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Career Path

After obtaining this specialist-level CAMS certification, individuals may go on to get more advanced CAMS designations by ACAMS, which are offered in three fields. Thus, they are the Advanced CAMS - Audit, Advanced CAMS - Financial Crimes Investigations, and Advanced CAMS - Risk Management.

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ACAMS CAMS (Certified Anti-Money Laundering Specialists) Exam is a certification program designed for professionals working in the anti-money laundering (AML) field. CAMS exam is developed and administered by the Association of Certified Anti-Money Laundering Specialists (ACAMS), which is a non-profit organization dedicated to enhancing the knowledge and skills of AML professionals worldwide.

ACAMS Certified Anti-Money Laundering Specialists (the 6th edition) Sample Questions (Q411-Q416):

NEW QUESTION # 411
What are two requirements of United States financial institutions when conducting business with an international financial institution as a result of the USA PATRIOT Act? (Choose two.)

A. Complying with Special Measures issued under the USA PATRIOT Act
B. Performing due diligence on correspondent accounts
C. Visiting the head office of the international financial institution
D. Performing enhanced due diligence on shell banks

Answer: A,D

NEW QUESTION # 412
What are two aspects of the Wolfsberg Anti-Money Laundering (AML) Principles for Correspondent Banking?
(Choose two.)

A. Factors such as politically exposed person involvement and downstream (nested) correspondents increase the risk inherent in a correspondent relationship.
B. Correspondent banking is an inherently high risk business and all correspondent bank relationships should be reviewed on an annual basis.
C. At least one person, aside from the person sponsoring the relationship, should approve the correspondent relationship.
D. An Institution may assign a low risk rating to a correspondent bank located in a jurisdiction deemed to have an adequate AML environment (e.g., Financial Action Task Force member country) without needing to consider other factors.

Answer: B,C

Explanation:
Explanation/Reference: https://www.wolfsberg-principles.com/sites/default/files/wb/pdfs/wolfsberg-standards/8.%
20Wolfsberg-Correspondent-Banking-Principles-2014.pdf

NEW QUESTION # 413
Which action does the Financial Action Task Force call on member countries to take in the most serious cases when countries have significant strategic AML deficiencies?

A. Apply countermeasures
B. Eliminate all financial dealings
C. Contribute to mutual evaluations
D. Report high-risk transactions

Answer: A

Explanation:
According to the FATF Recommendations (2012), page 111, the FATF calls on its members and urges all jurisdictions to apply enhanced due diligence and, in the most serious cases, countermeasures to protect the international financial system from the money laundering, terrorist financing, and proliferation financing risks emanating from countries with significant strategic AML/CFT deficiencies. Countermeasures are proportionate and effective actions that can be applied by countries individually or collectively to protect their financial systems from these risks. Examples of countermeasures include restricting or prohibiting financial transactions with the high-risk country, requiring financial institutions to review and terminate correspondent relationships with the high-risk country, or applying enhanced reporting mechanisms or systematic reporting of financial transactions with the high-risk country.
Reference:
FATF Recommendations (2012), page 111
FATF Public Statement on High-Risk Jurisdictions subject to a Call for Action, February 20232 FATF Guidance on Countermeasures, October 20103

NEW QUESTION # 414
A close relative of a privately-owned bank's senior manager requests to open an account. Because of this relationship, the staff expedites the opening of the account without following established account-opening procedures. Applying the Basel Committee on Banking Supervision principles, which of the following poses the highest operational risk?

A. The possibility of lawsuits that adversely affect the operations of a bank.
B. Not having appropriate information to share with Financial Intelligence Units.
C. Failure to conduct proper due diligence.
D. The bank's exposure to politically exposed persons.

Answer: B

NEW QUESTION # 415
In which two ways does a government Financial Intelligence Unit interact with public and private sectors? (Choose two.)

A. It mediates disputes between financial institutions and investigative authorities
B. It disseminates information and the results of its analysis to competent authorities
C. It governs the methods of investigation used by competent authorities
D. It receives and analyzes disclosures filed by financial and non-bank institutions

Answer: B,D

NEW QUESTION # 416
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