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| Certification Vendor: | ACAMS |
|---|---|
| Exam Name: | Certified Anti-Money Laundering Specialists (6th Edition) |
| Exam Number: | CAMS |
| Exam Duration: | 210 minutes |
| Real Exam Qty: | 120 |
| Exam Price: | USD 1,595 – USD 2,095 |
| Certificate Validity Period: | 3 years |
| Passing Score: | 75% |
| Related Certifications: | CAMS-Risk CAMS-FCI CAMS-Audit |
| Available Languages: | Portuguese, English, Korean, Russian, French, German, Simplified Chinese, Traditional Chinese, Arabic, Spanish, Polish, Japanese |
| Exam Format: | Multiple-choice, Scenario-based questions, Computer-based |
| Recommended Training: | Official CAMS 6th Edition Study Guide CAMS Virtual Classroom & Live Training |
| Exam Registration: | Pearson VUE Scheduling ACAMS Official Registration |
| Sample Questions: | ACAMS CAMS Sample Questions |
| Exam Way: | Online remote proctored or onsite at Pearson VUE test centers |
| Pre Condition: | Active ACAMS membership; minimum 40 qualifying credits from education, professional experience or approved training; 3 professional references |
| Official Syllabus URL: | https://www.acams.org/en/certifications/cams |
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ACAMS CAMS certification is a highly sought-after certification in the anti-money laundering (AML) industry. Certified Anti-Money Laundering Specialists (the 6th edition) certification is awarded to individuals who have demonstrated their knowledge and expertise in the field of AML. The CAMS Certification is recognized worldwide and is considered to be the gold standard in AML certifications.
NEW QUESTION # 767
Combating the Financing of Terrorism (CFT)]
What should a bank do if it suspects one of its employees may be involved in mortgage loan fraud?
Answer: C
Explanation:
According to the ACAMS Study Guide for the CAMS Certification Exam (6th edition), page 215, one of the best practices for banks to prevent and detect mortgage fraud is to conduct internal investigations when there are red flags or suspicions of fraud involving bank employees. The investigation should include reviewing the employee's loan files, interviewing the employee and other relevant parties, verifying the information and documents provided by the employee, and documenting the findings and actions taken. Filing a suspicious activity report (SAR) may be appropriate after the investigation is completed and the bank has reasonable grounds to suspect fraud. Filing a police report or initiating civil litigation may also be options depending on the outcome of the investigation and the bank's policies, but they are not the first steps to take when the bank suspects an employee of mortgage fraud.
References:
ACAMS Study Guide for the CAMS Certification Exam (6th edition), page 2151 Mortgage Fraud: Understanding and Avoiding It2 Mortgage Fraud: What You Need To Know3
NEW QUESTION # 768
A compliance officer was recently reviewing transactional data for an international charity and found transactions that present a higher risk.
Which reason is cause for terminating the banking relationship?
Answer: C
Explanation:
The Office of Foreign Assets Control (OFAC) is a US agency that administers and enforces economic and trade sanctions based on US foreign policy and national security goals1. OFAC has a list of sanctions programs and country information for various regions and topics, such as Russia, Iran, North Korea, Cuba, and more2. If a charity is headquartered in a country on the OFAC list, it means that the US government has imposed restrictions or prohibitions on transactions or dealings with that country, its government, entities, or individuals. This poses a high risk of violating the sanctions regulations and exposing the bank to legal, regulatory, or reputational consequences. Therefore, the bank may decide to terminate the banking relationship with the charity to avoid such risks.
The other options are not sufficient reasons to terminate the banking relationship, as they may not indicate illegal or suspicious activities by the charity. A high turnover rate of official positions may be due to various factors, such as organizational changes, staff turnover, or personal reasons. It does not necessarily imply that the charity is involved in money laundering or terrorist financing. However, the bank should verify the identity and authority of the new officials and update the customer due diligence information accordingly. The charity may have several incoming international funds transfers because it receives donations or grants from different sources or countries. This is not unusual for an international charity, as long as the funds are consistent with its stated purpose and activities. The bank should monitor the transactions and report any anomalies or red flags to the relevant authorities. The flow of funds both in and out may be complex and hard to trace because the charity operates in multiple jurisdictions or sectors, or has a decentralized or layered structure. This may increase the risk of money laundering or terrorist financing, but it does not necessarily mean that the charity is engaged in such activities. The bank should conduct enhanced due diligence and ongoing monitoring of the charity's transactions and beneficiaries, and apply a risk-based approach to mitigate the potential risks.
References: 1: Sanctions List Search Tool | Office of Foreign Assets Control 2: Sanctions Programs and Country Information | U.S. Department of the Treasury
NEW QUESTION # 769
A money transmitter's nation-wide agent network remits funds to a country in Africa on behalf of an immigrant community based in the United States. A terrorist group is known to operate openly in this African country. In reviewing transaction records, the compliance officer detects a pattern where two customers together visit the same agent each week and remit the same amount of funds, $2,500, to the same recipient in the country in Africa.
What should alert the compliance officer to possible money laundering or terrorist financing activity by the two customers?
Answer: D
Explanation:
According to the ACAMS CAMS Study Guide, one of the common methods of money laundering and terrorist financing is to structure transactions to avoid reporting or record keeping requirements. Structuring involves breaking down a large amount of cash into smaller transactions that fall below a specified threshold, or using different accounts, agents, locations, or days to conduct the transactions. Therefore, the fact that the two customers remit the same amount of funds, $2,500, each week to the samerecipient in a high-risk country is a red flag for possible money laundering or terrorist financing activity, as itsuggests that they are trying to evade the record keeping threshold of $3,000 for money transmitters in the United States12.
ACAMS CAMS Study Guide, 6th Edition, page 27
FFIEC BSA/AML Appendices - Appendix F - Money Laundering and Terrorist Financing Red Flags1 AML Red Flags - What are the Top 10 Indicators? - ComplyAdvantage2
NEW QUESTION # 770
Which of the followingactivities are considered money laundering red flagswhen reviewingbusiness operationsof amoney services business (MSB)? (Select Two.)
Answer: C,E
Explanation:
MSBsarehigh-risk for financial crime, requiringstrict AML controls.
* Option D (Correct):Hesitancy to provide beneficiary informationis astrong indicator of illicit financial activity.
* Option E (Correct):Using multiple accounts under different namesis aknown money laundering technique.
* Option A (Incorrect):Currency exchange is common in MSBs, thoughadditional factors must be assessed.
* Option B (Incorrect):Large cash deposits are normal for cash-based businesses, butneed further scrutiny.
* Option C (Incorrect):Frequent small remittancesare normal, unless linked tostructuring or smurfing.
Reference:FATF Red Flags for MSBs, Wolfsberg Group MSB Risk-Based Approach, FinCEN Money Services Business AML Guidelines.
NEW QUESTION # 771
Which of the following is the most likely reason for the Financial Action Task Force to remove a jurisdiction from the Non-Cooperative Countries and Territories list?
Answer: A
Explanation:
The Financial Action Task Force (FATF) is an inter-governmental body that sets standards and monitors compliance with anti-money laundering and counter-terrorist financing (AML/CFT) measures. The FATF conducts periodic mutual evaluations of its members and other jurisdictions to assess their level of implementation of the FATF Recommendations, which are the international AML/CFT standards. The FATF also identifies jurisdictions with strategic deficiencies in their AML/CFT regimes that pose a risk to the international financial system, and places them on two public lists: the High-Risk Jurisdictions subject to a Call for Action (also known as the black list) and the Jurisdictions under Increased Monitoring (also known as the grey list). The FATF works with these jurisdictions to address their deficiencies and monitors their progress through regular follow-up reports and on-site visits. The FATF may remove a jurisdiction from the list if it has made sufficient and sustainable progress in implementing the required reforms and has effectively addressed the identified strategic deficiencies. Therefore, receiving a favorable mutual evaluation is the most likely reason for the FATF to remove a jurisdictionfrom the list, as it indicates that the jurisdiction has met the FATF standards and has a robust AML/CFT system in place.
Conducting successful annual self-assessments, entering into a mutual legal assistance treaty, or joining the Wolfsberg Group are not sufficient reasons for the FATF to remove a jurisdiction from the list, as they do not necessarily reflect the overall compliance with the FATF Recommendations or the resolution of the strategic deficiencies. Moreover, the Wolfsberg Group is a private association of global banks that develops guidance and best practices for the financial sector on AML/CFT issues, and is not affiliated with the FATF.
ACAMS Study Guide for the CAMS Certification Examination - 6th Edition, Chapter 1: Risks and Methods of Money Laundering and Terrorism Financing, page 11.
ACAMS CAMS Certification Video Training Course, Module 1: Risks and Methods of Money Laundering and Terrorism Financing, Lesson 1.4: FATF and the 40 Recommendations.
About the Non-Cooperative Countries and Territories NCCT Initiative, FATF website.
NEW QUESTION # 772
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