UNPARALLELED NEW CAMS EXAM BOOTCAMP, ENSURE TO PASS THE CAMS EXAM

Unparalleled New CAMS Exam Bootcamp, Ensure to pass the CAMS Exam

Unparalleled New CAMS Exam Bootcamp, Ensure to pass the CAMS Exam

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q75-Q80):

NEW QUESTION # 75
Which scenario is closest to the definition of money laundering the United Nations Convention against Transnational Organized Crime and Other Protocols provided?

  • A. Filing a suspicious transaction report when you know or suspect money laundering is taking place
  • B. Assisting a client in a property conveyance by effecting the transfer of ownership from the seller to the purchaser when you don't know the purchaser
  • C. Knowingly financing a resort development with the proceeds of arms trafficking
  • D. Discussing your suspicions with a client, thus giving the client the opportunity to switch service providers and to cover his tracks in future transactions

Answer: C

Explanation:
Option B is closest to the definition of money laundering provided by the United Nations Convention against Transnational Organized Crime and Other Protocols, which states that money laundering is "the conversion or transfer of property, knowing that such property is the proceeds of crime, for the purpose of concealing or disguising the illicit origin of the property or of helping any person who is involved in the commission of the predicate offence to evade the legal consequences of his or her action". In this scenario, the person is knowingly financing a resort development with the proceeds of arms trafficking, which is a crime, and thus concealing or disguising the illicit origin of the property.
Reference:
CAMS Certification Package - 6th Edition | ACAMS1
CAMS Certifications: How to Get CAMS Certified | ACAMS2
ACAMS CAMS Certification Video Training Course - Exam-Labs3
Exam CAMS: Certified Anti-Money Laundering Specialist (the 6th edition)4 United Nations Convention against Transnational Organized Crime and the Protocols Thereto


NEW QUESTION # 76
A law enforcement official calls a bank inquiring about a customer who is currently under investigation. The law enforcement official requests information about the customer.
How should the bank respond?

  • A. Confirm the customer is either a current or former customer
  • B. Request a formal letter be submitted to verify the validity of the request
  • C. Provide the requested information to help aid in the investigation
  • D. Inform the board of directors before responding to the request

Answer: B


NEW QUESTION # 77
In order to demonstrate commitment to AML compliance within a bank, the Board of Directors should:

  • A. keep senior management apprised of key developments in the AML regime and the impact of applicable laws and legislations.
  • B. ensure senior management maintains accountability for the effectiveness of the AML program implementation.
  • C. monitor the fulfilment of AML compliance duties within the bank.
  • D. establish a written AML policy that contains the basic principles to be followed by staff from the top down.

Answer: D

Explanation:
According to the Anti-Money Laundering Specialist (the 6th edition) resources, one of the essential elements of an effective AML program is the establishment of a written AML policy that sets out the bank's commitment to comply with the applicable AML laws and regulations, as well as the roles and responsibilities of the board of directors, senior management, and staff in implementing the AML program. The AML policy should also include the bank's risk assessment, customer due diligence, transaction monitoring, record keeping, reporting, training, and audit procedures. The AML policy should be approved by the board of directors and communicated to all staff from the top down. The other options are not incorrect, but they are not the primary responsibility of the board of directors in demonstrating commitment to AML compliance.
Reference:
: ACAMS Study Guide for the Certified Anti-Money Laundering Specialist (the 6th edition), Chapter 8: Anti-Money Laundering Programs, page 221.
: ACAMS Study Guide for the Certified Anti-Money Laundering Specialist (the 6th edition), Chapter 8: Anti-Money Laundering Programs, page 224.


NEW QUESTION # 78
To ensure compliance with economic sanctions established by governmental authorities in the jurisdictions where it operates, a financial institution requires that all new and existing customers be screened at onboarding and quarterly thereafter.
Is this step sufficient to ensure compliance?

  • A. No, screening should occur promptly after list updates
  • B. No, it is necessary to screen and perform enhanced due diligence on new relationships
  • C. Yes, this is recommended by the international guidance
  • D. Yes, screening all existing customer relationships ensures the institutions is not dealing with a sanctioned individual or entity

Answer: C


NEW QUESTION # 79
Which risk factors are considered when assessing risk rating of customers? (Select Three.)

  • A. Credit risk
  • B. Fraud risk
  • C. Product risk
  • D. Employment risk
  • E. Customer risk
  • F. Geographic risk

Answer: C,E,F

Explanation:
When assessing the risk rating of customers, financial institutions should consider various factors that may indicate the potential for money laundering, terrorist financing, or other illicit activities. According to the ACAMS Study Guide for the CAMS Certification Examination1, some of the key risk factors are:
Customer risk: This refers to the characteristics of the customer that may affect their risk profile, such as their identity, occupation, source of funds, business activities, reputation, and political exposure. For example, customers who are politically exposed persons (PEPs), cash-intensive businesses, non-resident customers, or customers with complex ownership structures may pose a higher risk of money laundering or terrorist financing.
Geographic risk: This refers to the location of the customer, their business, or their transactions, and the level of risk associated with that location. For example, customers who are based in, operate in, or transact with jurisdictions that have weak anti-money laundering (AML) regulations, high levels of corruption, or are subject to sanctions or embargoes may pose a higher risk of money laundering or terrorist financing.
Product risk: This refers to the type of products or services that the customer uses or offers, and the level of risk associated with those products or services. For example, customers who use or offer products or services that are anonymous, complex, or facilitate cross-border transactions may pose a higher risk of money laundering or terrorist financing.
Other risk factors that may be considered include transaction risk, delivery channel risk, and industry risk2.
However, these are not among the options given in the question.
References: = Some of the references that support this answer are:
ACAMS Study Guide for the CAMS Certification Examination, Chapter 4, Section 4.1, pages 97-99:
"Customer Risk Factors", "Geographic Risk Factors", "Product Risk Factors".
Customer Risk Rating: Connecting Customer Risk Rating With Due Diligence, Section "Customer Risk Rating Factors": "Transaction Risk Factors", "Delivery Channel Risk Factors", "Industry Risk Factors".


NEW QUESTION # 80
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