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The CAMS exam covers a wide range of topics related to AML, including money laundering trends and methods, risk assessment, customer due diligence, suspicious activity reporting, and sanctions compliance. CAMS exam is designed to measure a candidate's knowledge and understanding of these topics, as well as their ability to apply this knowledge in real-world situations.
The CAMS Certification Exam is administered by the Association of Certified Anti-Money Laundering Specialists (ACAMS), a leading international organization dedicated to advancing the AML profession through education, certification, and networking. CAMS Exam covers topics such as AML regulations, compliance programs, risk management, customer due diligence, and suspicious activity reporting, among others.
100% Pass Quiz CAMS - Fantastic Certified Anti-Money Laundering Specialists (the 6th edition) Valid Exam ReviewPeople who get CAMS certification show dedication and willingness to work hard, also can get more opportunities in job hunting. It seems that CAMS certification becomes one important certification for many IT candidates. While a good study material will do great help in CAMS Exam Preparation. Dumps4PDF CAMS will solve your problem and bring light for you. CAMS exam questions and answers are the best valid with high hit rate, which is the best learning guide for your ACAMS CAMS preparation. ACAMS Certified Anti-Money Laundering Specialists (the 6th edition) Sample Questions (Q83-Q88):NEW QUESTION # 83
Which three actions should employees be instructed to do during an internal investigation?
A. Keep a log of the documents requested
B. Make copies of all documents provided to law enforcement
C. Inform counsel of all request for documentation
D. Provide corporate documents directly to law enforcement
Answer: A,B,C
Explanation:
During an internal investigation, employees should be instructed to do the following actions:
* Inform counsel of all request for documentation: This is to ensure that the legal rights and obligations of the organization and the employees are protected and respected. Counsel can also advise on the scope, relevance, and confidentiality of the requested documents1.
* Make copies of all documents provided to law enforcement: This is to maintain a record of the information that has been disclosed and to prevent any loss or alteration of the original documents. Copies should be made before the documents are handed over to law enforcement2.
* Keep a log of the documents requested: This is to track the progress and status of the investigation and to avoid any duplication or omission of the requested documents. The log should include the date, time, description, and location of the documents, as well as the name and contact details of the person who requested and received them3.
Providing corporate documents directly to law enforcement, on the other hand, is not an action that employees should be instructed to do during an internal investigation. This is because law enforcement may not have the legal authority or the proper warrant to access the documents, and doing so may violate the privacy or confidentiality of the organization or the employees. Employees should consult with counsel before providing any documents to law enforcement4.
1: Internal money laundering reporting | The Law Society5 2: How to Conduct Effective AML Investigations
- Blog | Unit212 3: What Is The Importance Of An Internal Investigation?4 4: Anti-Money Laundering: 5 Steps to Conduct an Audit3
NEW QUESTION # 84
An AML compliance officer receives notice of government update including the names of the latest terrorists sanctioned by the United Nations Security Council. Which would be the most appropriate step to take?
A. Update the monitoring software containing sanctioned persons
B. Inform the customers that their funds will be frozen
C. Notify the Board of Directors
D. Update training information to include the latest names
Answer: A
NEW QUESTION # 85
Which section of theUSA PATRIOT Actpermits theU.S. government to seize funds deposited in a U.S.
correspondent account of a foreign bank, creating extraterritorial impact?
A. Section 319(b)
B. Section 314(a)
C. Section 319(a)
D. Section 314(b)
Answer: A
Explanation:
Section 319(b) of the USA PATRIOT Act allows U.S. authorities to seize funds from correspondent accounts held by foreign banks in the U.S.
Option A (Correct):Section 319(b) grants the U.S. government authority to seize assets in U.S. correspondent bank accounts belonging to foreign financial institutions involved in illicit activities.
Option B (Incorrect):Section 314(b) facilitates voluntary information sharing among financial institutions but does not authorize asset seizure.
Option C (Incorrect):Section 314(a) relates to law enforcement requests for financial intelligence, not asset seizures.
Option D (Incorrect):Section 319(a) concerns record-keeping requirements for foreign banks but does not authorize asset seizures.
Best Practices for Foreign Banks with U.S. Correspondent Accounts:
Ensure full AML compliance to avoid regulatory scrutiny.
Avoid processing high-risk transactions that may trigger U.S. jurisdiction.
Monitor cross-border transactions to detect potential financial crime exposure.
Reference:
USA PATRIOT Act Section 319(b) (Correspondent Banking Asset Seizures)
FinCEN Guidance on Extraterritorial AML Compliance
FATF Recommendation 13 (Correspondent Banking AML Risks)
NEW QUESTION # 86
Which event occurs most frequently in money laundering in the insurance industry?
A. Getting a reimbursement from an overfunded policy
B. Redeeming a policy at the end of its term
C. Failing to take advantage of the free-look period
D. Purchasing full-term insurance bonds
Answer: A
Explanation:
One of the most common methods of money laundering in the insurance industry is to purchase a policy with illicit funds and then request a refund of the premiums, either partially or fully, before the policy matures.
This way, the money launderer can receive a legitimate payment from the insurance company, effectively washing the dirty money. This technique is also known as premium fraud or early surrender12 According to the Financial Crimes Enforcement Network (FinCEN), the most significant money laundering and terrorist financing risks in the insurance industry are found in life insurance and annuity products, because such products allow a customer to place largeamounts of funds into the financial system and seamlessly transfer such funds to disguise their true origin34 Some indicators of potential money laundering through insurance products are: 12
* The customer pays the premiums with cash, cashier's checks, money orders, or other anonymous or unusual payment methods.
* The customer overpays the premiums or makes multiple payments in excess of the required amount.
* The customer cancels the policy during the free-look or grace period and requests a refund to a different account or a third party.
* The customer purchases a policy that is inconsistent with their income, age, or risk profile.
* The customer shows little interest in the benefits or terms of the policy, but is more concerned about the cancellation or surrender options.
:
1: AML in Insurance: How to Detect & Combat Money Laundering, ComplyAdvantage, 2022
2: Anti Money Laundering (AML) In Insurance Industry In 2021, Financial Crime Academy, 2023
3: Money laundering in the insurance industry, Insurance Commission, 2022
4: Money laundering in the insurance industry, Atty. Dennis B. Funa, Business Mirror, 2016
[5]: Anti-Money Laundering Requirements: FAQs for Insurance Companies, FinCEN, 2005
NEW QUESTION # 87
In addition to monitoring for suspicious activity, what are electronic monitoring systems also valuable for?
A. Proving to the Board of Directors that the FIU is doing its job
B. Identifying how customers are using products
C. Highlighting the skills of the system analysts
D. Meeting mandatory regulatory requirements for system implementation
Answer: D
Explanation:
Explanation
"Transaction Monitoring Systems and Ongoing Monitoring: Since the transactional monitoring system is key to mitigating ML risk within the bank, the Committee recognizes that AML risks require more than just appropriate policies and procedures; banks must have adequate and appropriate monitoring systems. For most banks, this will involve an IT monitoring system. If the bank does not believe it needs an IT monitoring system, it should document the rationale for why it does not need one.
NEW QUESTION # 88
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