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The CAMS certification is awarded by the Association of Certified Anti-Money Laundering Specialists (ACAMS), which is a leading organization in the AML industry. ACAMS was established in 2001 to provide training and resources for AML professionals around the world. Since then, it has grown into a global organization with over 70,000 members in more than 175 countries. ACAMS offers a variety of certification programs and training courses to help individuals advance their careers in the AML industry.
NEW QUESTION # 60
Which type of sanctions are most likely to be used in order to avoid escalating violent conflicts and/or proliferation of weapons?
- A. Arms and related materials embargo
- B. Asset freeze
- C. Export and import restrictions
- D. Financial prohibitions
Answer: B
NEW QUESTION # 61
Which measure to mitigate risk does the Basel Committee's Customer Due Diligence Principles suggest banks apply when accepting business from non-face-to-face customers?
- A. Certification of documents presented
- B. Requiring an in person interview with the customer
- C. Requiring additional review of account opening documents by senior management
- D. Imposing a limit on permissible account activity for a defined period of time
Answer: A
NEW QUESTION # 62
Enhanced due diligence (EDD) may be bypassed for which situation?
- A. On-boarding a casino headquartered in the EU or US that is part of an international hotel chain, provides less than 50% of overall revenue and that fully complies with group-wide policies and procedures.
- B. On-boarding a reputable Politically Exposed Person (PEP) from the EU onto the wealth management arm of a US financial institution (FI).
- C. On-boarding a subsidiary in a high-risk country with a complex ownership structure of a long-standing and reputable customer based in the EU or US.
- D. On-boarding a branch or majority-owned subsidiary of an EU or US FI located in a high-risk third country that fully complies with group-wide policies and procedures.
Answer: D
Explanation:
Reference: https://www.trulioo.com/blog/enhanced-due-diligence
NEW QUESTION # 63
How does a regulatory body typically obtain international assistance in a money Laundering inquiry?
- A. By filing a request under Egmont guidelines
- B. By communicating with the Head of Compliance for the financial institution
- C. By submitting a request for overseas assistance to the corresponding supervisory body
- D. By contacting the FATF, Organization for Economic Co-operation and Development, or otherinternational organizations and seeking their intervention
Answer: C
NEW QUESTION # 64
Financial institutions (FIs) perform AML risk assessments to ensure:
- A. proper controls surrounding higher-risk products, services, customers, and geographic locations.
- B. satisfaction of the board of directors' approved risk appetite.
- C. a record for regulators indicating an AML risk assessment was completed at least once.
- D. internal audit assurance that all AML-related policy and procedures are board approved.
Answer: A
NEW QUESTION # 65
Following a recent exercise which explained how a correspondent banking operation could be used by money launderers, an anti-money laundering specialist decided to re-write the due diligence procedures for entering into agreements with foreign financial institutions. Which of the following information should be included to establish a rigorous "Know Your Respondent" procedure?
1.Respondent's management, nature of license, and major business activity.
2. Computer equipment and software capability.
3. The quality of supervision in the home country.
4. Respondent's location, in particular the existence of a real physical presence.
- A. 1, 2, and 4 only
- B. 1, 2, and 3 only
- C. 1, 3, and 4 only
- D. 2, 3, and 4 only
Answer: A
NEW QUESTION # 66
In addition to monitoring for suspicious activity, what are electronic monitoring systems also valuable for?
- A. Meeting mandatory regulatory requirements for system implementation
- B. Proving to the Board of Directors that the FIU is doing its job
- C. Highlighting the skills of the system analysts
- D. Identifying how customers are using products
Answer: A
NEW QUESTION # 67
The compliance officer for a bank is reviewing on-boarding documents for a new business account for a domestic corporation. The officer is unable to verify the identity of the beneficial owners of the company. Only information on the nominee owners was provided, and none of the listed addresses are local. The purpose of the business and future expected activity were disclosed to include cash letters, money orders and international remittance transfers.
Which red flag identifies a heightened money laundering risk?
- A. Expected activity was advised to include cash letter and money orders
- B. The nature and purpose of the business include international remittance transfers
- C. The names provided at account opening are identified as the corporation's representative nominees
- D. Account signer's government issued identification lists addresses outside of where the branch account was opened
Answer: B
NEW QUESTION # 68
You have thousands of images that contain text.
You need to process the text from the images to a machine-readable character stream.
Which Azure Cognitive Services service should you use?
- A. Computer Vision
- B. Text Analytics
- C. Translator Text
- D. the Image Moderation API
Answer: A
Explanation:
With Computer Vision you can detect text in an image using optical character recognition (OCR) and extract the recognized words into a machine-readable character stream.
Incorrect Answers:
A: Use Content Moderator's machine-assisted image moderation and human-in-the-loop Review tool to moderate images for adult and racy content. Scan images for text content and extract that text, and detect faces. You can match images against custom lists, and take further action.
Reference:
https://azure.microsoft.com/en-us/services/cognitive-services/computer-vision/
https://docs.microsoft.com/en-us/azure/cognitive-services/content-moderator/image-moderation-api
NEW QUESTION # 69
Which element is generally required of all anti-money laundering programs?
- A. A computer-based suspicious activity monitoring system
- B. An enhanced due diligence program for all new customers
- C. A qualified compliance officer to manage the program
- D. Annual in-person AML training for all employees
Answer: C
NEW QUESTION # 70
A prospective AML officer comes highly recommended by a bank's up-stream correspondent institution of similar size and make-up, located in a different city in the same country. The bank is interested in hiring the individual. What should be the next step taken by the Board of Directors?
- A. Hire the individual on a probationary basis so that the institution can determine if the individual is sufficiently experienced and capable
- B. Do a thorough background check
- C. Hire the individual, relying on the recommendation of its correspondent
- D. Confer with its regulatory agency to determine whether it is appropriate to hire the person
Answer: B
NEW QUESTION # 71
Which statement is true regarding the FATF standards for SARs/STRs information sharing within a financial group?
- A. FIs cannot share customer information at all since it is confidential.
- B. FIs must retain copies of SARs/STRs and supporting documentation for five years from the date of filing the STRs
- C. FIs must require approval from regulators to share SARs/STRs information and supporting documentation.
- D. Financial institutions (FIs) should establish sufficient safeguards concerning the confidentiality of information shared for AML purposes.
Answer: B
Explanation:
Reference: https://www.fia.tc/wp-content/uploads/2018/04/FIA-SARGUIDE-0515-1.0.pdf
NEW QUESTION # 72
When creating an anti-money laundering program for a foreign bank with branches in the United States, which of the following are included among the four minimum elements required under the USA PATRIOT Act?
- A. An independent audit function to test the program.
- B. The development of a Know Your Customer program.
- C. An ongoing employee training program.
- D. The designation of a compliance officer.
Answer: C,D
NEW QUESTION # 73
The bank for International Settlements provides the secretariat for which organization?
- A. The Wolfsberg Group
- B. FATF
- C. The Egmont Group
- D. The Basel Committee
Answer: D
Explanation:
Reference: http://www.bis.org/bcbs/about.htm
Basel Committee on Banking Supervision (Basel Committee) The Basel Committee was established by the G-10's central bank of governors in 1974 to promote sound supervisory standards worldwide. Its secretariat is appointed by the Bank for International Settlements in Basel, Switzerland.
NEW QUESTION # 74
Which three measures are contained in Financial Action Task Force 40 Recommendations for reporting suspicious activity? (Choose three.)
- A. The financial institution has reasonable grounds to suspect the funds are proceeds of criminal activity.
- B. The financial institution has contacted the account holder to determine the activity of the account.
- C. The activity should be reported promptly to the country's financial intelligence unit.
- D. The financial institution has been contracted by law enforcement regarding the activity.
- E. The financial institution has grounds to believe the activity is related to terrorist financing.
Answer: A,C,E
NEW QUESTION # 75
Which two methods can be used to structure casino-related transactions? (Choose two.)
- A. One time deposit of cash at a single gaming machine
- B. Playing at the same game
- C. Purchase of chips at multiple gaming tables
- D. Use of third parties to conduct transactions
Answer: C,D
NEW QUESTION # 76
What are two requirements with respect to supporting documentation that is used to identify potentially suspicious activity, according to Financial Action Task Force? (Choose two.)
- A. It must be kept in a manner so that it can be provided promptly
- B. It must be retained for at least seven years
- C. It must only be released to the government through a subpoena process
- D. It must be retained for at least five years
Answer: A,D
NEW QUESTION # 77
A compliance officer learns from an Information Technology (IT) source of a potential new financial service being discussed by the new product approval committee.
What is the correct next course of action?
- A. Go to the board of directors and try to shut the new service down immediately because the committee did not communicate with the compliance officer.
- B. Start initial research into potential risks but wait until notified that the service has been approved by the committee before initiating extensive research.
- C. Get as much information as possible from the source so that potential risks can be researched and a report prepared and presented to the head of marketing.
- D. Request that the new product approval committee include the compliance officer.
Answer: D
NEW QUESTION # 78
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