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| Certification Vendor: | ACAMS |
|---|---|
| Exam Name: | Certified Anti-Money Laundering Specialists (6th Edition) |
| Exam Number: | CAMS |
| Exam Duration: | 210 minutes |
| Certificate Validity Period: | 3 years |
| Exam Format: | Scenario-based questions, Computer-based, Multiple-choice |
| Related Certifications: | CAMS-Audit CAMS-FCI CAMS-Risk |
| Available Languages: | Traditional Chinese, Polish, German, Portuguese, Korean, English, Simplified Chinese, Arabic, Japanese, Russian, Spanish, French |
| Real Exam Qty: | 120 |
| Exam Price: | USD 1,595 – USD 2,095 |
| Passing Score: | 75% |
| 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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To become a CAMS certified professional, candidates must pass a rigorous exam that tests their knowledge of AML regulations, best practices, and emerging trends. CAMS exam consists of 120 multiple-choice questions and must be completed in four hours. CAMS Exam covers four main areas: AML programs and controls, customer due diligence, transaction monitoring, and sanctions screening. To pass the CAMS exam, candidates must achieve a score of 75% or higher.
NEW QUESTION # 444
Which precaution will a money launderer take to avoid detection when sending electronic transfers?
Answer: A
NEW QUESTION # 445
Which two steps should a financial institution take when it receives a law enforcement request to keep an account open that may be associated with suspicious or criminal activity? (Choose two.)
Answer: A,B
Explanation:
Explanation/Reference:
NEW QUESTION # 446
A businessman requests a European private bank to open a numbered or alternate name account. According to the Basel Committee on Banking Supervision principles, which of the following is the most important question the banker should ask?
Answer: B
NEW QUESTION # 447
A bank employee reviews wire transactions looking for indications of wire stripping.
Which two actions should the employee take to complete appropriate bank procedures? (Choose two.)
Answer: A,B
Explanation:
Wire stripping is a technique used by money launderers to remove or alter information that identifies the originator or beneficiary of a wire transfer, in order to avoid detection or tracing. To detect wire stripping, a bank employee should compare the wire transaction as it enters and after it leaves the bank, and look for any discrepancies or missing information in the fields related to the originator or beneficiary. The employee should also check for suspicious phrases usually used to conceal originator or beneficiary identity, such as
"for further credit", "in favor of", "on behalf of", or "as instructed".
CAMS Study Guide, 6th Edition, Chapter 3, Section 3.21
CAMS Study Guide, 6th Edition, Chapter 5, Section 5.31
ACAMS Chapter 3 Exam Questions, Question 792
FATF Guidance on Transparency and Beneficial Ownership, Section 3.23
Reference:https://www.lexology.com/library/detail.aspx?g=79732c5e-b4bf-456a-9604-712f44f5a930
NEW QUESTION # 448
A corporate services provider in a European Union (EU) country has a prospect from an African country who deals in oil and gas. The prospect intends to develop an oil terminal in his home country with a $75 million dollar loan secured by a third party, which is a trust formed in a Caribbean island with a holding company based in a European secrecy haven. A young lady is presented as an ultimate beneficial owner who has gained her wealth through a fitness studio in her home country.
What are two red flags that could indicate money laundering or financing terrorism? (Choose two.)
Answer: A,D
Explanation:
According to the ACAMS study guide1, some of the common red flags for money laundering or financing terrorism are:
* Customers who provide insufficient or suspicious information, such as unusual or unverifiable identification documents, different taxpayer identification numbers, or vague or inconsistent information about their business or source of funds.
* Transactions that have unusual features, such as large cash payments, unexplained payments from a third party, use of multiple or foreign accounts, complex or illogical transactions, or transactions that are inconsistent with the customer's profile or expected behavior.
* Geographic concerns, such as transactions involving high-risk jurisdictions, offshore financial centers, secrecy havens, or countries subject to sanctions or embargoes.
* Ultimate beneficial ownership that is unclear, such as customers who use shell companies, trusts, or other legal entities to obscure their identity or the identity of the true owners or controllers of the funds or assets.
In this scenario, two red flags that could indicate money laundering or financing terrorism are:
* B. The guarantor company's ownership structure is overly complex. This could be an attempt to hide the true source or destination of the funds, or to evade regulatory or law enforcement scrutiny. The use of a trust formed in a Caribbean island and a holding company based in a European secrecy haven could also indicate geographic concerns, as these jurisdictions are known for their low transparency and high confidentiality.
* D. The ultimate beneficial owner is a young lady who has gained her wealth through a small business.
This could be a case of false or misleading information, as the source of funds is not commensurate with the size or nature of the transaction. The fitness studio business could be a front or a cover for illicit activities, or the young lady could be a nominee or a straw man for the real owner or beneficiary.
= 1 ACAMS. (2020). Study Guide for the Certification Examination: Sixth Edition. Miami, FL: ACAMS.
NEW QUESTION # 449
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