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The Certified Anti-Money Laundering Specialists (CAMS) certification is recognized as the gold standard in AML certifications. AML professionals who earn the CAMS certification demonstrate their expertise in anti-money laundering detection, prevention, and enforcement. The CAMS Certification is offered by the Association of Certified Anti-Money Laundering Specialists (ACAMS), a leading international organization dedicated to fighting financial crime.
Authorized Certification CAMS Sample Questions & Leader in Qualification Exams & Useful CAMS Practice Test OnlinePass4Test CAMS Questions have helped thousands of candidates to achieve their professional dreams. Our Certified Anti-Money Laundering Specialists (the 6th edition) (CAMS) exam dumps are useful for preparation and a complete source of knowledge. If you are a full-time job holder and facing problems finding time to prepare for the ACAMS CAMS Exam Questions, you shouldn't worry more about it.
To become a CAMS certified professional, candidates must pass a rigorous exam that consists of 120 multiple-choice questions. CAMS exam is divided into four sections, and candidates are required to score at least 75% in each section to pass the exam. CAMS exam is computer-based and can be taken at various testing centers around the world. Certified Anti-Money Laundering Specialists (the 6th edition) certification is valid for three years, after which professionals are required to renew their certification by completing continuing education courses.
ACAMS CAMS Certification Exam is a rigorous and globally recognized certification exam that tests the knowledge and skills of AML professionals. Achieving the CAMS certification demonstrates a commitment to excellence in the AML field and can lead to enhanced career opportunities and increased earning potential. With the increasing focus on AML regulations and compliance, the CAMS certification is becoming an essential qualification for professionals working in the AML field. ACAMS Certified Anti-Money Laundering Specialists (the 6th edition) Sample Questions (Q170-Q175):NEW QUESTION # 170
Which should authorities do to safeguard AML information exchanged with other countries?
A. Protect exchanged information as they would protect similar information received from domestic sources.
B. Destroy the information once the investigation is complete.
C. Use the court system to ensure confidentiality of exchanged information through court orders.
D. Require the use of non-disclosure agreements with anyone accessing the exchanged information.
NEW QUESTION # 171
Which three are examples of best practices terms of ensuring an adequate AML program?
A. Review the accuracy of account opening applications
B. Engage an independent party to perform a periodic review of the program
C. Perform a risk analysis on a regular basis and compare it to the coverage of the AML program
D. Review applicable domestic and international AML guidance
Answer: A,C,D
NEW QUESTION # 172
As a result of an audit, a policy exception was identified that had been approved by the compliance officer.
The auditor determined that the policy exception is a violation of a regulatory requirement.
What should the auditor do?
A. Consult with legal counsel to determine if the approval of the policy exception was acceptable.
B. Include the regulatory violation in the audit report and recommend the compliance officer be subject todisciplinary action by the board of directors.
C. Advise the compliance officer on how to appropriately respond to policy exceptions.
D. Include the regulatory violation in the audit report and report it to the board of directors.
Answer: D
Explanation:
The auditor should include the regulatory violation in the audit report and report it to the board of directors.
This is because the auditor has the responsibility to report any findings of non-compliance or material weaknesses in the institution's internal controls, policies, and procedures. The auditor should also provide recommendations for corrective actions and follow-up on their implementation. The board of directors has the ultimate oversight and accountability for the institution's compliance program and should be informed of any significant issues or risks that may affect the institution's reputation, operations, or regulatory status12.
1: CAMS Certification Package - 6th Edition | ACAMS, Chapter 6: Developing an Effective Anti-Money Laundering Program, p. 125-126 2: The Wolfsberg Group, The Wolfsberg Anti-Money Laundering Principles for Correspondent Banking, October 2014, p. 7, https://www.wolfsberg-principles.com/sites/default/files/wb
/pdfs/Wolfsberg-Correspondent-Banking-Principles-2014.pdf
NEW QUESTION # 173
Which of the following provides anti-money laundering specialists information related to money laundering trends?
1. Egmont Group's 100 Cases
2. Financial Action Task Force Typologies
3. FinCEN's SAR Activity Review
4. The Wolfsberg Principles
A. 1, 2, and 3 only
B. 2, 3, and 4 only
C. 1, 3, and 4 only
D. 1, 2, and 4 only
Answer: D
NEW QUESTION # 174
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 LLC's ownership is not disclosed to the bank
B. The repayment in the amount of $9,000 indicates potential structuring
C. The collateral, a property in Florida, is not located in Arizona
D. The attorney associated with the account is outside the bank's lending area
Answer: A,B
Explanation:
According to the ACAMS study guide, one of the red flags for money laundering in loan transactions is "the use of shell companies or other legal entities whose ownership is not transparent or whose beneficial owners are unknown" (p. 223). Money launderers may use such entities to hide their identity and the source of their funds, or to create complex layers of transactions to obscure the trail of money. The other options are not necessarily indicative of money laundering risk, as they could be explained by legitimate factors such as the location of the property, the repayment schedule, or the choice of attorney.
References:
ACAMS. (2020). Study Guide for the Certification Examination for Anti-Money Laundering Specialists (6th ed.). Miami, FL: ACAMS.
MLO Mentor: Anti-Money Laundering 1
Compliance Obligations of Certain Loan or Finance Company Affiliates of Federally Regulated Banks and Other Financial Institutions 2
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