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Exam Details

The CAMS is a 3.5-hour test consisting of 120 multiple-choice and multiple-select questions. To pass and obtain the CAMS certification, test-takers must achieve a score of 75 or more. ACAMS recommends that candidates arrive/log in 30 minutes before the scheduled time for the official exam as latecomers may not be allowed to take the test and this allows ample time for check-in. Test-takers are also required to bring along with them the two forms of current and valid government-issued identification. Please note that the identification must include a photograph and signature. Also, please ensure that the name used when registering for the real exam is one and the same as it appears on the identification.

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Provided a scenario, Determine when and how to implement necessary program changes, the process to access the money laundering and internal factors that should be escalated to management
Provided a Scenario about trust, company service providers, emerging risks related to technology, banks, insurance companies, broker-dealers, investment advisors, capital markets, gaming, dealers of precious metal dealers, dealers of real estate, bureau de change, money services business, lawyers, notaries, accountants, auditors, financial transactions that offer anonymity, lack of transparency of ownership, moving money, involving commercial transactions and identify the red flags that indicate money laundering or financing terrorism.
Determine the key aspects of the FATF, BASEL Committee Customer Due Diligence Principles, EU Directives on money and Wolfsberg Groups AML Principles as they relate to private/correspondent banking, USA PATRIOT Act and OFAC sanctions that have extraterritorial reach

ACAMS CAMS Exam covers a wide range of topics related to AML, including risk assessment, regulatory compliance, customer due diligence, and investigations. CAMS exam is designed to test the practical knowledge and skills of AML professionals, and it includes multiple-choice questions that cover real-life scenarios. CAMS exam is divided into six sections, each of which covers a specific aspect of AML. To pass the CAMS exam, candidates must score at least 75% on each section. CAMS exam is available in multiple languages, including English, Spanish, and Chinese, and it can be taken online or at a physical testing center.

ACAMS Certified Anti-Money Laundering Specialists (the 6th edition) Sample Questions (Q72-Q77):

NEW QUESTION # 72
The compliance officer for a private bank has been tasked with reviewing the procedure for authorized signatories on customer accounts to ensure it is in line with relevant Wolfsberg Anti-Money Laundering Principles for Private Banking.
Which three statements from the procedure are in line with Wolfsberg? (Choose three.)

A. The responsible private banker must obtain the necessary documentation establishing the authorized signer's authority to act on behalf of the account holder or beneficial owner (e.g. a Power of Attorney).
B. Where due diligence has been satisfactorily completed on all authorized signers, the responsible private banker may reduce the due diligence performed on the account holder and/or beneficial owner.
C. The responsible private banker must establish the identity of a holder of general powers over an account (e.g. a signatory for the account) and, as appropriate, verify that identity.
D. Where the Authorized Signatory is not a lawyer or accountant, due diligence as to the source of funds and wealth of the Authorized Signatory should be undertaken.
E. If an individual has signing authority over an account but does not act on a professional basis as a manager of funds, the responsible private banker must understand and document the relationship between that authorized signer, the account holder, and, if different, the beneficial owner of the account.

Answer: A,C,E

Explanation:
The three statements from the procedure that are in line with Wolfsberg are:
B: The responsible private banker must establish the identity of a holder of general powers over an account (e.g. a signatory for the account) and, as appropriate, verify that identity. This is consistent with the Wolfsberg Principle 1.2.1, which states that the bank will establish the identity of its clients and beneficial owners prior to establishing business relationships with such persons1.
D: The responsible private banker must obtain the necessary documentation establishing the authorized signer's authority to act on behalf of the account holder or beneficial owner (e.g. a Power of Attorney). This is consistent with the Wolfsberg Principle 1.2.3, which states that the bank will obtain the necessary documentation establishing the authority of the authorized signatory to act on behalf of the client or beneficial owner1.
E: If an individual has signing authority over an account but does not act on a professional basis as a manager of funds, the responsible private banker must understand and document the relationship between that authorized signer, the account holder, and, if different, the beneficial owner of the account. This is consistent with the Wolfsberg Principle 1.2.4, which states that the bank will understand and document the relationship between the authorized signatory, the client and, if different, the beneficial owner of the account1.
References:
1: Wolfsberg Anti-Money Laundering Principles for Private Banking (2012)

NEW QUESTION # 73
A comprehensive set of risk-based guidelines for maintaining business relationships is being developed.
Which situation indicates that the institution should terminate the relationship with a client?

A. The client conducts international financial transactions exceeding U.S. $500 million.
B. The client exceeds the criteria of an acceptable risk model created by the institution and does not perform acceptable remedial actions.
C. The client does business in countries with active terrorist organizations.
D. The client exceeds the criteria of an acceptable risk model created by another institution that is not similar in size and complexity.

Answer: B

Explanation:
Explanation/Reference: http://www.fatf-gafi.org/media/fatf/documents/reports/Risk-Based-Approach-Banking-Sector.pdf

NEW QUESTION # 74
A high-volume dealer of precious metals and stones in a high-risk jurisdiction is approached by a new customer interested in selling gold worth $200,000. The customer was referred by a longtime family friend of the dealer and provides no indication of background or business purpose for the sale. The dealer agrees to make the purchase based solely on the reference.
What is the money laundering red flag?

A. The customer was referred by a longtime friend of the dealer
B. A new customer is selling gold worth $200,000 to a high volume dealer
C. The precious metals dealer is operating in a high-risk jurisdiction
D. The customer provides no background information or business purpose for the transaction

Answer: D

Explanation:
This is when a customer or a transaction does not provide sufficient or credible information about their identity, source of funds, business activity, or purpose of the transaction. Lack of transparency can indicate that the customer or the transaction is trying to conceal the origin, ownership, or destination of illicit funds, or to evade regulatory scrutiny or reporting obligations. Lack of transparency is a common risk factor for money laundering and terrorist financing, especially in high-risk jurisdictions or sectors.
The other options are not necessarily red flags, although they may increase the risk or require further due diligence depending on the circumstances and the risk profile of the customers and countries involved. Option A describes a referral by a longtime friend of the dealer, which may be a legitimate source of trust or business relationship, but it does not substitute the need for proper customer identification and verification. Option B describes the location of the precious metals dealer, which may be a high-risk jurisdiction due to factors such as weak governance, corruption, crime, or sanctions, but it does not imply that the dealer or the customer is involved in money laundering. Option C describes the amount and nature of the transaction, which may be unusual or large, but it does not necessarily indicate money laundering, as long as the customer can provide a reasonable explanation and evidence for the source and use of funds.
References:
ACAMS CAMS Certification Video Training Course - 6th Edition1
Exam CAMS: Certified Anti-Money Laundering Specialist (the 6th edition)2 ACAMS CAMS Study Guide - 6th Edition, Chapter 3, pages 64-65
https://www.acams.org/wp-content/uploads/2019/09/ACAMS-CAMS-Study-Guide-6th-Edition-Chapter-3.pdf

NEW QUESTION # 75
A financial institution's (Fl's) policy is to apply enhanced due diligence (EDD) for every new client to ensure the effectiveness of the program. How should a consultant advise the Fl's management team?

A. Suggest the management team select the clients that are chosen for EDD.
B. Suggest EDD for 50% of the clients is appropriate.
C. Suggest the management team ask the regulator for advice on EDD measures.
D. Suggest the FI needs to implement a risk-based approach for EDD.

Answer: D

Explanation:
According to the Anti-Money Laundering Specialist (the 6th edition) study guide, a risk-based approach for EDD means that the FI applies more or less stringent measures depending on the level of risk posed by each client1. This allows the FI to allocate its resources more efficiently and effectively, and to focus on the clients that pose the highest risk of money laundering or terrorist financing2. Applying EDD for every new client, regardless of their risk profile, may not be the best use of the FI's resources, and may not reflect the proportionality and relevance of the EDD measures3.
Reference:
1: CAMS Study Guide, 6th Edition, Chapter 3, Section 3.2, page 69
2: CAMS Study Guide, 6th Edition, Chapter 3, Section 3.3, page 70
3: CAMS Study Guide, 6th Edition, Chapter 3, Section 3.4, page 71

NEW QUESTION # 76
An account officer who maintains an excellent relationship with the finance manager for a correspondent bank customer learns that many records for the correspondent bank have been requested by law enforcement. In the interest of maintaining a good relationship with the customer, the account officer sets up a meeting to discuss the legal request with the customer. The account officer intends to discuss points related to the investigation during the meeting.
What should an anti-money laundering specialist recommend?

A. Limit discussions about the investigation with the customer and by satisfied that the accountmanager has provided proper notice to the customer
B. Discuss all the points being investigated by law enforcement to ensure the correspondent bankis well prepared when approached
C. Cancelled the meeting as he has already behaved inappropriately by alerting to theinvestigation
D. Let the account manager's manager know what conversations have taken place with thecustomer and document the account file accordingly

Answer: A

NEW QUESTION # 77
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