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Free PDF ACAMS - CAMS - Certified Anti-Money Laundering Specialists Pass-Sure Valid Exam Sims

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The CAMS exam consists of multiple-choice questions that cover four main areas: AML Compliance Programs, Money Laundering Risks and Methods, Compliance Standards for Anti-Money Laundering and Combating the Financing of Terrorism, and Conducting and Supporting AML Investigations. CAMS exam is designed to test the knowledge and skills of AML professionals at all levels, from entry-level to advanced practitioners. The CAMS certification is valid for three years, and individuals must maintain their certification by earning continuing education credits.

The Certified Anti-Money Laundering Specialists (CAMS) Certification Exam is a globally recognized certification that is designed to equip professionals with the knowledge and skills required to detect and prevent money laundering activities. Certified Anti-Money Laundering Specialists certification is offered by the Association of Certified Anti-Money Laundering Specialists (ACAMS), which is the largest international membership organization for anti-money laundering professionals. The CAMS Certification is highly respected and recognized by regulatory bodies, financial institutions, and law enforcement agencies around the world.

ACAMS CAMS Certification Exam is an essential credential for professionals in the financial crime prevention industry. It provides a comprehensive understanding of AML regulations and best practices and demonstrates a commitment to professional development and excellence. With the ever-increasing threat of money laundering and terrorist financing, the demand for CAMS-certified professionals is expected to continue to grow, making the certification a valuable investment in one's career.

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q683-Q688):

NEW QUESTION # 683
Which test should be included in a bank's Office of Foreign Assets Control sanctions screening audit program?

A. Ensuring that all clients with foreign identification are subject to enhanced due diligence
B. Examining Human Resources processes for conducting criminal background checks on executives
C. Looking at copies of suspicious activity reports filed with regulators to ensure completeness
D. Reviewing wire transfer screening processes to ensure that potential name hits are investigated promptly

Answer: D

Explanation:
---Wire transfers are one of the most common methods of moving funds across borders and jurisdictions, and therefore pose a high risk of violating OFAC sanctions. A bank's OFAC sanctions screening audit program should include a test to review the wire transfer screening processes to ensure that potential name hits are investigated promptly and appropriately, and that any blocked or rejected transactions are reported to OFAC in a timely manner. This test would help the bank to assess the effectiveness of its screening system, identify any gaps or weaknesses, and demonstrate its compliance with OFAC regulations.
:
A Framework for OFAC Compliance Commitments1, page 4, section 4: Testing and Auditing OFAC Framework for Sanctions Compliance Programs2, page 2, section 4: Testing and Auditing OFAC Sanctions List Search Tool3

NEW QUESTION # 684
A Financial Intelligence Unit (FIU) in a country has received a SAR involving significant suspicious fund transfers, not only within its jurisdiction but also in a foreign country. Further information is required from the foreign country to determine whether the matter needs to be referred for prosecution locally.
Which of the following statements is true in this scenario?

A. Any information related to money laundering can be received from any organization at any time, regardless of jurisdiction.
B. It is against international laws on data protection to access information from foreign countries.
C. Countries that are members of the Egmont Group can request assistance for information from each other.
D. Sovereignty of nations means that information cannot be accessed from foreign countries.

Answer: C

Explanation:
International cooperation is essential in AML investigations, and the Egmont Group facilitates FIU-to-FIU information sharing.
Option D (Correct): Egmont Group members can request and share information for AML/CFT investigations.
Option A (Incorrect): Sovereignty does not prevent cooperation under proper agreements.
Option B (Incorrect): AML laws allow data sharing under legal frameworks like Mutual Legal Assistance Treaties (MLATs).
Option C (Incorrect): Information sharing is restricted to FIUs and authorized agencies, not all organizations.

NEW QUESTION # 685
Which of the following represents the first Financial Action Task Force initiative?

A. The 40 Recommendations on Money Laundering
B. The Special Recommendations on Terrorist Financing
C. The Report on Non-Cooperative Countries and Territories
D. The Report on Money Laundering Typologies

Answer: A

NEW QUESTION # 686
In order to protect investigative materials from disclosure when conducting an internal Investigation of any employee of a financial institution, legal counsel of that financial should ____________?

A. Not mark files or documents with privileged and Confidential: Attorney-Client Privilege and/or Work-Product.
Those marks will only encourage law enforcement or opposing attorneys to seize those files
B. Let the bank hire any and all contract investigators to conduct the internal investigation. That way Legal is not a party to the action and may remain independent
C. Request formal company authorization to conduct the investigation. Such authorization should be granted, if possible, by the board of directors or audit committee
D. Refuse to provide any records or documents to law enforcement because the bank has client privilege with its bank customers

Answer: C

NEW QUESTION # 687
A precious metals dealer opens a new account with a bank. Which requires a referral to AML investigations for further review?

A. International outgoing wires to diamond dealers that are part of the diamond pipeline
B. International incoming payments from foreign companies in which the precious metals dealer has an established relationship
C. Multiple daily point of sale transactions from third parties that appear to be individuals
D. Payments on the account reference unknown companies from high-risk jurisdictions

Answer: D

Explanation:
According to the ACAMS Study Guide for the CAMS Certification Exam (6th edition), page 211, dealers in precious metals and stones (DPMS) are vulnerable to money laundering and terrorist financing risks due to the high value, portability, and fungibility of their products. Therefore, DPMS should apply a risk-based approach to their AML/CFT compliance program and monitor their customers and transactions for any red flags or suspicious activities. One of the red flags for DPMS is receiving payments from or sending payments to unknown or unverified third parties, especially if they are located in high-risk jurisdictions that have weak AML/CFT controls, are subject to sanctions, or are known to be sources or destinations of illicit funds.
Suchpayments may indicate that the DPMS is being used as a conduit or a front for money laundering, terrorist financing, tax evasion, or other criminal activities. Therefore, if a precious metals dealer opens a new account with a bank and receives or makes payments that reference unknown companies from high-risk jurisdictions, the bank should refer the account to AML investigations for further review and verification of the source and purpose of the funds, the identity and legitimacy of the third parties, and the nature and rationale of the business relationship.
References:
ACAMS Study Guide for the CAMS Certification Exam (6th edition), page 2111 FATF Guidance on the Risk-Based Approach for Dealers in Precious Metals and Stones2 Risk-Based Approach for Dealers in Precious Metals and Stones (DPMS)3

NEW QUESTION # 688
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