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To become a CAMS certified professional, candidates must pass a rigorous exam that consists of 120 multiple-choice questions. CAMS exam is divided into four sections, and candidates are required to score at least 75% in each section to pass the exam. CAMS exam is computer-based and can be taken at various testing centers around the world. Certified Anti-Money Laundering Specialists certification is valid for three years, after which professionals are required to renew their certification by completing continuing education courses.
NEW QUESTION # 217
When creating an anti-money laundering program for a foreign bank with branches in the United States, which of the following are included among the four minimum elements required under the USA PATRIOT Act?
- A. An independent audit function to test the program.
- B. An ongoing employee training program.
- C. The designation of a compliance officer.
- D. The development of a Know Your Customer program.
Answer: B,C
NEW QUESTION # 218
What describes the Black Market Peso Exchange money laundering method?
- A. An undercover technique to identify politically exposed persons who may assist moneylaunderers
- B. The best known money laundering method used by known terrorists
- C. A method primarily used by narcotics traffickers to transfer value back to the source country
- D. A method used to smuggle dollars or pesos across that border from the U.S. to Mexico, and viceversa
Answer: C
NEW QUESTION # 219
Law enforcement submitted a request to a bank for information regarding one of its customers.
How should the bank respond according to Financial Action Task Force Guidance?
- A. Ensure the information is necessary to the investigation before responding to the request
- B. Ensure that the request will not violate any local privacy regulations or legislation
- C. Contact the customer informing the person of the investigation to ensure the bank provides correct information
- D. Provide all information requested to support the investigation
Answer: D
NEW QUESTION # 220
What should a compliance officer do during an ongoing investigation into a client's activities by a competent authority?
- A. Only provide information that is specifically and directly requested
- B. Communicate with regulatory and law enforcement authorities in line with applicable local laws
- C. Ensure communication with regulatory and law enforcement authorities is conducted onlythrough the Board of Directors
- D. Communicate only in writing regulatory and law enforcement authorities in line with applicablelocal laws
Answer: C
NEW QUESTION # 221
When assessing and managing money laundering risks while operating in foreign jurisdictions different from that of the head office, an effective AML monitoring program should:
- A. be consistent with the head office audits.
- B. be tailored to the higher of standards between the jurisdictions.
- C. conform to the foreign jurisdiction policies to align with the head office policies.
- D. provide all foreign jurisdiction reports to the head office for approval.
Answer: C
Explanation:
Explanation
When assessing and managing money laundering risks while operating in foreign jurisdictions different from that of the head office, an effective AML monitoring program should conform to the foreign jurisdiction policies to align with the head office policies. This ensures that the organization's AML/CFT risk management remains consistent across all jurisdictions, while allowing local compliance staff to assess and manage the risks specific to their jurisdiction. Additionally, the program should be tailored to the higher of standards between the jurisdictions, and should be consistent with the head office audits. Providing all foreign jurisdiction reports to the head office for approval is not necessary, as long as the program is consistent with the head office policies.
NEW QUESTION # 222
A casino incorporated in an offshore location approaches a financial institution to open an account relationship. The casino operates in a country that complies with Financial Action Task Force 40 Recommendations. The casino provides documentation of beneficial ownership. According to the Financial Action Task Force 40 Recommendations, the primary concern for the financial institution prior to opening the account is to
- A. Secure gaming insurance.
- B. Ensure the financial institution knows the casino's customers.
- C. Determine whether the casino conducts on-line gaming.
- D. Verify the casino is licensed.
Answer: D
NEW QUESTION # 223
The compliance department receives an internal referral that appears to indicate terrorist financing. What is the first step that should be taken in the investigation process?
- A. Exit the relationship.
- B. Notify the Board of Directors.
- C. Gather background and transaction information.
- D. Immediately file a suspicious activity report.
Answer: C
Explanation:
Explanation
According to the 6th edition Certified Anti-Money Laundering Specialist Study Guide, when the compliance department receives an internal referral that appears to indicate terrorist financing, the first step in the investigation process should be to gather background and transaction information. This includes obtaining customer identification and verifying customer data, obtaining additional information about the customer and the transaction, and reviewing the transaction activity. This information will help to determine if the referral is accurate and if further action is needed.
NEW QUESTION # 224
You need to design an application that will analyze real-time data from financial feeds.
The data will be ingested into Azure IoT Hub. The data must be processed as quickly as possible in the order in which it is ingested.
Which service should you include in the design?
- A. Azure Notification Hubs
- B. Apache Kafka
- C. Azure Queue storage
- D. Azure Data Factory
- E. Azure Stream Analytics
- F. Azure Event Hubs
Answer: E
Explanation:
Stream processing can be handled by Azure Stream Analytics. Azure Stream Analytics can run perpetual queries against an unbounded stream of data. These queries consume streams of data from storage or message brokers, filter and aggregate the data based on temporal windows, and write the results to sinks such as storage, databases, or directly to reports in Power BI. Stream Analytics uses a SQL-based query language that supports temporal and geospatial constructs, and can be extended using JavaScript.
Incorrect Answers:
E: Apache Kafka is used for ingestion, not for stream processing.
F: Azure Event Hubs is used for ingestion, not for stream processing.
Reference:
https://docs.microsoft.com/en-us/azure/architecture/data-guide/big-data/real-time-processing
NEW QUESTION # 225
A client who owns a swimming pool company requests to open 19 accounts at a bank, each with a debit card for its swimming pool technicians. When asked about the purpose of each account, the client explains that each technician needs a separate checking account to purchase pool chemicals.
Which available source could be used in the bank's internal investigation on this client's activities?
- A. Client's credit bureau report
- B. Interview swimming pool technicians and chemical suppliers
- C. Internet search showing how such business are typically operated
- D. Local law enforcement investigation report
Answer: A
NEW QUESTION # 226
According to the Financial Action Task Force 40 Recommendations, simplified customer due diligence or reduced measures could be acceptable for which of the following types of products or transactions?
1. Life insurance policies where the annual premium is no more than USD/EUR 1,000 or a single premium of no more than USD/EUR 2,500.
2. Insurance policies for pension schemes if there is no surrender clause and the policy cannot be used as collateral.
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4. Trusts where the settlor, trustee and beneficiaries are identified and the shares are in bearer form.
- A. 1, 3, and 4 only
- B. 1, 2, and 3 only
- C. 2, 3, and 4 only
- D. 1, 2, and 4 only
Answer: D
NEW QUESTION # 227
What kind of person should perform the independent testing of an institution's anti-money laundering program?
- A. A certified specialist in the anti-money laundering field
- B. A retired government regulator or federal law enforcement officer
- C. A person who reports directly to the Board of Directors or a Board Committee
- D. A former anti-money laundering officer from a similar institution
Answer: A
NEW QUESTION # 228
Which two individuals are ordinarily beneficial owners of a private banking account according to the Wolfsberg Anti-Money Laundering Principles for Private Banking? (Choose two.)
- A. Those two are authorized signers on the account
- B. Those who have legal title to a controlling share interest in the customer
- C. Those who generally have ultimate control through ownership or other means over the funds in the account
- D. Those who are the ultimate source of funds for the account and whose source of wealth should be subject to due diligence
Answer: C,D
Explanation:
Reference: https://www.wolfsberg-principles.com/sites/default/files/wb/pdfs/wolfsberg-standards/10.%
20Wolfsberg-Private-Banking-Prinicples-May-2012.pdf (2)
NEW QUESTION # 229
On what basis are international sanctions imposed against entities?
- A. For their involvement in human trafficking and bulk cask smuggling
- B. For their involvement in terrorism
- C. For their involvement in stripping information from SWIFT cover payments and Letters of Credit
- D. For their involvement in the black market peso exchange
Answer: B
NEW QUESTION # 230
A financial institution files a suspicious transaction report on a customer as the result of a high volume of large currency deposits to pay off a loan. A law enforcement officer calls the anti-money laundering officer to discuss the suspicious transaction report. Which of the following is the anti-money laundering officer legally permitted to do?
1. Discuss any aspects of the reported activity.
2. Provide copies of the customer's loan documents.
3. Explain the customer's loan payment history.
4. Send the deposit documents referenced in the suspicious transaction report.
- A. 2 and 4 only
- B. 1 and 2 only
- C. 2 and 3 only
- D. 1 and 4 only
Answer: A
NEW QUESTION # 231
What core objective does the Egmont Group suggest would lead to an effective national Financial Intelligence Unit (FIU)?
- A. The FIU meets the Egmont Group assessment criteria.
- B. The FIU must operate from physically separated premises from other law enforcement agencies and government offices.
- C. The FIU must have absolute trust amongst national and international stakeholders before sensitive information will be exchanged with confidence.
- D. The FIU must be able to promote the value of the government's commitment to embed a corruption free society within the country.
Answer: D
NEW QUESTION # 232
A bank customer operates a fuel station as a sole proprietorship. The customer places deposits and other credits in a business account. The customer routinely transfers money from the business account to a brokerage account where he invests in money market securities. The customer also routinely makes monthly transfers to a credit card and line of credit to pay off balances. The volume of activity flowing through the business account has doubled in the past 3 months. An internal investigator reviews business account statements and credit card activity for the past 3 months, scans media articles about the customer, and interviews the account officer about the customer and account activity. This internal investigation did not provide an explanation for the increased activity1. Which of the following should the anti-money laundering specialist recommend to the internal investigator?
- A. Concentrate on trades made in the brokerage account.
- B. Review activity in all related customer accounts in the past year.
- C. Analyze account activity for selected accounts since the accounts were opened.
- D. No additional steps are necessary because this was a thorough review of the activity.
Answer: C
NEW QUESTION # 233
An existing customer at a bank has recently expanded its services to provide check cashing for its customers.
Which factor indicates the bank should terminate this relationship?
- A. The business has no previous experience with this service.
- B. The business has not updated its anticipated activity with the bank.
- C. The bank has not updated its automated monitoring system.
- D. The business is now a Money Service Business and has not registered with FinCEN.
Answer: C
NEW QUESTION # 234
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To earn the CAMS certification, candidates must pass a four-hour, 120-question multiple-choice exam that tests their knowledge of AML regulations, best practices, and global trends. CAMS exam is administered in over 190 countries and is available in several languages. Candidates who successfully pass the exam are awarded the CAMS certification, which is valid for three years. To maintain their certification, CAMS professionals must complete 60 continuing education credits every three years.
The CAMS certification is highly respected in the industry and is recognized by employers, regulators, and law enforcement agencies worldwide. It is a comprehensive and rigorous exam that covers a broad range of topics related to anti-money laundering (AML), including risk assessment, customer due diligence, transaction monitoring, and regulatory compliance. CAMS exam is designed for professionals who work in various roles in the financial industry, including compliance officers, risk managers, auditors, and law enforcement professionals.
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