CAMS DUMP FILE - CAMS TEST GUIDE ONLINE

CAMS Dump File - CAMS Test Guide Online

CAMS Dump File - CAMS Test Guide Online

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Certified Anti-Money Laundering Specialists (CAMS) Practice exams (desktop and web-based) are designed solely to help you get your Certified Anti-Money Laundering Specialists (CAMS) certification on your first try. Our ACAMS CAMS mock test will help you understand the Certified Anti-Money Laundering Specialists (CAMS) exam inside out and you will get better marks overall. It is only because you have practical experience of the Certified Anti-Money Laundering Specialists (CAMS) exam even before the exam itself.

Topics Covered

All in all, the CAMS exam is based on four domains. The first of which is Risks and Methods of Money Laundering & Terrorism Financing. This topic accounts for 26% of the exam items and consists of several subdomains. Thus, the following is a brief portion of the list of those subdomains: recognize ways of money laundering used by banks and similar institutions, by insurance companies, by broker-dealers, capital markets, or investment advisors. What's more, you need to also be aware of recognizing methods of money laundering utilized by organizations such as casinos or other game-related industries, by companies dealing with precious metals or other high-value goods, real estate, etc. In addition, here, you need to know more about the red flags, commercial transactions, human trafficking, and the like.

The second objective is Compliance Standards for Anti-money Laundering (AML) and Combating the Financing of Terrorism (CFT) which stands for 25% of all test content. In particular, this domain consists of 11 areas. So, to master this topic in full, you need to learn to recognize the main aspects of the EU Directives on money laundering, the USA PATRIOT Act, and the OFAC sanctions. On top of that, you need to touch on how to identify the FATF 40 Recommendations and how to deal with the aspects of the BASEL Committee Customer Due Diligence Principles including the coverage of Egmont Group objectives.

The third section the real exam tests individuals on are AML, CFT, and Sanctions Compliance Programs that covers 28% of the exam and consists of 31 subdomains. In all, under this category, you have to recognize the main items of an anti-money laundering training program and the part that senior management and director boards play in how an organization deals with anti-money laundering oversight. Then, you need to also be proficient in handling AML tools, governance, audits, and situation.

The last part covered is Conducting and Supporting the Investigation Process detailing 21% of the exam questions. All in all, such a portion focuses on recognizing suitable methods of conducting interviews for potential parties involved in an anti-money laundering event, dealing with public source information or other sources of information that may be available for use in an investigation given a specific scenario, accepting ways in which law enforcement organizations may request data from an institution with regards to money laundering, etc.

The Certified Anti-Money Laundering Specialists (CAMS) certification exam is a globally recognized certification for professionals in the anti-money laundering (AML) and financial crime prevention industry. It is offered by the Association of Certified Anti-Money Laundering Specialists (ACAMS), which is the largest international membership organization dedicated to enhancing the knowledge and skills of AML professionals. The CAMS Certification Exam is designed to test the candidate’s knowledge of AML regulations, best practices, and procedures, as well as their ability to identify and prevent money laundering activities.

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CAMS Test Guide Online - Free CAMS Exam

Our Certified Anti-Money Laundering Specialists (CAMS) PDF format is user-friendly and accessible on any smart device, allowing applicants to study from anywhere at any time. We have included actual and updated ACAMS CAMS questions in this Certified Anti-Money Laundering Specialists (CAMS) Dumps PDF file. Our Certified Anti-Money Laundering Specialists (CAMS) exam dumps PDF format is designed to help individuals acquire the knowledge necessary to succeed in the test.

ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q37-Q42):

NEW QUESTION # 37
A bank located in Arizona is considering a loan application for a new client. The collateral for the loan is a property in Florida.
The loan will be in the name of a limited company (LLC) whose ownership is not disclosed to the bank. The LLC was established by a New York-based attorney.
The loan will be repaid by the LLC in monthly wire transfers of $9,000 which is more than the required monthly payment.
Which aspect indicates potential for money laundering?

  • A. The repayment in the amount of $9,000 indicates potential structuring
  • B. The collateral, a property in Florida, is not located in Arizona
  • C. The attorney associated with the account is outside the bank's lending area
  • D. The LLC's ownership is not disclosed to the bank

Answer: A,D


NEW QUESTION # 38
What is the term for trading through multiple accounts, where an individual generates offsetting profits and losses and transfers of positions through accounts that do not appear to be commonly controlled?

  • A. Ponzi scheme
  • B. Market Manipulation
  • C. Wash Trading
  • D. Net Trading

Answer: C

Explanation:
Wash trading is the term for trading through multiple accounts, where an individual generates offsetting profits and losses and transfers of positions through accounts that do not appear to be commonly controlled. Wash trading is a form of market manipulation that creates artificial trading activity and volume, and may be used to evade taxes, inflate prices, or launder money. Wash trading can also involve the use of third parties or intermediaries to conceal the true identity and source of funds of the trader.
Reference:
The document titled "Money Laundering and Terrorist Financing Typologies and Trends in Canadian Securities Dealers" published by the Investment Industry Regulatory Organization of Canada (IIROC) in December 2019. You can access it by clicking here. This document states that "Wash trading is a form of market manipulation where an individual simultaneously sells and buys the same financial instruments to create misleading, artificial activity in the marketplace. Wash trading is illegal under securities law because it misleads investors and regulators about the true supply and demand of the securities involved. Wash trading can also be used to evade taxes, inflate prices, or launder money." The document titled "Market Manipulation" published by the Financial Industry Regulatory Authority (FINRA). You can access it by clicking here. This document states that "Wash sales are a form of market manipulation in which an investor simultaneously sells and buys the same security to create misleading, artificial activity in the marketplace. Wash sales are illegal under Section 9(a)(1)(A) of the Securities Exchange Act of 1934. Wash sales can be used to manipulate the price of a security, evade taxes, or launder money."


NEW QUESTION # 39
According to the Basel Committee, customer acceptance, customer due diligence, and record-keeping policies and procedures should be changed as necessary to:

  • A. address KYC deficiencies in account opening procedures.
  • B. address variations in risk among each line of business within the organization.
  • C. ensure policies and procedures are reviewed every three months.
  • D. address structure changes strictly related to new employees.

Answer: B

Explanation:
The Basel Committee on Banking Supervision (BCBS) is an international body that sets standards and guidelines for the prudential regulation of banks. One of its key publications is the Customer Due Diligence for Banks, which outlines the essential elements of Know Your Customer (KYC) standards for banks. According to this document, customer acceptance, customer due diligence, and record-keeping policies and procedures should be changed as necessary to address variations in risk among each line of business within the organization. This means that banks should adopt a risk-based approach to KYC, taking into account the different types, levels, and sources of risk associated with different customers, products, services, transactions, and delivery channels. By doing so, banks can allocate their resources more efficiently and effectively, and mitigate the potential for money laundering, terrorist financing, and other financial crimes.
Reference:
Customer Due Diligence for Banks, BCBS, October 2001, p. 5, 14-15.
The Basel Committee: The Important Set Of International Banking Regulations, Financial Crime Academy, November 2023.


NEW QUESTION # 40
On who does the ultimate responsibility for an institution's anti-money laundering program rest?

  • A. The institution's Board of Directors
  • B. All employees with customer contact
  • C. The government regulator examining the AML program
  • D. The designated AML Compliance Officer

Answer: A


NEW QUESTION # 41
Combating the Financing of Terrorism (CFT)]
Historically, a tour guide has made monthly cash deposits averaging $10,000. Over the past three months, the monthly deposits have averaged $100,000. When the financial institution questions the increased deposits, the tour guide explains that there have been numerous conventions in town so business has increased substantially.
Which further action(s) should the financial institution take?

  • A. Immediately terminate the relationship
  • B. Perform further investigation, if appropriate report the activity to the authorities and place a limit on future transactions
  • C. Perform further investigation, it appropriate report the activity to the authorities and consider terminating the relationship
  • D. Schedule a periodic review of activity

Answer: C

Explanation:
The financial institution should perform further investigation to verify the legitimacy of the tour guide's explanation and the source of funds. If the investigation reveals any suspicious or unusual activity, such as inconsistent cash flow patterns, involvement of high-risk customers or jurisdictions, or indications of money laundering or terrorist financing, the financial institution should report the activity to the authorities and consider terminating the relationship. The financial institution should also document the investigation and its findings, and update the customer's risk profile accordingly.
:
CAMS Study Guide - 6th Edition, Chapter 4, page 112
CAMS Certification Exam Outline, Domain 1, Task 1.2, Skill 1.2.2
ACAMS MoneyLaundering.com, Article: "How to Conduct Effective Customer Due Diligence"


NEW QUESTION # 42
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We are all well aware that a major problem in the industry is that there is a lack of quality study materials. Our CAMS braindumps provides you everything you will need to take a certification examination. Details are researched and produced by CAMS Dumps Experts who are constantly using industry experience to produce precise, logical verify for the test. You may get CAMS exam dumps from different web sites or books, but logic is the key.

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