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ACAMS CAMS (Certified Anti-Money Laundering Specialists) Certification Exam is a globally recognized certification for professionals in the financial crime prevention industry. It is designed to equip individuals with the knowledge and skills needed to effectively prevent and detect money laundering activities. Certified Anti-Money Laundering Specialists (the 6th edition) certification is awarded by the Association of Certified Anti-Money Laundering Specialists (ACAMS), a leading organization in the field of financial crime prevention.
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The CAMS certification exam is designed to test the knowledge and skills of AML professionals in various areas, including money laundering risks and methods, regulatory frameworks, customer due diligence, and transaction monitoring. CAMS Exam consists of 120 multiple-choice questions and must be completed within four hours. The passing score for the CAMS certification exam is 75%.
NEW QUESTION # 140
Which of the following customers require the most enhanced due diligence?
Answer: A
Explanation:
A politically exposed person (PEP) is a customer who requires the most enhanced due diligence (EDD). This is because PEPs are individuals who hold or have held prominent public positions, such as heads of state, senior politicians, judges, military officers, or directors of state-owned enterprises, and who may pose a higher risk of money laundering, corruption, or bribery due to their influence and access to public funds1. EDD measures for PEPs may include obtaining senior management approval, establishing the source of wealth and funds, and conducting enhanced ongoing monitoring of the business relationship2.
The other customers listed do not necessarily require the most EDD, although they may still present a higher risk of money laundering depending on the circumstances. A resident of a non-cooperative jurisdiction is a customer who lives in a country or territory that has been identified by the Financial Action Task Force (FATF) or other international bodies as having weak or deficient anti-money laundering (AML) standards or posing a threat to the international financial system3. EDD measures for such customers may include obtaining additional information or documentation, applying extra scrutiny to transactions, or refusing to establish or continue the business relationship4. An international business corporation is a customer who operates in multiple jurisdictions and may have complex or opaque ownership structures that can conceal the identity or activity of the beneficial owners or controllers. EDD measures for such customers may include verifying the legal existence and structure of the entity, identifying the beneficial owners and controllers, and understanding the nature and purpose of the business relationship. An established customer is a customer who has a long-standing and regular business relationship with the financial institution and who may have a lower risk of money laundering due to the familiarity and trust that has been built over time. EDD measures for such customers may not be required unless there are changes in the customer's profile, behavior, or risk level.
References:
1: Politically Exposed Persons (Recommendations 12 and 22) - FATF1 2: High-risk customers, including politically exposed persons | FCA2 3: High-Risk and Other Monitored Jurisdictions - FATF3 4: Your responsibilities under money laundering supervision | GOV.UK4 : International Business Corporations - ACAMS : Anti-Money Laundering Customer Due Diligence | Veriff.com : Customer Due Diligence - ACAMS : Anti-money laundering - a guide to customer due diligence
NEW QUESTION # 141
The Wolfsberg Anti-Money Laundering Principles for Private Banking require new clients to be approved by whom?
Answer: D
Explanation:
The Wolfsberg Anti-Money Laundering Principles for Private Banking require new clients to be approved by at least one person other than the private banker. This is because the private banker may have a conflict of interest or be influenced by the client's wealth or reputation. The approval process should involve a senior manager or a compliance officer who can independently assess the client's risk profile and suitability for the institution's services12.
Reference:
1: CAMS Certification Package - 6th Edition | ACAMS, Chapter 2: Money Laundering Risks and Methods, p. 37 2: The Wolfsberg Group, The Wolfsberg Anti-Money Laundering Principles for Private Banking, June 2000, p. 3, https://www.wolfsberg-principles.com/sites/default/files/wb/pdfs/Wolfsberg-AML-Principles-for-Private-Banking-June-2000.pdf
20Wolfsberg-Private-Banking-Prinicples-May-2012.pdf (04)
NEW QUESTION # 142
How should law enforcement obtain documentation from an institution when suspicious activity was identified? (Choose two.)
Answer: D,E
Explanation:
Law enforcement should obtain documentation from an institution when suspicious activity was identified by either requesting copies of the relevant documents from the accountable institution or acquiring a search warrant to obtain the documents. These are the legal and proper ways to access the supporting documentation that the institution is required to maintain for five years after filing a suspicious activity report (SAR). The institution must provide the documentation upon request by FinCEN or an appropriate law enforcement or supervisory agency, and should verify the identity and authority of the requestor. Law enforcement can also obtain a search warrant from a court if they have probable cause to believe that the documents contain evidence of a crime.
:
Suspicious Activity Report Supporting Documentation
Answers to Frequently Asked Questions Regarding Suspicious Activity Reporting and Other Anti-Money Laundering Considerations, Question 1.
Obtaining Documentation from an Institution: Law Enforcement Procedures Reference: https://www.federalregister.gov/documents/2010/12/03/2010-29869/financial-crimes-enforcement- network-confidentiality-of-suspicious-activity-reports
NEW QUESTION # 143
A bank located in Arizona is considering a loan application for a new client. The collateral for the loan is a property in Florida.
The loan will be in the name of a limited company (LLC) whose ownership is not disclosed to the bank. The LLC was established by a New York-based attorney.
The loan will be repaid by the LLC in monthly wire transfers of $9,000 which is more than the required monthly payment.
Which aspect indicates potential for money laundering?
Answer: A,B
Explanation:
According to the ACAMS study guide, one of the red flags for money laundering in loan transactions is "the use of shell companies or other legal entities whose ownership is not transparent or whose beneficial owners are unknown" (p. 223). Money launderers may use such entities to hide their identity and the source of their funds, or to create complex layers of transactions to obscure the trail of money. The other options are not necessarily indicative of money laundering risk, as they could be explained by legitimate factors such as the location of the property, the repayment schedule, or the choice of attorney.
References:
ACAMS. (2020). Study Guide for the Certification Examination for Anti-Money Laundering Specialists (6th ed.). Miami, FL: ACAMS.
MLO Mentor: Anti-Money Laundering 1
Compliance Obligations of Certain Loan or Finance Company Affiliates of Federally Regulated Banks and Other Financial Institutions 2
NEW QUESTION # 144
the Financing of Terrorism (CFT)]
AnAML analyst at a financial institutionis examining analert generated by the automated transaction monitoring systemto determine whether the alert should beescalated to the AML unit for further investigation or archived as a false positive.
Whichaction might be reasonable for the AML analyst to take?
Answer: A
Explanation:
Transaction monitoring alerts requirefurther analysisto determine whether they indicategenuine suspicious activity or a false positive.
* Option C (Correct):Requesting information from the relationship manager helps gather customer background details, past transaction patterns, and business rationale.
* Option A (Incorrect):Below-the-line testing assesses system effectiveness but does not resolve an immediate AML alert.
* Option B (Incorrect):Directly contacting a counterparty bank may violate privacy regulations and should only be done if escalation is required.
* Option D (Incorrect):Restricting access without due diligence may lead to regulatory and reputational risks.
Best Practices for Investigating AML Alerts:
* Review transaction history and customer risk profile.
* Engage the relationship manager for business context.
* Escalate to AML compliance teams if red flags persist.
Reference:
FATF Recommendation 10 (Customer Due Diligence & Monitoring)
Wolfsberg Group Guidance on Transaction Monitoring & Alert Handling
6th EU AML Directive (6AMLD) on Suspicious Transaction Investigations
NEW QUESTION # 145
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