QUIZ UNPARALLELED RELIABLE CAMS EXAM DUMPS - TEST CERTIFIED ANTI-MONEY LAUNDERING SPECIALISTS SIMULATOR ONLINE

Quiz Unparalleled Reliable CAMS Exam Dumps - Test Certified Anti-Money Laundering Specialists Simulator Online

Quiz Unparalleled Reliable CAMS Exam Dumps - Test Certified Anti-Money Laundering Specialists Simulator Online

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q665-Q670):

NEW QUESTION # 665
An anti-money laundering specialist is concerned that several suspicious transaction reports will discuss potential illegal activity of bank employees.
In this situation, which of the following is the immediate concern for the institution?

  • A. The type of form to be used when reporting to the Board.
  • B. Prohibiting distribution of suspicious transaction report copies to the Board.
  • C. The timing of the presentation of suspicious transaction reports to the competent authority.
  • D. Ensuring no delay in informing the Board.

Answer: C


NEW QUESTION # 666
the Financing of Terrorism (CFT)]
According to the Basel Committee's principles on customer due diligence, a bank should:

  • A. maintain systems to detect suspicious transactions based on a customer's velocity and volume patterns.
  • B. obtain the information to establish the identity of a customer, beneficial owners, and any person acting on behalf of the customer,
  • C. file a suspicious activity report when there is reason to believe the bank is being used for criminal activity.
  • D. refuse to conduct ongoing business with a customer who fails to provide proper identification documentation.

Answer: B

Explanation:
According to the Basel Committee's principles on customer due diligence, banks must obtain the necessary information to establish the identity of their customers, beneficial owners, and any persons acting on behalf of their customers. This includes verifying the identity of the customer and the beneficial owners and assessing the customer's risk profile. Additionally, banks must conduct ongoing due diligence to ensure that the customer does not give rise to suspicions of money laundering or terrorist financing [1].


NEW QUESTION # 667
Which three should real estate agents include in the criteria to assess their company's potential money laundering and terrorist financing risks when implementing a reasonable risk-based approach?

  • A. Customer Risk
  • B. Credit Risk
  • C. Transaction Risk
  • D. Geographic Risk

Answer: A,C,D

Explanation:
According to the Wolfsberg Principles on Correspondent Banking1, an institution should consider the following three elements in its enhanced due diligence process for higher risk respondent bank customers:
The quality of the respondent's AML and client identification controls: The correspondent should assess the adequacy and effectiveness of the respondent's AML policies, procedures, and systems, as well as its compliance with applicable AML laws and regulations. The correspondent should also verify that the respondent has implemented appropriate customer identification and verification measures, and that it maintains sufficient records of its customers and transactions.
A risk-based determination as to whether or not the respondent is a shell bank: The correspondent should ensure that the respondent is not a shell bank, which is defined as a bank that has no physical presence in any country and is not affiliated with a regulated financial group. The correspondent should also avoid establishing or maintaining relationships with banks that are known to allow their accounts to be used by shell banks.
Whether a Politically Exposed Person (PEP) has an interest or management role in the respondent: The correspondent should identify and assess the potential risks associated with any PEPs who have an ownership or management interest in the respondent, or who are customers of the respondent. The correspondent should apply enhanced scrutiny and monitoring to such relationships, and obtain senior management approval before establishing or continuing them.
References:
Wolfsberg Correspondent Banking Principles 2022 by the Wolfsberg Group, October 2022.
Reference:
http://www.fatf-gafi.org/media/fatf/documents/reports/RBA%20Guidance%20for%20Real%20Estate%20Agents (page 20, second paragraph)


NEW QUESTION # 668
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. During product development to develop reports for the Board.
  • B. After product development to confer with the legal department.
  • C. During product development to perform a risk assessment of the product.
  • D. After product development to perform an assessment of the product.

Answer: C

Explanation:
The anti-money laundering officer should advise the bank that compliance should have been involved during product development to perform a risk assessment of the product. This is because stored-value cards are considered high-risk products for money laundering and terrorist financing, as they can be used to store, transfer, or access funds anonymously, across borders, or through third parties. A risk assessment would help the bank identify and mitigate the potential vulnerabilities and threats associated with the product, such as customer due diligence, transaction monitoring, record keeping, reporting, and training. A risk assessment would also help the bank comply with the regulatory requirements and expectations for offering such products, as well as the industry best practices and standards.
References:
ACAMS CAMS Certification Study Guide, 6th Edition, Chapter 5, Section 5.3.2, p. 140-1411 ACAMS CAMS Certification Exam Outline, 6th Edition, Domain 1, Task 1.1, p. 42 FATF Guidance on the Risk-Based Approach for Prepaid Cards, Mobile Payments and Internet-Based Payment Services, June 2013, p. 9-103


NEW QUESTION # 669
Combating the Financing of Terrorism (CFT)]
A banker in the credit department wants to assess the risk of all customers, and contacts the compliance officer to request a list of customers with suspicious transaction report filings.
What should be done to protect suspicious transaction report information?

  • A. Seek approval from the board of directors to disclose the suspicious transaction report information
  • B. Provide the suspicious transaction report information to the credit department
  • C. Contact the credit department manager to determine how the suspicious transaction report information can be provided
  • D. Decline to provide the suspicious transaction report information to the credit department

Answer: D

Explanation:
Suspicious transaction report (STR) information is confidential and should not be disclosed to anyone outside the compliance function or law enforcement authorities. Providing STR information to the credit department could compromise the integrity of the reporting process and expose the institution to legal risks. The compliance officer should decline to provide the STR information to the credit department and explain the reasons for doing so.
:
CAMS Certification Package - 6th Edition | ACAMS, Chapter 4: Conducting and Supporting the Investigation Process, page 136 CAMS Certifications: How to Get CAMS Certified | ACAMS, Candidate Handbook, page 16 ACAMS CAMS Certification Video Training Course - Exam-Labs, Video 4.3: Suspicious Transaction Reporting Exam CAMS: Certified Anti-Money Laundering Specialist (the 6th edition), Practice Test 1,


NEW QUESTION # 670
......

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