CAMS ACTUALTEST | CAMS ONLINE TESTS

CAMS Actualtest | CAMS Online Tests

CAMS Actualtest | CAMS Online Tests

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The CAMS Certification is designed for professionals who are involved in AML compliance, including compliance officers, regulators, law enforcement officials, and financial institution employees. Certified Anti-Money Laundering Specialists certification is intended to provide these professionals with the knowledge and skills they need to effectively combat money laundering and terrorist financing.

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CAMS Online Tests - CAMS New Exam Materials

TestInsides assists people in better understanding, studying, and passing more difficult certification exams. We take pride in successfully servicing industry experts by always delivering safe and dependable exam preparation materials. You will need authentic ACAMS CAMS Exam Preparation material if you want to take the Certified Anti-Money Laundering Specialists exam to expand your career opportunities.

ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q370-Q375):

NEW QUESTION # 370
An anti-money laundering specialist has been asked to create internal anti-money laundering policies, procedures and controls for a recently chartered offshore financial institution. Which of the following should be included?

  • A. An anti-money laundering compliance program, internal audit program, and procedure manual.
  • B. A training program for senior management and staff.
  • C. Compliance requirements of host and chartering countries.
  • D. Basel Committee on Banking Supervision's capital adequacy requirements for the host country.

Answer: A,B,C


NEW QUESTION # 371
Which primary international authoritative body designates sanctions?

  • A. International Monetary Fund (IMF)
  • B. Financial Action Task Force (FATF)
  • C. United Nations (UN)
  • D. Organizationof Economic Co-operation and Development (OECD)

Answer: C


NEW QUESTION # 372
What are two requirements of United States financial institutions when conducting business with an international institution as a result of the USA PATRIOT Act? (Choose two.)

  • A. Performing due diligence on correspondent accounts
  • B. Performing enhanced due diligence on shell banks
  • C. Visiting the head office of the international financial institution
  • D. Complying with Special Measures issued under the USA PATRIOT Act

Answer: A,B

Explanation:
The USA PATRIOT Act imposes several requirements on U.S. financial institutions when dealing with foreign financial institutions, especially those that pose a high risk of money laundering or terrorist financing.
Two of these requirements are:
Performing enhanced due diligence on shell banks: A shell bank is a bank that has no physical presence in any country and is not affiliated with a regulated financial group. The USA PATRIOT Act prohibits
U.S. financial institutions from opening or maintaining correspondent accounts for shell banks, and requires them to take reasonable steps to ensure that their correspondent accounts are not being used by shell banks indirectly12.
Performing due diligence on correspondent accounts: A correspondent account is an account established by a financial institution to receive deposits from, make payments on behalf of, or handle other financial transactions for a foreign financial institution. The USA PATRIOT Act requires U.S. financial institutions to collect and verify certain information about the foreign financial institution, such as its ownership, licensing, and anti-money laundering policies, and to assess the risk of money laundering or terrorist financing associated with the correspondent account13.
References:
CAMS Certification Package - 6th Edition | ACAMS, Chapter 3: Compliance Standards for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT), pages 82-84 CAMS Certifications: How to Get CAMS Certified | ACAMS, Candidate Handbook, page 14 ACAMS CAMS Certification Video Training Course - Exam-Labs, Video 3.4: Correspondent Banking and Money Laundering Risks


NEW QUESTION # 373
During an ongoing investigation into a client's activities by a competent authority, a compliance officer should

  • A. Limit communication with regulatory and law enforcement authorities to the absolute minimum.
  • B. Ensure communication with regulatory and law enforcement authorities is conducted only through senior management.
  • C. Communicate only in writing with regulatory and law enforcement authorities in line with applicable local laws.
  • D. Communicate with regulatory and law enforcement authorities in line with applicable local laws.

Answer: D


NEW QUESTION # 374
What is the appropriate compliance control for identifying politically exposed persons (PEPs) according to the Basel Committee's paper on Customer Due Diligence for Banks?

  • A. Determining that a local figure is a PEP
  • B. Reviewing when a relationship is established
  • C. Requiring that the customer discloses that they are a PEP or an associate of a PEP
  • D. Reviewing relationships at account opening and on a periodic basis

Answer: D

Explanation:
According to the Basel Committee's paper on Customer Due Diligence for Banks1, banks should review their existing customer relationships on a regular basis, especially for higher risk categories of customers or business relationships. This includes identifying whether the customer or the beneficial owner is a PEP, either at the account opening stage or later, as a result of a change in the customer's circumstances or profile. The paper also states that banks should apply a risk-based approach to determine the appropriate level and type of due diligence depending on the risk profile of the customer or the beneficial owner.
References:
Basel Committee on Banking Supervision, Customer due diligence for banks, October 20011 FATF Guidance: Politically Exposed Persons (Recommendations 12 and 22), June 20132 ACAMS, CAMS Examination Study Guide, 6th Edition, Chapter 4 Reference: http://www.menafatf.org/sites/default/files/Newsletter/PEPs_in_relat_on_to_AMLCFT.pdf


NEW QUESTION # 375
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