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[General] CAMS Dumps | Valid CAMS Exam Topics

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【General】 CAMS Dumps | Valid CAMS Exam Topics

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ACAMS Certified Anti-Money Laundering Specialists (the 6th edition) Sample Questions (Q256-Q261):NEW QUESTION # 256
Which action indicates possible Penza scheme activity?
  • A. A licensed seller offers higher profit on investments in a high risk country
  • B. A licensed investment advisor lures aging/retired professionals to invest in securities
  • C. An unlicensed investment advisor offers profits other investments cannot guarantee
  • D. A unlicensed investment advisor offers returns that are competitive with industry benchmarks
Answer: C
Explanation:
A Penza scheme, also known as a Ponzi scheme, is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors1 The scheme relies on attracting new investors with unrealistic promises of high returns and low risk, while using their money to pay off the previous investors2 An unlicensed investment advisor who offers profits other investments cannot guarantee is likely to be involved in a Penza scheme, as this is a common way to entice unsuspecting victims3 The other options are not necessarily indicative of a Penza scheme, as they could be legitimate or involve other types of fraud.
References: 1 Ponzi scheme - Wikipedia; 2 Ponzi Schemes: Definition, Examples, and Origins - Investopedia; 3 What is Ponzi Scheme? - Sanction Scanner

NEW QUESTION # 257
Which statement is true regarding the Financial Action Task Force standards for suspicious activity reports (SARs) information sharing within a financial group?
  • A. Financial institutions must retain copies of SARs and supporting documentation for five years from the date of filing the SARs.
  • B. Financial institutions should establish sufficient safeguards concerning the confidentiality of information shared for AML purposes.
  • C. Financial institutions cannot share customer information at all since it is confidential.
  • D. Financial institutions must require approval from regulators to share SARs information and supporting documentation.
Answer: B
Explanation:
Explanation
According to the Financial Action Task Force (FATF) standards for suspicious activity reports (SARs) information sharing within a financial group, "Financial institutions should establish adequate procedures to ensure that confidentiality of information is maintained and that information is only used for purposes permitted under national law. Where the parent institution is located in a country that does not permit such sharing, financial institutions should take measures to address this limitation" (CAMS Manual, 6th Edition, page 476). Therefore, financial institutions must establish sufficient safeguards concerning the confidentiality of information shared for AML purposes.

NEW QUESTION # 258
A money remittance business will most likely attract money launderers because it
1.deals primarily in cash transactions.
2.engages in international transactions.
3. conducts transactions for walk-in customers.
4.does not have to comply with transaction reporting.
  • A. 1, 2, and 4 only
  • B. 2, 3, and 4 only
  • C. 1, 3, and 4 only
  • D. 1, 2, and 3 only
Answer: D
Explanation:
A money remittance business will most likely attract money launderers because it deals primarily in cash transactions, engages in international transactions, and conducts transactions for walk-in customers. These factors make money remittance businesses vulnerable to money laundering risks, such as:
* Cash transactions: Cash is the preferred medium of exchange for money launderers, as it is anonymous, untraceable, and easily convertible. Money remittance businesses often deal with large amounts of cash, which can be used to place, layer, or integrate illicit funds into the financial system. Cash transactions also pose challenges for customer identification, record keeping, and transaction monitoring.
* International transactions: Money remittance businesses facilitate cross-border transfers of funds, which can be used to move illicit funds from one jurisdiction to another, or to obscure the origin, destination, or purpose of the funds. International transactions also involve exposure to different legal, regulatory, and cultural environments, which may create inconsistencies or gaps in anti-money laundering (AML) and counter-terrorism financing (CTF) standards and practices.
* Walk-in customers: Money remittance businesses often serve walk-in customers, who may not have an established relationship with the business, or who may use false or incomplete identification documents.
Walk-in customers also increase the volume and complexity of transactions, which may make it difficult to detect suspicious or unusual activity, or to apply risk-based due diligence measures.
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. 37-38
* 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 16

NEW QUESTION # 259
Combating the Financing of Terrorism (CFT)]
Whichpractices should financial institutions (FIs) adoptwhen determining thetimeline for completing an internal AML investigationandfiling a Suspicious Activity Report (SAR) to the Financial Intelligence Unit (FIU)?
  • A. Follow local regulatory requirementsfor reporting periods.
  • B. Use a matrix based on the complexityof an investigation.
  • C. Act on the professional judgmentof a senior manager.
  • D. Report the SAR within 30 days.
Answer: A
Explanation:
Thetimely filing of SARs is legally mandated, and financial institutions mustfollow jurisdiction-specific reporting deadlines.
* Option A (Correct):Regulatory requirements dictate SAR filing deadlines(e.g., in the U.S., SARs must be filed within30 calendar daysof detecting suspicious activity).
* Option B (Incorrect):30 days is the U.S. standard, but different jurisdictions may havedifferent SAR deadlines(e.g.,EU AMLD mandates prompt reporting).
* Option C (Incorrect):Complexity-based reporting delaysare not permitted if theyexceed regulatory timelines.
* Option D (Incorrect):Relying solely on professional judgmentrather than regulatory rules can lead to non-compliance.
SAR Filing Deadlines in Different Jurisdictions:
Jurisdiction
SAR Filing Deadline
United States (FinCEN)
30 calendar days(60 days if no suspect is identified)
United Kingdom (FCA/NCA)
As soon as practicable
European Union (6AMLD)
"Promptly" (no fixed number of days)
Australia (AUSTRAC)
3 business daysfor terrorism financing,14 business daysfor other cases
Why Timely SAR Filing Matters:
* Delays in reporting can result in regulatory penalties.
* Early SAR filing enables FIUs to take swift action against financial crime.
* Non-compliance can lead to fines, criminal charges, and reputational damage.
Reference:
FATF Recommendation 20 (Reporting Suspicious Transactions)
FinCEN SAR Filing Requirements
6th EU Anti-Money Laundering Directive (6AMLD)

NEW QUESTION # 260
What poses the greatest money laundering risk for a financial institution offering on-line services to customers?
  • A. Customers have direct access to their accounts without being detected
  • B. Institutions offering on-line services have no possibility to properly verify the identity of their customers
  • C. There is a greater difficulty in matching the customer with the provided identification documentation
  • D. There is a lack of human review of the customer's transactions
Answer: C
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 # 261
......
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