[Feb 19, 2022] Latest CAMS Certification CAMS Actual Free Exam Questions
CAMS Certification CAMS Dumps Updated Practice Test and 405 unique questions
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Step 1: Fill your contact and membership information form Step 2: Select your CAMS exam package and certification language Step 3: Select any payment method and write the certification name Step 4: Mail or Fax exam application with attached necessary documents (diploma, copies etc) that fulfill the 40 credit prerequisite to this address:
ACAMS Attn. Certification Department Brickell City Tower 80 Southwest 8th Street, Suite 2350 Fax: +1.305.373.7788 or +1.305.373.5229
NEW QUESTION 241
When providing reporting of STRs to the board, which of the following should be provided?
- A. A summary of all key STRs, including PEPs and key employees
- B. A numerical summary of all the STRs
- C. A numerical summary of all the STRs and a summary of key STRs, including PEPs, keyemployees
- D. All the STRs filed with the national FIU
Answer: A
NEW QUESTION 242
A financial institution files a suspicious transaction report on a customer as the result of a high volume of large currency deposits to pay off a loan. A law enforcement officer calls the anti-money laundering officer to discuss the suspicious transaction report. Which of the following is the anti-money laundering officer legally permitted to do?
1. Discuss any aspects of the reported activity.
2. Provide copies of the customer's loan documents.
3. Explain the customer's loan payment history.
4. Send the deposit documents referenced in the suspicious transaction report.
- A. 1 and 2 only
- B. 1 and 4 only
- C. 2 and 3 only
- D. 2 and 4 only
Answer: C
NEW QUESTION 243
A customer living in a high-risk jurisdiction makes frequent, large cash deposits at a bank. The same customer sends small wire transfers to unrelated parties in other high-risk jurisdictions.
What are two red flags that may indicate money laundering? (Choose two.)
- A. Large cash deposits are from a high-risk jurisdiction
- B. The bank allows cash deposits
- C. Wire transfers are to high-risk jurisdiction
- D. The client resides in a high-risk jurisdiction
Answer: A,C
Explanation:
Explanation/Reference: https://aml-cft.net/library/banks-amlcft-red-flags/
NEW QUESTION 244
An anti-money laundering specialist is employed by a large multi-national bank. The bank is planning to open an international department that will be responsible for expanding services to various countries. The head of the new international department has asked the specialist to assess risks associated with the bank's expansion plans. Which of the following materials should be included as a reference?
1. USA PATRIOT Act
2. Financial Action Task Force 40 Recommendations
3. Customer Due Diligence for Banks issued by the Basel Committee on Banking Supervision
4. The Egmont Group Statement of Purpose
- A. 1, 3, and 4 only
- B. 1, 2, and 3 only
- C. 1, 2, and 4 only
- D. 2, 3, and 4 only
Answer: B
NEW QUESTION 245
The Board of Directors for a small private bank has asked the management to no longer apply the identity requirements for high net worth individuals to protect their privacy. Which of the following Financial Action Task Force 40 Recommendations should cause an anti-money laundering specialist the most concern?
- A. Financial institutions should not keep anonymous accounts.
- B. Financial institutions should maintain all necessary suspicious transaction report records on transactions, both domestic are international, for at least 5 years.
- C. If financial institutions suspect that funds stem from criminal activity, they should be required to close the account.
- D. Financial institutions should not warn their customers when information relating to them is being reported to the competent authorities.
Answer: A
NEW QUESTION 246
Can trading in antiques be useful for money laundering?
- A. No, because the antiques market is rather small and unusual transactions would draw attention.
- B. Yes, because cash is often physically hidden within the antiques themselves.
- C. No, because antique sales and purchases are highly regulated worldwide.
- D. Yes, because antiques can be of high value and often easily transported.
Answer: D
NEW QUESTION 247
A profitable commercial customer who operates an import-export business has multiple accounts with the same institution at branches in different locations. The customer receives funds from a jurisdiction perceived as highly corrupt according to Transparency International ratings. The customer makes frequent transfers among the accounts and prefers to manage the accounts separately. What should the institution do to mitigate the risk associated with these accounts?
- A. Develop a system to monitor all the activity
- B. Diminish the importance of the subjective Transparency International rating
- C. File a suspicious transaction report
- D. Conduct a trade-pnce manipulation analysis
Answer: C
NEW QUESTION 248
Which three elements should be considered in an institution's enhanced due diligence process to assure itself that it has secured sufficient understanding of its higher risk respondent bank customers according to the Wolfsberg Principles on Correspondent Banking?
- A. The sources of wealth for all significant ownership interests
- B. Whether a Politically Exposed Person (PEP) has an interest or management role in therespondent
- C. A risk-based determination as to whether or not the respondent is a shell bank
- D. The quality of the respondent's AML and client identification controls
Answer: A,C,D
NEW QUESTION 249
Which statement identifies one of the duties of a government Financial Intelligence Unit?
- A. It supervises and regulates banking institutions to ensure the safety and soundness of the nation's banking and financial system.
- B. It administers and enforces economic and trade sanctions based on a government's foreign policy and national security goals.
- C. It prosecutes suspected money launderers and terrorist financiers based on financial institution suspicious transaction report filings.
- D. It serves as the central agency for the receipt of disclosures filed by reporting entities.
Answer: C
NEW QUESTION 250
The compliance officer for a private bank has been tasked with writing a policy on how the bank will deal with intermediaries.
Which two aspects should be included in the policy in respect of intermediaries to align it with the Wolfsberg Anti-Money Laundering Principles for Private Banking? (Choose two.)
- A. Where an intermediary manages assets on behalf of a number of clients and arranges for the opening of accounts for its clients with the bank, and that intermediary is a financial institution subject to similar regulations, it is necessary for the bank to perform due diligence on the intermediary's clients.
- B. Where an intermediary manages assets on behalf of a number of clients and is the account holder with the bank, but that intermediary does not conduct the same level of due diligence as the bank, it is necessary for the bank to undertake due diligence on the intermediary's clients.
- C. Where an intermediary introduces clients to the bank, the bank must obtain the same type of information with respect to an introduced client that would otherwise be obtained by the bank, absent the involvement of the intermediary.
- D. When an intermediary introduces clients to the bank, it is not necessary for the bank to perform due diligence on the intermediary's clients.
Answer: A,C
NEW QUESTION 251
Note: This question is part of a series of questions that present the same scenario. Each question in the series contains a unique solution that might meet the stated goals. Some question sets might have more than one correct solution, while others might not have a correct solution.
After you answer a question, you will NOT be able to return to it. As a result, these questions will not appear in the review screen.
You are deploying an Azure Machine Learning model to an Azure Kubernetes Service (AKS) container.
You need to monitor the scoring accuracy of each run of the model.
Solution: You configure Azure Application Insights.
Does this meet the goal?
- A. Yes
- B. No
Answer: A
Explanation:
Explanation/Reference:
References:
https://docs.microsoft.com/en-us/azure/machine-learning/service/how-to-enable-data-collection
https://docs.microsoft.com/en-us/azure/machine-learning/service/how-to-enable-app-insights
NEW QUESTION 252
What is a criterion for FATF membership?
- A. The country should have already implemented the standards of the European Union Directives
- B. The country should be a member of a FATF-style regional body
- C. The country should have already implemented all of the FATF Recommendations
- D. The country should be democracy
Answer: B
NEW QUESTION 253
According to the Basel Committee on Banking Supervision standards, which statements best describe sound practices in relation to customer due diligence (CDD) policies and procedures? (Choose three.)
- A. Banks should identify its customers based on a general-rules based assessment without considering the expected size and use of the account.
- B. Banks should develop and implement clear acceptance policies and procedures to identify the types of customer that are likely to pose a higher risk of financing terrorism or money laundering.
- C. Banks should use CDD procedures based in another bank's standards when subject to the same criteria for handling funds of a shared customer.
- D. Banks should never allow for verification to be completed after the establishment of the business relationship since it would not be essential for the normal conduct of business.
- E. Banks should take into consideration the occasional banking transaction or the size/level of assets to build an understanding of the customer's profile and behavior.
- F. Banks should implement enhanced due diligence measures for entering business relationships with high-risk customers, such as approval by senior management.
Answer: A,E,F
NEW QUESTION 254
Which red flag should a compliance officer prioritize first for investigation?
- A. A convenience store cashes government checks for its customers in amounts less than $1,000 USD per day.
- B. A customer has 20 monthly transactions that are repetitive but less than $500 USD per transaction.
- C. A loan is paid off in full with cash after the sale of the vehicle that was used as collateral for the loan.
- D. Several cross-border transfers are received and immediately wired to another beneficiary.
Answer: B
NEW QUESTION 255
What are some of the methods for sharing information and cooperating on an international basis? Choose 3 answers
- A. Issuane subpoenas
- B. International Money Laundering Information Network
- C. Mutual Assistance Legal Treaties
- D. Regulatory sharing through Supervisory Channels
Answer: B,C,D
NEW QUESTION 256
In 2004, Consolidated KYC Risk Management was issued by the Basel Committee on Banking Supervision (BCBS). What is a key message in this document?
- A. KYC Risk Management required a yearly consolidation effort
- B. Policies and procedures should be designed not merely to comply strictly with all relevant lawsand regulations
- C. Consolidated KYC risk management for a group is critical and trumps jurisdictional rules hat limitinformation sharing
- D. KYC Risk Management means as established decentralized process for promulgating policies andprocedures
Answer: C
NEW QUESTION 257
An automotive parts company in South America sends multiple $500,000 wire transfers per week to ABC Holdings Ltd. in Asia referencing payment for silk flower shipments. Research reveals Sunrise Holdings, Ltd is registered in the British Virgin Islands with no available ownership information.
What are two red flags that indicate how trade-based money laundering could be occurring in this instance?
(Choose two.)
- A. The type of commodity being shipped appears inconsistent with the exporter or importer's regular business activities
- B. The transaction involves the use of front (or shell) companies
- C. Significant discrepancies appear between the description of the commodity on the bill of lading and the invoice
- D. The packaging is inconsistent with the commodity or shipping method
Answer: A,B
NEW QUESTION 258
What is an essential element of Know Your Customer (KYC) standards according to the Basel Committee's Customer Due Diligence for Banks paper?
- A. The same KYC requirements must be applied in all cases
- B. All completed KYC documents must be reviewed by a senior manager not involved in the account opening process
- C. A customer acceptance policy
- D. Annual staff training
Answer: C
Explanation:
Explanation/Reference: https://www.bis.org/publ/bcbs77.pdf
NEW QUESTION 259
What is a key objective of the Egmont Group?
- A. To provide best practices for financial institutions on how to report suspicious activity to best share the information with law enforcement.
- B. To issue binding standards that establish consistently operated Financial Intelligence Units in member jurisdictions.
- C. To find ways to promote the development of Financial Intelligence Units and the sharing of expertise.
- D. To safeguard the financial system from illicit use and combat money laundering and promote national security.
Answer: D
NEW QUESTION 260
In the summer, an institution identifies anti-money laundering concerns regarding a customer's account activity.
The customer, an ice cream parlor, has deposited a lot of checks drawn on banks in foreign countries, sent large number of high dollar international wires to different countries, made cash deposits of a few hundred dollars every few days and written multiple checks for a few hundred dollars to the same dozen payees every two weeks.
Which two transaction types warrant investigation? (Choose two.)
- A. The wires to foreign countries
- B. Repeated checks to the same payees
- C. Regular cash deposits
- D. Checks drawn on banks in foreign countries
Answer: A,D
NEW QUESTION 261
What is a key element required to ensure an anti-money laundering compliance program is effectively embedded into an institution's culture?
- A. A record retention policy
- B. Ongoing training
- C. An internal audit
- D. Peer review
Answer: B
NEW QUESTION 262
......
The benefit in Obtaining the CAMS Exam Certification
- Meeting mandated AML training needs through preparation and study
- ACAMS conducted a survey recently and the findings were pretty interesting on average, professionals who had their ACAMS made $25,000 more than their colleagues who did not have the CAMS certification!
- Protecting their company from money laundering threats and minimize money crime risks
- Increasing their skilled worth through a higher understanding of financial crime detection and hindrance techniques
- Proving their AML experience to examiners and regulators
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