daesh (Islamic State [IS]), al-Qaida, the Taliban and their affiliates have been engaged in ****cultural racketeering and terrorism in Iraq, Syria, Yemen, Afghanistan and elsewhere, converting patrimony into cash for weapons and troops****.
https://www.un.org/press/en/2015/sgsm17427.doc.htm
As Terrorists Diversify Fundraising Tactics, Greater Efforts Needed to Shut Down Illicit Channels, Secretary-General Tells Finance Ministers' Meeting Terrorists continue to adapt their tactics and diversify their funding sources. Today, Da'esh runs a multi-million-dollar economy in territories under its control. Da'esh terrorists raise money through the oil trade, extortion, undetected cash couriers, kidnapping for ransom, trafficking of humans and arms and racketeering. They loot and sell precious cultural property, shamelessly profiting from the destruction of humanity's common heritage.
NEW QUESTION 179
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 followed by same-day withdrawals
- B. Wire transfer activity from countries with significant migrant populations
- C. Cash deposits that occur in cities where the customer does not reside or conduct business
- D. Cash deposits that occur in cities where the customer resides and conducts business
Answer: A
NEW QUESTION 180
What is the primary action a financial institution should take before formulating its anti-money laundering program?
- A. It should perform a comprehensive risk analysis
- B. It should consult with its correspondent banks to determine the nature and extent of their AMLprograms
- C. It should determine how extensive and well-trained the compliance staff is
- D. It should ensure that its training modules for all employees cover all relevant AML issues
Answer: B
NEW QUESTION 181
In many jurisdictions, financial institutions are prohibited from hiring a person who has been convicted of what type of offense?
- A. Offenses involving dishonesty
- B. Protests of government action
- C. Kidnapping
- D. Driving while under the influence
Answer: A
Explanation:
Explanation
Explanation/Reference:
NEW QUESTION 182
A retail bank has just acquired a credit card business. The bank's anti-money laundering policy requires that new employees are trained within 30 days of their hire date and refresher training is delivered to all employees on an annual basis.
Is the bank's existing anti-money laundering training adequate to be delivered to employees of the newly acquired credit card business?
- A. No, anti-money laundering training needs to be tailored and focused on the risks specific to the business.
- B. Yes, the existing training covers the anti-money laundering regulations that the bank is required to follow.
- C. No, anti-money laundering training needs to be delivered face-to-face for credit card businesses.
- D. Yes, the existing training covers the bank's policies, procedures, and processes.
Answer: B
NEW QUESTION 183
A retail bank has just acquired a credit card business. The bank's anti-money laundering policy requires that new employees are trained within 30 days of their hire date and refresher training is delivered to all employees on an annual basis.
Is the bank's existing anti-money laundering training adequate to be delivered to employee of the newly acquired credit card business?
- A. No, anti-money laundering training needs to be tailored and focused on the risks specific to the business.
- B. Yes, the existing training covers the anti-money laundering regulations that the bank is required to follow.
- C. No, anti-money laundering training needs to be delivered face-to-face for credit card businesses.
- D. Yes, the existing training covers the bank's policies, procedures, and processes.
Answer: B
NEW QUESTION 184
An anti-money laundering expert is hired by a new Internet bank to assess the money laundering threat to the bank. What is the most important recommendation for the expert to make given it is an on-line bank?
- A. The bank should ensure that prospective new customers can be properly identified
- B. The bank should set up automated programs to analyze transactions for money launderingactivity
- C. The bank should limit the amount of money which can be processed per transaction
- D. The bank should ensure that a firewall is set up to protect the transactions
Answer: C
NEW QUESTION 185
A compliance officer is looking to update an institution's private bank procedures. What should be included as recommended by the Wolfsberg AML Principles on Private Banking?
- A. Review of client files annually if there are unusual transactions
- B. Dedicated automated AML monitoring of client activity
- C. Approval of Politically Exposed Persons (PEPs) by at least one person other than the relationshipmanager
- D. The institution's senior management has primary responsibility for the relationship
Answer: C
NEW QUESTION 186
Which two statements about the Wolfsberg Group are true?
- A. It focuses primarily on Know Your Customer, AML and CTF guidance
- B. It has no power to impose itsprinciples/guidance
- C. It is composed of representatives of financial intelligence units from around the world
- D. It based its original guidancearoundcombating the laundering ofproceedsof narcoticstrafficking
Answer: A,B
NEW QUESTION 187
Which two individuals are ordinarily beneficial owners of a private banking account according to the Wolfsberg Anti-Money Laundering Principles for Private Banking? (Choose two.)
- A. Those who generally have ultimate control through ownership or other means over the funds in the account
- B. Those who have legal title to a controlling share interest in the customer
- C. Those who are authorized signers on the account
- D. Those who are the ultimate source of funds for the account and whose source of wealth should be subject to due diligence
Answer: A,D
NEW QUESTION 188
You plan to perform analytics of the medical records of patients located around the world.
You need to recommend a solution that avoids storing and processing data in the cloud.
What should you include in the recommendation?
- A. the Text Analytics API that has container support
- B. Azure Machine Learning Studio
- C. Azure Machine Learning services
- D. an Apache Spark cluster that uses MMLSpark
Answer: D
Explanation:
The Microsoft Machine Learning Library for Apache Spark (MMLSpark) assists in provisioning scalable machine learning models for large datasets, especially for building deep learning problems. MMLSpark works with SparkML pipelines, including Microsoft CNTK and the OpenCV library, which provide end-to-end support for the ingress and processing of image input data, categorization of images, and text analytics using pre- trained deep learning algorithms.
References:
https://subscription.packtpub.com/book/big_data_and_business_intelligence/9781789131956/10/ ch10lvl1sec61/an-overview-of-the-microsoft-machine-learning-library-for-apache-spark-mmlspark
NEW QUESTION 189
Which product is considered to be of highest money laundering risk?
- A. Credit cards
- B. Savings accounts
- C. International wire transfers
- D. Time deposit accounts
Answer: B
Explanation:
Explanation
You cannot make international money transfers unless the money is credited to the account. So first priority saving account, subsequent risk international wire transfer
"A savings account, as well as a checking account, can be one of the riskiest financial instruments for money laundering operations given the ease with which it can be opened and operated".
NEW QUESTION 190
What indicates potential money laundering activity by a lawyer?
- A. A lawyer's trust account regularly receives wire transfers from unknown remitters in a high risk country and immediately redirects the same funds to the same remitters account in a low risk country
- B. A lawyer's account in a high risk country receives a cash deposit of an amount that is considerable below the reporting threshold
- C. A lawyer's trust account receives a large value wire transfer from a publicly listed life insurance company and then immediately transfers the same funds out to an unknown individual in a low risk country
- D. A lawyer's account in a low risk country receives a bank draft from another lawyer firm in a high risk country
Answer: A
NEW QUESTION 191
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CAMS Certified Anti-Money Laundering Specialist Exam
CAMS Certified Anti-Money Laundering Specialist Exam is designed by the Association of certified anti-money laundering specialist (ACAMS) is a global membership organization that provides training and certification, of anti-money laundering professionals worldwide. ACAMS is supporting financial AML professionals through knowledge sharing and skills development. CAMS exam tests candidates basic knowledge on setting up an AML compliance program, money laundering schemes, various international AML regulations, and how to handle AML investigations. CAMS exam is internationally recognized and a good designation for those who are looking to work in the AML field.
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