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The Certified Anti-Money Laundering Specialist (CAMS) certification is a globally recognized credential for professionals working in the anti-money laundering (AML) field. The CAMS Exam is designed to test a candidate's knowledge and understanding of AML laws, regulations, and best practices. It is one of the most prestigious certifications in the AML industry, and it is highly valued by employers and regulatory agencies around the world.
ACAMS CAMS (Certified Anti-Money Laundering Specialists) Certification Exam is a globally recognized certification for professionals in the financial crime prevention industry. It is designed to equip individuals with the knowledge and skills needed to effectively prevent and detect money laundering activities. Certified Anti-Money Laundering Specialists (the 6th edition) certification is awarded by the Association of Certified Anti-Money Laundering Specialists (ACAMS), a leading organization in the field of financial crime prevention.
Exam Dumps CAMS Collection | CAMS Examcollection Dumps TorrentAs the tech industry continues to evolve and adapt to new technologies, professionals who hold the Certified Anti-Money Laundering Specialists (the 6th edition) (CAMS) certification are better equipped to navigate these changes and stay ahead of the curve, increasing their value to employers and clients. In today's fast-paced and ever-changing ACAMS sector, having the Certified Anti-Money Laundering Specialists (the 6th edition) (CAMS) certification has become a necessary requirement for individuals looking to advance their careers and stay competitive in the job market.
To become CAMS certified, candidates must pass a rigorous examination that tests their knowledge and skills in the field of AML/CTF. CAMS exam consists of 120 multiple-choice questions and is timed at four hours. Candidates must achieve a minimum score of 75% to pass the exam. Once certified, CAMS professionals are required to maintain their certification by earning 60 continuing education credits every three years to ensure that they stay up to date with the latest developments in the field. ACAMS Certified Anti-Money Laundering Specialists (the 6th edition) Sample Questions (Q676-Q681):NEW QUESTION # 676
A bank employee recently opened an account for a new restaurant. Daily cash deposits over a three-month period are close to $9,500.
What are two red flags that indicate possible money laundering or terrorist financing? (Choose two.)
A. It is a new account that has daily cash deposits
B. The restaurant is located in a different city
C. The daily cash deposits are so close in amount
D. The new account demonstrates a steady flow of income
Answer: C,D
Explanation:
These two options are potential red flags for money laundering or terrorist financing because they could indicate an attempt to avoid the reporting threshold of $10,000 for cash transactions, or to conceal the source or origin of the funds. According to the ACAMS Study Guide, some common indicators of money laundering are:
Transactions structured to avoid recordkeeping or reporting requirements Transactions inconsistent with the customer's profile or business activity Transactions involving the use of multiple accounts or locations Transactions involving high-risk jurisdictions or entities Transactions involving cash or complex crypto assets The other two options are not necessarily red flags by themselves, as they could have legitimate explanations.
For example, the restaurant could be located in a different city because of market demand, or the new account could demonstrate a steady flow of income because of the success of the business.
References:
ACAMS Study Guide for the CAMS Certification Examination - 6th Edition, Chapter 2, page 41-42 FFIEC BSA/AML Appendices - Appendix F - Money Laundering and Terrorist Financing Red Flags, page 1-
2
4 Red Flags of Money Laundering or Terrorist Financing, page 1
Money Laundering Red Flags | Key Behaviours and Indicators, page 1
NEW QUESTION # 677
A government has instituted new anti-money laundering laws which require all financial institutions to obtain certain information from its customers.
Which step should an institution located in this jurisdiction take to ensure compliance?
A. Send a notice to customers asking them to provide the necessary information
B. Change procedures and systems as necessary and provide employee training
C. Change procedures to require that the necessary information is obtained
D. Change systems to ensure the required information is automatically obtained from all customers
Answer: B
NEW QUESTION # 678
Which situation would require enhanced due diligence be performed on a customer?
A. A customer closes their store location and opens a new store location across town.
B. A prospective customer recently started and incorporated a new business.
C. Company ownership is held in bearer share form.
D. The low-risk rating for a customer has not changed since the relationship was established 5 years ago.
Answer: C
Explanation:
Explanation
Company ownership is held in bearer share form. Bearer share ownership can make it difficult to identify the actual owners of a company and is therefore considered a high risk for money laundering or terrorist financing.
Enhanced due diligence measures may include obtaining additional identification and ownership information, conducting more frequent reviews of the account, and monitoring transactions more closely.
Reference: Certified Anti-Money Laundering Specialist (the 6th edition) Study Guide, Chapter 6, "Customer Due Diligence (CDD) and Know Your Customer (KYC)", page 115.
NEW QUESTION # 679
What poses the greatest money laundering risk for a financial institution offering on-line services to customers?
A. There is a greater difficulty in matching the customer with the provided identification documentation
B. Institutions offering on-line services have no possibility to properly verify the identity of their customers
C. There is a lack of human review of the customer's transactions
D. Customers have direct access to their accounts without being detected
Answer: A
Explanation:
One of the key components of an effective anti-money laundering (AML) program is customer due diligence (CDD), which involves verifying the identity of the customer, understanding the nature and purpose of the customer's relationship with the financial institution (FI), and assessing the risk of money laundering or terrorist financing that the customer poses. CDD is essential for preventing and detecting the misuse of the FI's services by criminals, and for complying with the relevant laws and regulations.
However, CDD can be challenging for FIs that offer online services to customers, as there is a greater difficulty in matching the customer with the provided identification documentation. Unlike face-to-face interactions, online services rely on electronic or remote methods of identification and verification, such as scanned copies of documents, biometric data, digital signatures, or third-party verification services. These methods may not be as reliable or secure as physical verification, and may expose the FI to the risk of identity fraud, document forgery, or impersonation. Moreover, online services may attract customers from different jurisdictions, which may have different standards and requirements for identification and verification, and may pose different levels of risk.
Therefore, FIs that offer online services to customers should implement enhanced due diligence (EDD) measures to mitigate the risk of money laundering, such as obtaining additional information or documentation from the customer, applying more stringent verification procedures, conducting more frequent and intensive monitoring of the customer's transactions and behavior, and restricting or limiting the types or amounts of transactions that the customer can perform online.
Reference:
CAMS Study Guide - 6th Edition, Chapter 3, Section 3.4, page 82
Anti-Money Laundering in a Nutshell, Chapter 4, Section 4.2, page 63
Guidance on Digital Identity, Section 2, page 8
Anti-Money Laundering, The Basics: Installment 1, Section 3.2, page 5
NEW QUESTION # 680
What should an institution in their AML policies and procedures?
A. A component on when and how employees will be trained
B. Names of individuals currently on the OFAC list
C. A description of money laundering trends and methodologies
D. Copies of the institutions testing and monitoring results