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| Certification Vendor: | ACAMS |
|---|---|
| Exam Name: | ACAMS Certified Anti-Money Laundering Specialist (CAMS) Examination |
| Exam Number: | CAMS |
| Passing Score: | 75% |
| Certificate Validity Period: | 3 years (renewable via continuing education credits) |
| Exam Format: | Multiple-choice, Computer-based testing (Pearson VUE) |
| Exam Duration: | 210 minutes |
| Exam Price: | $1,495–$1,795 USD (varies by ACAMS membership status and region) |
| Related Certifications: | CAMS Advanced Certification CAMS-FCI (Financial Crimes Investigations) |
| Real Exam Qty: | 120 |
| Available Languages: | English |
| Recommended Training: | ACAMS CAMS Official Study Guide (6th Edition) ACAMS Instructor-led Training |
| Exam Registration: | Pearson VUE ACAMS Exam Scheduling ACAMS CAMS Certification Page |
| Sample Questions: | ACAMS CAMS Sample Questions |
| Exam Way: | Computer-based exam delivered via Pearson VUE test centers and online proctoring (where available). |
| Pre Condition: | No formal prerequisite required; ACAMS membership and AML industry experience are recommended but not mandatory. |
| Official Syllabus URL: | https://www.acams.org/en/certifications/cams |
Passing the ACAMS CAMS certification exam is not a tough thing to do but we make it so. The main reason is that we don't know how to study from the CAMS exam questions we have. We assume that we can study one night and can easily take the Certified Anti-Money Laundering Specialists (the 6th edition) CAMS Exam the next morning. This was possible only when we were the school. Now, it is not possible.
The Certified Anti-Money Laundering Specialists (CAMS) exam is a globally-recognized certification for professionals in the anti-money laundering (AML) field. CAMS exam is designed to test the knowledge and skills of individuals who work in compliance, AML investigations, and regulatory roles. The CAMS Certification is awarded by the Association of Certified Anti-Money Laundering Specialists (ACAMS), which is the largest international membership organization dedicated to enhancing the knowledge and skills of AML professionals.
NEW QUESTION # 533
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?
Answer: D
Explanation:
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 financingrisks. 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.
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.
NEW QUESTION # 534
What are two risks to institutions for violating anti-money laundering laws as demonstrated by the 2012 HSBC settlement with United States authorities? (Choose two.)
Answer: C,D
Explanation:
Institutions that violate anti-money laundering laws may face various risks and consequences, such as legal, regulatory, reputational, and operational risks. As demonstrated by the 2012 HSBC settlement with United States authorities, two of the most significant risks are:
* Forfeiture of assets. This means that the institution may have to surrender some or all of its assets that are related to the money laundering activities or violations. For example, HSBC agreed to forfeit $1.256 billion as part of its deferred prosecution agreement with the US Department of Justice1.
* Civil money penalties. This means that the institution may have to pay fines or penalties to the government or other regulatory agencies for violating the anti-money laundering laws or regulations. For example, HSBC agreed to pay $665 million in civil money penalties to various US regulators, including the Office of Foreign Assets Control, the Federal Reserve Board, and the Office of the Comptroller of the Currency1.
The other two options, C and D, are not as common or relevant to the 2012 HSBC settlement. Loss of bank charter/license may occur in extreme cases where the institution is deemed unfit to operate or poses a serious threat to the financial system. Imprisonment of bank employees may occur if the employees are found guilty of criminal charges, such as fraud, conspiracy, or wilful violation of anti-money laundering laws. However, these outcomes are usually reserved for individuals, not institutions, and depend on the specific facts and circumstances of each case.
1: HSBC announces settlements with authorities, 2012, https://www.hsbc.com/-/files/hsbc/investors/stock- exchange-announcements/2012/december/2012-12-11-hsbc-announces-settlements-with-authorities.pdf
2: Settlement Agreement between the U.S. Department of the Treasury's Office of Foreign Assets Control and HSBC Holdings plc, 2012, https://ofac.treasury.gov/recent-actions/20121211_33
3: HSBC settles on record US fee, 2012, https://www.dw.com/en/hsbc-settles-in-us-money-laundering-probe
/a-16443391
4: HSBC pays record $1.9bn fine to settle US money-laundering accusations, 2012, https://www.theguardian.
com/business/2012/dec/11/hsbc-bank-us-money-laundering
5: HSBC to pay $1.9bn in US money laundering penalties, 2012, https://www.bbc.com/news/business-
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NEW QUESTION # 535
You create an Azure Cognitive Services resource.
A data scientist needs to call the resource from Azure Logic Apps by using the generic HTTP connector.
Which two values should you provide to the data scientist? Each correct answer presents part of the solution.
NOTE: Each correct selection is worth one point.
Answer: A,D
Explanation:
Explanation/Reference:
References:
https://social.technet.microsoft.com/wiki/contents/articles/36074.logic-apps-with-azure-cognitive-service.aspx
NEW QUESTION # 536
A popular restaurant in town has begun depositing less cash than it has in prior years. In a review of the customer's accounts, you notice that credit card receipts have increased with no .
The account officer discovers that the restaurant has installed a privately-owned automated teller machine (ATM) onsite and has begun construction on a patio dining area.
Which red flag should trigger additional investigation?
Answer: C
Explanation:
According to the ACAMS study guide, one of the red flags for money laundering in cash-intensive businesses is "the presence of privately-owned ATMs on the premises" (p. 222). This could indicate that the business is using the ATM to deposit or withdraw large amounts of cash from illicit sources, or to facilitate the movement of funds across borders. The other options are not necessarily indicative of money laundering risk, as they could be explained by legitimate factors such as the change in customer preferences, the economic situation, or the expansion of the business.
Reference:
ACAMS. (2020). Study Guide for the Certification Examination for Anti-Money Laundering Specialists (6th ed.). Miami, FL: ACAMS.
CFI. (2023)Money Laundering - Overview, How It Works, Example 1. Retrieved from https://corporatefinanceinstitute.com CALERT. (2016)How Do Criminals Launder Money Through a Restaurant? 2. Retrieved from https://calert.info
NEW QUESTION # 537
Which three entities does the Third European Union Money Laundering Directive apply to?
Answer: A,C,D
Explanation:
The Third European Union Money Laundering Directive (3MLD) is a legal framework that aims to prevent the use of the financial system for the purposes of money laundering and terrorist financing. It was adopted in 2005 and repealed by the Fourth European Union Money Laundering Directive (4MLD) in 2015. The 3MLD applies to a range of entities that are considered to be exposed to the risk of money laundering and terrorist financing, such as:
Financial institutions, which include credit institutions, financial intermediaries, insurance companies, investment firms, and payment service providers.
Casinos, which include both online and offline gambling services that involve wagering a stake with monetary value.
Real estate agents, which include both natural and legal persons that act as intermediaries in the buying and selling of real property or rights over it.
The 3MLD requires these entities to implement a number of measures to prevent and detect money laundering and terrorist financing, such as:
Conducting customer due diligence, which involves identifying and verifying the customer and the beneficial owner, understanding the purpose and nature of the business relationship, and applying enhanced or simplified measures depending on the level of risk.
Keeping records of customer and transaction data for at least five years after the end of the business relationship or the execution of the transaction.
Reporting suspicious transactions or activities to the competent authorities without delay and without tipping off the customer.
Establishing internal policies, procedures, and controls to ensure compliance with the 3MLD, and providing adequate training and awareness to staff.
Cooperating with the relevant supervisory and regulatory authorities and financial intelligence units.
The 3MLD does not apply to defense attorneys, as they are not considered to be obliged entities under the directive. However, the 3MLD does apply to other legal professionals, such as notaries, lawyers, and accountants, when they perform certain activities on behalf of their clients, such as:
Buying and selling of real property or business entities
Managing of client money, securities, or other assets
Opening or managing bank, savings, or securities accounts
Organizing contributions for the creation, operation, or management of companies Creating, operating, or managing trusts, companies, foundations, or similar structures Reference:
THE THIRD EU DIRECTIVE ON MONEY LAUNDERING AND TERRORIST FINANCING, page 11-12 Anti-money laundering and countering the financing of terrorism legislative package, page 1 CAMS Study Guide - 6th Edition, Chapter 1, Section 1.2, page 11 V
NEW QUESTION # 538
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