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[General] Crack the ACAMS CAMS Exam with Confidence

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【General】 Crack the ACAMS CAMS Exam with Confidence

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ACAMS CAMS certification exam is a challenging but rewarding opportunity for AML professionals to demonstrate their knowledge and expertise in the field. With the growing importance of financial crime prevention and compliance, the CAMS Certification is becoming increasingly valuable and relevant for AML professionals around the world.
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ACAMS Certified Anti-Money Laundering Specialists (the 6th edition) Sample Questions (Q822-Q827):NEW QUESTION # 822
Which are social/economic consequences of money laundering? (Choose two.)
  • A. Increase in tax revenue
  • B. Civil war
  • C. Weakening financial institutions
  • D. Increase in corruption and organized crime
  • E. Weakening of the country's infrastructure
Answer: C,D
Explanation:
Money laundering has severe social and economic impacts, including increased crime rates, corruption and erosion of public trust. Money laundering fuels criminal activities by providing the necessary financial resources for criminals to continue their operations. As illicit funds circulate within the financial system, they enable the growth of criminal organizations and contribute to an increase in crime rates, including organized crime1. Money laundering also facilitates corruption and undermines public trust in financial institutions and the wider economy. This erosion of public trust is exacerbated by trade-based money laundering, which involves the manipulation of international trade transactions to disguise the origins of illicit funds2. Money laundering also weakens financial institutions by exposing them to reputational, operational, legal and regulatory risks. Money launderers exploit the vulnerabilities of financial systems and compromisetheir integrity and stability. Money laundering can also distort the allocation of resources, create inflationary pressures, and undermine the effectiveness of monetary policy3.
:
1: Consequences Of Money Laundering Are: Understanding The Social, Economic, and Penalties Impacts1
2: Consequences of Money Laundering and Financial Crime2
3: Money laundering, its impact and consequences3
Reference: https://www.fatf-gafi.org/faq/mo ... %20the%20potential%
20negative,and%20exchange%20rates%20due%20to

NEW QUESTION # 823
What are three elements of a sound Customer Due Diligence Program?
  • A. Obtaining date of birth and address of a prospective customer
  • B. Training as to how and to what extent to identify prospective customers
  • C. Determination of what type of customer the financial institution will accept
  • D. Determination of who in the institution should be assigned to the prospective customer as a liaison
Answer: A,B,C
Explanation:
A sound Customer Due Diligence Program (CDD) is a key component of an effective anti-money laundering and counter-terrorism financing (AML/CFT) framework. According to the Financial Action Task Force (FATF), the global standard-setter for AML/CFT, CDD involves the following elements1:
Identifying the customer and verifying their identity using reliable, independent sources of information or documents.
Identifying the beneficial owner and taking reasonable measures to verify their identity, so that the financial institution understands who ultimately owns or controls the customer or the funds.
Understanding and obtaining information on the purpose and intended nature of the business relationship.
Conducting ongoing due diligence on the business relationship and scrutinizing transactions to ensure that they are consistent with the financial institution's knowledge of the customer, their business and risk profile, and the source of funds.
Therefore, the three elements of a sound CDD program that are listed in the question are:
Determination of what type of customer the financial institution will accept: This involves defining the customer acceptance policy and risk appetite of the financial institution, and applying appropriate risk-based measures to accept or reject customers based on their risk profile and the financial institution's ability to manage and mitigate those risks2.
Training as to how and to what extent to identify prospective customers: This involves providing adequate and regular training to the staff who are responsible for conducting CDD, and ensuring that they are aware of the legal and regulatory requirements, the internal policies and procedures, the risk indicators, the verification methods, and the reporting obligations3.
Obtaining date of birth and address of a prospective customer: This is part of the basic information that is required to identify and verify the customer's identity, and to establish their risk profile and the source of funds. The date of birth and address can also be used to check against various databases and watchlists to detect any potential matches with sanctioned or high-risk individuals or entities4.
The element that is not part of a sound CDD program is:
Determination of who in the institution should be assigned to the prospective customer as a liaison: This is not a mandatory or essential element of CDD, although it may be a good practice to assign a dedicated relationship manager or contact person to each customer, especially for high-risk or complex customers, to ensure effective communication, monitoring, and service delivery.
References:
FATF Guidance on Customer Due Diligence and Financial Inclusion 1
ACAMS Study Guide for the CAMS Certification Examination (6th Edition), Chapter 2: Compliance Standards for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) 2 ACAMS Study Guide for the CAMS Certification Examination (6th Edition), Chapter 4: Developing an AML/CFT Program 3 ACAMS Study Guide for the CAMS Certification Examination (6th Edition), Chapter 5: Conducting and Supporting the Investigation Process 4 Wolfsberg Group Guidance on Customer Due Diligence (CDD)

NEW QUESTION # 824
A charity has unaudited accounts. Which of the following represents the highest risk factor for terrorist financing?
  • A. Frequent changes to the senior management of the charity.
  • B. Frequent deposits from third parties into the charity's bank account.
  • C. Disbursement of funds to entities unrelated to the purpose of the charity.
  • D. An international board composed of politically exposed persons.
Answer: C
Explanation:
This represents the highest risk factor for terrorist financing because it may indicate that the charity is diverting funds to support terrorist organizations or activities, or that it is acting as a front or conduit for terrorist financing. Disbursement of funds to entities unrelated to the purpose of the charity may also violate the donor's intentions, the charity's mission, or the applicable laws and regulations. A charity with unaudited accounts may have weak internal controls, governance, or transparency, which may increase the risk of misappropriation, diversion, or misuse of funds.
References:
ACAMS CAMS Certification Video Training Course1, Module 2: Money Laundering Risks and Methods, Lesson 2.3: Money Laundering Risks and Methods by Sector ACAMS CAMS Study Guide, 6th Edition2, Chapter 2: Money Laundering Risks and Methods, Section
2.3: Money Laundering Risks and Methods by Sector, pp. 40-41
ACAMS CAMS Examination Preparation Seminar, 6th Edition3, Chapter 2: Money Laundering Risks and Methods, Section 2.3: Money Laundering Risks and Methods by Sector, Slide 18

NEW QUESTION # 825
a personal banking customer who simultaneously opens several accounts will most likely cause further inquiry in which of the following scenarios?
  • A. Accounts with almost identical names.
  • B. An individual account and a joint spousal account.
  • C. A checking and a savings account.
  • D. A personal account and a corporate account.
Answer: A
Explanation:
A personal banking customer who simultaneously opens several accounts with almost identical names will most likely cause further inquiry, as this could indicate an attempt to evade transaction monitoring, reporting, or identification requirements. For example, a customer could open accounts with slight variations of their name, such as John Smith, Jon Smith, J. Smith, or John Smyth, to avoid detection or aggregation of their transactions. This could also be a sign of identity theft, fraud, or money muling. Therefore, the bank should verify the customer's identity and the purpose of the accounts, and monitor the activity for any suspicious patterns or behaviors.
References:
ACAMS CAMS Certification Study Guide, 6th Edition, Chapter 4, Section 4.2.2, p. 1051 ACAMS CAMS Certification Exam Outline, 6th Edition, Domain 2, Task 2.1, p. 52 FATF Guidance on the Risk-Based Approach for the Banking Sector, October 2014, p. 353

NEW QUESTION # 826
Your company develops an API application that is orchestrated by using Kubernetes.
You need to deploy the application.
Which three actions should you perform? Each correct answer presents part of the solution.
NOTE: Each correct selection is worth one point.
  • A. Create a Web App for Containers.
  • B. Create an Azure container instance.
  • C. Create a Kubernetes cluster.
  • D. Create a container image file.
  • E. Create an Azure Container Registry instance.
Answer: C,D,E
Explanation:
Explanation/Reference:
References:
https://docs.microsoft.com/en-us ... ernetes-prepare-app

NEW QUESTION # 827
......
Prep4cram also has a ACAMS Practice Test engine that can be used to simulate the genuine CAMS exam. This online practice test engine allows you to answer questions in a simulated environment, giving you a better understanding of the exam's structure and format. With the help of this tool, you may better prepare for the Certified Anti-Money Laundering Specialists (the 6th edition) (CAMS) test.
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