CAMS CERTIFICATION EXAM INFOR - RELIABLE CAMS REAL TEST

CAMS Certification Exam Infor - Reliable CAMS Real Test

CAMS Certification Exam Infor - Reliable CAMS Real Test

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ACAMS CAMS certification exam is a highly respected and sought-after credential for professionals working in the field of anti-money laundering. Certified Anti-Money Laundering Specialists certification is offered by the Association of Certified Anti-Money Laundering Specialists (ACAMS), a global organization dedicated to the prevention of financial crimes such as money laundering, terrorist financing, and fraud. The CAMS Certification signifies a commitment to excellence in the field and a dedication to upholding ethical standards and regulatory compliance.

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The CAMS certification exam covers a wide range of topics related to AML and financial crime prevention, including risk assessment, customer due diligence, transaction monitoring, sanctions screening, and regulatory compliance. CAMS exam is designed to test the knowledge and skills of professionals working in AML compliance and ensures that they have a comprehensive understanding of the latest AML regulations, laws, and best practices. Certified Anti-Money Laundering Specialists certification exam is rigorous and requires a thorough understanding of the subject matter, making it a valuable credential for professionals looking to advance their careers in the field.

ACAMS CAMS Certification is recognized by financial institutions, regulatory agencies, and governments around the world as the gold standard for anti-money laundering professionals. Certified Anti-Money Laundering Specialists certification demonstrates a commitment to maintaining the highest standards of integrity, professionalism, and compliance in the fight against financial crime. CAMS certified professionals are highly sought-after by employers in the banking, finance, and regulatory sectors, and can expect to earn a higher salary and enjoy greater career advancement opportunities.

ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q649-Q654):

NEW QUESTION # 649
Combating the Financing of Terrorism (CFT)]
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. A risk-based determination as to whether or not the respondent is a shell bank
  • B. The quality of the respondent's AML and client identification controls
  • C. Whether a Politically Exposed Person (PEP) has an interest or management role in the respondent
  • D. The sources of wealth for all significant ownership interests

Answer: A,B,C

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.
:
Wolfsberg Correspondent Banking Principles 2022 by the Wolfsberg Group, October 2022.


NEW QUESTION # 650
Which two statements are true regarding the European Union Money Laundering Directives? (Choose two.)

  • A. They have extraterritorial impact and apply to states that have diplomatic relations with member states
  • B. They set forth non-binding best practices for financial institutions within the member states
  • C. They apply to member states of the European Union
  • D. They require member states to enact laws and/or regulations to comply with the directives

Answer: C,D

Explanation:
The European Union Money Laundering Directives (AMLDs) are issued periodically by the European Parliament to prevent money laundering and terrorist financing and establish a consistent regulatory environment across the EU1. They apply to all member states of the European Union and require them to enact laws and/or regulations to comply with the directives2. The directives are legally binding and set forth minimum standards and obligations for financial institutions and other entities within the member states3. The directives do not set forth non-binding best practices, but rather harmonize the AML/CFT rules and procedures across the EU4. The directives do not have extraterritorial impact and do not apply to states that have diplomatic relations with member states, unless they are part of the European Economic Area (EEA) or have equivalent AML/CFT regimes5.


NEW QUESTION # 651
Which three stages of money laundering are on-line banking vulnerable to?

  • A. Placement
  • B. Layering
  • C. Integration
  • D. Structuring

Answer: A,B,C

Explanation:
Online banking is vulnerable to all three stages of money laundering, namely placement, layering, and integration, because it allows the movement of funds across different accounts, jurisdictions, and institutions with speed, anonymity, and convenience. Online banking can facilitate the following money laundering methods:
Placement: The initial stage of money laundering, where illicit funds are introduced into the financial system. Online banking can enable placement by allowing the deposit of cash or checks through ATMs, mobile devices, or remote deposit capture, or the transfer of funds from prepaid cards, digital wallets, or cryptocurrencies to bank accounts.
Layering: The second stage of money laundering, where illicit funds are moved, disguised, or concealed to obscure their origin and ownership. Online banking can enable layering by allowing the transfer of funds between multiple accounts, often in different jurisdictions or currencies, or the purchase of financial products or services, such as money orders, wire transfers, or online gambling, that create complex transaction trails.
Integration: The final stage of money laundering, where illicit funds are reintroduced into the legitimate economy as apparently legal income or assets. Online banking can enable integration by allowing the transfer of funds to legitimate businesses, investments, or charities, or the purchase of goods or services, such as real estate, luxury items, or travel, that provide a cover for the source of funds.
Reference:
ACAMS CAMS Certification Video Training Course1, Module 2: Money Laundering Risks and Methods, Lesson 2.1: The Three Stages of Money Laundering ACAMS CAMS Study Guide, 6th Edition2, Chapter 2: Money Laundering Risks and Methods, Section 2.1: The Three Stages of Money Laundering, pp. 29-34 ACAMS CAMS Examination Preparation Seminar, 6th Edition3, Chapter 2: Money Laundering Risks and Methods, Section 2.1: The Three Stages of Money Laundering, Slides 9-13


NEW QUESTION # 652
The Wolfsberg Principles for Private Banking list circumstances that would require additional due diligence, including activities that involve which three of these choices?

  • A. Foreign jurisdictions
  • B. Public officials, including those individuals who have or had positions of public trust
  • C. High Risk activities, involving clients and beneficial owners whose source of wealth originates from activities known to be vulnerable to money laundering
  • D. High Risk Countries, including those identified by credible sources as having inadequate Anti-Money Laundering standards

Answer: A,C,D

Explanation:
The Wolfsberg Principles for Private Banking are a set of guidelines for private banking relationships that aim to prevent and detect money laundering and terrorist financing risks. The Principles state that the bank should conduct additional due diligence on clients and beneficial owners in certain circumstances that may indicate a higher risk of money laundering or terrorist financing. Among the options given, A, B, and C are the correct choices that reflect the circumstances listed in the Principles.
Foreign jurisdictions are countries or territories other than the one where the bank operates or where the client or beneficial owner resides. The Principles state that the bank should conduct additional due diligence on clients and beneficial owners who are connected to foreign jurisdictions, especially those that have weak or inadequate anti-money laundering standards, or that are subject to sanctions, embargoes, or similar measures.
High Risk Countries are countries or territories that are identified by credible sources, such as the Financial Action Task Force (FATF), as having inadequate anti-money laundering standards, or as being a source, transit, or destination of illicit funds. The Principles state that the bank should conduct additional due diligence on clients and beneficial owners who are connected to high risk countries, and apply enhanced measures to mitigate the risks.
High Risk activities are activities that involve clients and beneficial owners whose source of wealth or funds originates from sectors or industries that are known to be vulnerable to money laundering, such as cash-intensive businesses, gambling, arms trade, precious metals and stones, or art and antiquities. The Principles state that the bank should conduct additional due diligence on clients and beneficial owners who are engaged in high risk activities, and verify the legitimacy and origin of their wealth and funds.
References: = The main reference for this question is the document titled "Wolfsberg Anti-Money Laundering Principles for Private Banking (2012)" published by the Wolfsberg Group. You can access it by clicking here.
You can also find more information about the Wolfsberg Principles and their application on the Wolfsberg Group website and the Lexology website.


NEW QUESTION # 653
Financial Action Task Force (FATF)-style regional bodies are created and obliged to understand the inherent money laundering and terrorist financing risks in the region of the world they serve.
What is one of the methods they use to understand these risks?

  • A. They conduct global research on money laundering and terrorist financing trends and report their findings in their own typologies report
  • B. They conduct regional-level research and analysis of the money laundering and terrorist financing methods and trends using standards and templates used for FATF typologies reports
  • C. They require member countries to develop statistical metrics over money laundering and terrorist financing crimes
  • D. They require participating financial institutions of their members to file suspicious transaction reports to the regional body

Answer: D

Explanation:
Explanation
Explanation/Reference: https://www.fatf-gafi.org/media/fatf/documents/recommendations/Private-Sector-Information- Sharing.pdf (18)


NEW QUESTION # 654
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