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ACAMS CAMS Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: Risks and Methods of Money Laundering and Terrorist Financing	26%	- Money laundering stages and mechanisms 1. Trade-based money laundering 2. Terrorist financing methods 3. Placement, layering, integration - Sanctions and related risks 1. Consequences of non-compliance 2. UN, EU, OFAC and other sanctions regimes - Sector-specific vulnerabilities 1. Gaming and casinos 2. Legal and professional service providers 3. Money services businesses 4. Banking and deposit-taking institutions 5. Precious metals and high-value goods 6. Real estate 7. Securities and capital markets 8. Insurance sector
Topic 2: Compliance Standards for AML/CFT	25%	- International organizations and bodies 1. Financial Action Task Force 2. Egmont Group of Financial Intelligence Units 3. Standard-setting bodies - Risk-based approach fundamentals 1. Application across jurisdictions 2. Principles of risk assessment - Global regulatory frameworks 1. USA PATRIOT Act and national regulations 2. FATF 40 Recommendations 3. Wolfsberg Principles 4. Basel Committee guidelines 5. EU AML Directives
Topic 3: AML/CFT Compliance Programs	28%	- Customer due diligence requirements 1. KYC/CDD and enhanced due diligence 2. Beneficial ownership identification 3. Ongoing monitoring - Reporting and record-keeping 1. Suspicious activity reporting (SAR/STR) 2. Record retention requirements - Core elements of compliance programs 1. Governance and oversight 2. Risk assessment and management 3. Policies, procedures and controls - Training, audit and independent review 1. Staff training programs 2. Internal and external audit functions 3. Continuous improvement
Topic 4: Conducting and Responding to Investigations	21%	- Investigation process and case management 1. Evidence gathering and analysis 2. Case documentation and reporting - Detection and red flags 1. Identifying suspicious activities and transactions 2. Industry-specific red flags - Disciplinary and remedial actions 1. Corrective measures and sanctions 2. Preventing recurrence - Information sharing and cooperation 1. Working with FIUs and law enforcement 2. Domestic and international cooperation

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ACAMS Certified Anti-Money Laundering Specialists (the 6th edition) CAMS Prüfungsfragen mit Lösungen (Q687-Q692):

687. Frage
Section 319(a) of the USA PATRIOT Act:

A. Provides the U.S. Department of Treasury with the authority to apply graduated, proportionate measures against a foreign jurisdiction, foreign financial organization, type of international transaction, or type of account.
B. Permits the U.S. Government to seize funds from a correspondent bank account in the U.S. that has been opened and maintained for a foreign bank in the same amount as has been deposited with the foreign bank.
C. Allows the appropriate federal banking agency to require a financial organization to produce, within
120 hours, records or information related to the organization's AML compliance or related to a customer of the organization or any account opened, maintained, administered, or managed in the U.S.
by the financial organization.
D. Requires due diligence, and in certain situations enhanced due diligence (EDD), for foreign correspondent accounts, which includes virtually all account relationships that organizations can have with a foreign financial organization and private banking for non-citizens of the U.S.

Antwort: C

Begründung:
Section 319(a) of the USA PATRIOT Actenhancesregulatory oversight of foreign financial institutions with U).S. correspondent accounts.
Option A (Correct):This section requires foreign banks to provide relevant AML records within 120 hours upon request from a U.S. regulatory agency.
Option B (Incorrect):This describes Section 311, which deals with special measures against foreign jurisdictions or financial institutions.
Option C (Incorrect):This is covered under Section 319(b), which permits asset seizures from U.S.
correspondent accounts.
Option D (Incorrect):This relates to Section 312, which mandates due diligence on foreign correspondent accounts and private banking.
Best Practices for Compliance with Section 319(a):
Ensure the ability to produce AML-related records within 120 hours.
Establish clear communication channels between correspondent banks.
Monitor foreign financial institution relationships for compliance risks.
Reference:
USA PATRIOT Act Section 319(a) (Regulatory Requests for AML Records)
FinCEN Guidance on Foreign Bank Record-Keeping Requirements
FATF Recommendation 13 (Correspondent Banking AML Controls)

688. Frage
the Financing of Terrorism (CFT)]
According to the USA PATRIOT Act, under which condition would US financial institutions (Fls) maintain correspondent accounts for foreign shell banks?

A. US Fls must be certified by the Financial Action Task Force to maintain correspondent accounts for foreign shell banks.
B. US Fls can open correspondent bank accounts for foreign shell banks but only in certain countries.
C. US Fls must undertake a rigorous, risk-based approval process to open correspondent bank accounts for foreign shell banks.
D. US Fls cannot maintain correspondent bank accounts for foreign shell banks.

Antwort: D

Begründung:
According to section 313 of the USA PATRIOT Act, a covered financial institution (generally any U.S. bank or broker dealer in securities) is prohibited from establishing, maintaining, administering, or managing a correspondent account in the U.S. for, or on behalf of, a foreign shell bank. A foreign shell bank is defined as a foreign bank that does not have a physical presence in any country. The only exception to this prohibition is if the foreign shell bank is a regulated affiliate of a depository institution, credit union, or foreign bank that maintains a physical presence in the U.S. or a foreign country, respectively. In that case, the U.S. financial institution must obtain a written certification from the foreign bank that it does not provide banking services to any other foreign shell banks.
References:
Here's Why A Process Agent Is Required Under a Certification by a Foreign Bank, Cogency Global, September 2020.
Definition of "Foreign Shell Bank" and "Foreign Bank", FinCEN, April 2003.
USA PATRIOT Act, FinCEN, accessed February 2024.

689. Frage
Which of the following activities is most likely associated with a lawyer participating in a money laundering scheme?

A. Creates corporate entities to disguise true beneficial ownership of clients.
B. Engages clients with high-net worth in foreign countries.
C. Represents persons accused of crimes against financial institutions.
D. Frequently travels to countries considered tax havens.

Antwort: A

Begründung:
One of the common methods used by money launderers to hide the origin and destination of illicit funds is to create complex corporate structures that obscure the identity of the real owners or controllers of the assets.
Lawyers can facilitate this process by providing legal services such as setting up shell companies, trusts, foundations, or other entities in jurisdictions with weak AML regulations or high secrecy. By doing so, lawyers can help their clients evade taxes, avoid sanctions, conceal criminal activities, or launder money. This is why lawyers are considered high-risk professionals for AML purposes and are subject to due diligence and reporting obligations.
= Some of the references that support this answer are:
ACAMS Study Guide for the CAMS Certification Examination, Chapter 3, Section 3.2.2, page 77: "Lawyers are often used to create complex corporate structures that can be used to hide the beneficial ownership of assets." Money Laundering Reporting Officer: The Role Of MLRO, Section "Money Laundering Risks For Lawyers":
"Lawyers are at risk of being used by criminals to launder money through various means, such as creating corporate entities, conducting transactions, or providing advice." New York Lawyer Pleads Guilty to Ponzi Scheme, Money Laundering, Section "Lawyer agrees to forfeit $19 million from investment scheme": "A New York lawyer admitted Monday to money laundering and orchestrating an $18.8 million Ponzi scheme using his Forest Hills-based law firms, Wisnicki & Associates LLP and Wisnicki Neuhauser LLP."

690. Frage
A compliance officer at a large financial institution has been tasked by senior management to lead a team in an internal review and potential revision of the institution's customer onboarding program following a regulatory enforcement action of another institution.
Which step should the compliance officer perform first?

A. Conducting enhanced due diligence on high risk customers
B. Resolving substantive discrepancies in customer verification
C. Revising training materials for frontline staff
D. Reviewing the institution's risk assessment

Antwort: D

Begründung:
The compliance officer should perform the first step of reviewing the institution's risk assessment before implementing any changes to the customer onboarding program. The risk assessment is a key component of the AML compliance program, as it identifies and measures the institution's exposure to money laundering and terrorist financing risks. The risk assessment should be updated regularly and reflect the institution's products, services, customers, geographic locations, and delivery channels. By reviewing the risk assessment, the compliance officer can determine the adequacy and effectiveness of the current customer onboarding program and identify any gaps or weaknesses that need to be addressed. The compliance officer can also benchmark the institution's risk assessment against the regulatory expectations and best practices in the industry.
The other steps are also important, but they should be performed after the risk assessment review. Revising training materials for frontline staff, conducting enhanced due diligence on high risk customers, and resolving substantive discrepancies in customer verification are all part of the customer onboarding program, but they depend on the risk assessment to provide the appropriate level of controls and procedures. For example, the training materials should reflect the risk assessment results and the revised customer onboarding policies. The enhanced due diligence should be applied to customers who pose a higher risk according to the risk assessment criteria. The customer verification should be consistent with the risk assessment and the customer identification program.
References:
* AML KYC Onboarding Lifecycle Process Flow | Guide - AdvisoryHQ
* New EBA AML Guidelines on the use of Remote Customer Onboarding Solutions - Bird & Bird
* KYC Onboarding Process 2023 - AML requirements - Sumsub
Review of any AML/CFT program begins with the Risk Based Approached. It should first check the internal system to identify risk factors and design program accordingly.

691. Frage
A bank teller receives a written request from a police officer to review a previous customer's account on a pre-populated form with the officer's official letterhead. The officer suspects the previous customer is engaging in smurfing. Which action should the bank teller perform?

A. Escalate the police officer's request for the customer's account information to the compliance officer.
B. Provide the police officer the customer's account information.
C. Provide the police officer the customer's account information after management approval.
D. Reject the police officer's request for the customer's account information and escalate to the compliance officer.

Antwort: A

Begründung:
Explanation
The compliance officer should evaluate the request, determine whether it is valid, and provide the necessary information, subject to management approval. It is important to follow the bank's policies and procedures for responding to law enforcement requests, including verifying the authenticity of the request and the identity of the officer making the request. Additionally, it is important to protect customer privacy and ensure that sensitive information is not released to unauthorized individuals. (Reference: Certified Anti-Money Laundering Specialist (the 6th edition), Chapter 6)

692. Frage
......

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